viewGalantas Gold Corp

Galantas continues to progress with development at Omagh, supported by healthy cash pile

Underground development to open up the Kearney vein is progressing

Decline entrance at Omagh

Galantas Gold Corporation (LON:GAL) turned in a net loss for the quarter ended March 31 of just under C$780,000, slightly up from the 2018 number of just under C$525,000.

The company had a cash balance of nearly C$3.8mln.

WATCH: Galantas Gold confirms first shipment with good progress made towards full production

In the first quarter of 2019, the Omagh gold mine continued limited production of gold concentrate from feed produced in the development of the Kearney vein. The plant produces a gold and silver concentrate using a non-toxic, froth-flotation process.

Underground development of a decline tunnel continued during the first quarter of 2019. During the quarter, on-vein development on the 1084 (second) level continued, with 32 metres of vein drive completed. 

Later in the quarter, the company reported that the main decline development tunnel has reached the 1072 (third) level and a 58 metre cross-cut to intersect the Kearney vein was in progress. The vein on the 1072 was reached early in the second quarter and on vein development has commenced.

At quarter end the main decline tunnel was 423 metres in length and the total of all underground drivages exceeded 1136 metres. For most of the rest of 2019, the increased quantities of processing feed will be sourced from multiple on-vein development headings.

Shipments into a concentrate pre-payment/loan facility with Ocean Partners UK Ltd commenced early in the second quarter. Three shipments of approximately 75 tonnes of concentrate have been shipped, with a further 25 tonnes expected to ship shortly.

Quick facts: Galantas Gold Corp

Price: 20.5 GBX

Market: AIM
Market Cap: £7.21 m

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