Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF, FRA:G2V2) saw its losses widen in the second quarter as it continued to make progress at its Omagh gold project in Northern Ireland.
"The company has made great strides in advancing the Omagh project with the commencement of drilling to increase the confidence of resources for mine planning while also looking to expand known resources,” said chief executive Mario Stifano.
“Operationally the company has secured critical new mining equipment to support mining activities while strengthening site management and operations team as we commence a phased restart of operations," he said.
Its net losses widened to C$2.89mln (£1.67mln) from C$0.79mln in the second quarter of 2020. It recorded no revenue.
Shipments of concentrate under off-take arrangements started in the second quarter of 2019, but proceeds from concentrate sales are being offset against development assets until the start of commercial production at the mine. Provisional revenue from concentrate sales during the three and six months ended June 30, 2021 totalled approximately US$218,000 and US$785,000 respectively.
Last month, the company started an initial 4,000-metre Phase 1 drill programme targeting the Joshua vein from surface and targeting the Kearney vein from underground drilling.
READ: Galantas Gold to start drilling at the Omagh gold mine in Northern Ireland