Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF) lost US$1.17mln during the quarter ended September 2021.
Provisional revenues from concentrate sales from the Omagh mine in Northern Ireland totalled US$329,000 compared to US$690,000 for the third quarter of 2020.
Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets.
Galantas had a cash balance of US$3.9mln at 30 September 2021.
In July, Galantas began an initial 4,000-metre (m) drill program targeting the Joshua Vein at the Omagh project from surface, and targeting the Kearney Vein with underground drilling.
On 24 November 2021, Galantas announced results for the second underground hole in this drilling program. The highlights included a significant intercept of 26.7 grams per tonne gold over 2.9m on the Kearney vein system.
"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 Mario Stifano, chief executive of Galantas.
“Operationally, the company has secured critical new mining equipment to support mining activities while strengthening the site management and operations team as we commence a phased restart of operations early in the new year."