Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF) said new geophysical surveys near the Cavanacaw gold mine at the Omagh project in Northern Ireland indicate the potential presence of gold-bearing structures.
The company carried out induced polarization (IP) gradient array surveys close to the Cavanacaw mine to test whether this method, not previously tried in this area, was a possible exploration tool.
Two one-square-kilometre test grids covered targets that were previously identified by other methods.
“We are encouraged by these early findings as part of our ongoing exploration efforts,” said chief executive Mario Stifano. “It is the first time ground geophysical surveys were conducted on the property since the 1980s when Rio Tinto explored the area.
“These results, combined with high-grade gold samples at the target areas, provide us with new drilling targets and demonstrate that induced polarization surveys offer an effective exploration tool in this part of the Tyrone Gold District.
“The results strengthen our belief in the prospectivity of our 549-square-kilometre district-scale exploration licence to build on our high-grade gold resources at Cavanacaw."