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LONDON (Alliance News) - Galantas Gold Corp Monday said it has identified new high-grade gold targets near its Omagh mine site in Ireland, after receiving notable prospecting samples on the license.
The company said the presence of strong gold anomalies found near the southern boundary of the Omagh site has led to a detailed investigation of some new targets, and a re-evaluation of existing targets.
Two quartz veins were identified 18 metres and 35 metres west of the Rio 'discovery vein'. Grab samples of quartz containing pyrite and galena measured 13.5 grams of gold per tonne gold and 0.4 grams grams per tonne. A sulphide rich clay gouge also was uncovered 70 metres east of the discovery vein, and two samples showed 23.6 grams per tonne gold and 9 grams per tonne gold.
Additionally, several high-grade boulders were discovered over 40 metres from the Rio 'sharkey vein', Galantas said.
Exploration of the site thirty years ago uncovered visible vein outcrops in the banks of a neighbouring burn, although attention was then diverted onto drilling the Kearney vein at the site after it was discovered in the late 1980's. However, these burn veins were re-investigated in August and September as a result of resource modelling and underground mine planning activities, Galantas said.
"The company recently completed a robust economic study and increased resource assessment based upon a successful drilling program. We look forward to a determination of our underground planning permit in the near term," said Chief Executive Roland Phelps in a statement.
Shares in Galantas are trading up 7.7% at 3.50 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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