By The Morgan Report | David Morgan
During my two days at the 121 Mining Conference in Las Vegas recently, I discovered some interesting companies. Galantas Gold is certainly one of them and it is suggested that you read this first look at the company.
Galantas Gold Corp is fine-tuning details to begin production at its Omagh gold mine in Northern Ireland. It is also on the hunt for additional high-grade gold on its 550km2 licence area.
The Omagh project sits on prime exploration ground. It is in close proximity to Dalradian’s Curraghinalt gold deposit – a world-class asset. Omagh is in a major gold district that hasn’t really seen a significant amount of exploration outside of work done by Dalradian.
Omagh and Curraghinalt share a similar lithological and structural setting.
From the Carolinas in the U.S. to Newfoundland in Canada, to the island of Ireland, and up into Scotland, this was all one land mass brought together along major fault lines. The faults created pathways for ore-bearing fluids to rise up from the crust resulting in mineral-rich deposits, including gold and base metals. Northern Ireland hasn’t conducted a lot of exploration other than Dalradian. Now that Newfoundland has seen significant discoveries recently, Galantas is positioning itself for the same success.
Dual strategy of pursuing cashflow from mining operations to fund exploration
Early Bronze Age lunula made with pure Irish gold found in Tyrone County, where the Omagh project is located. On display at the National Museum of Ireland. Photo: National Museum of Ireland.
Galantas has focused on getting its asset into production. The company raised CAD$8M last year, and brought in Eric Sprott and Mike Gentile, two significant new shareholders who are renowned in the industry for supporting high-quality projects. This fresh funding will allow the company to produce 9,000 ounces this year, and around 18,000 ounces next year. At the same time, Galantas plans to continue aggressively exploring for more high-grade resources, as part of the company’s dual strategy.
Galantas is unique in that cashflow from operations can be used to explore the Joshua and the Kearney veins – two of many high-priority targets on the company’s land package. There aren’t many juniors out there that have prime exploration ground, particularly high grade, with production to generate cash flow, in addition to a very tight capital structure.
Excellent results from 2021-2 drill program
Galantas has had excellent drill results since its 4,000-metre drill program began in July 2021, including:
” 31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t silver (Ag) over a 7-metre core intersect at the main Kearney Vein.
” 17.4 g/t Au and 74.6 g/t Ag over a 13.1-metre intersect at the Joshua Vein.
” 10.1 g/t Au and 93.5 g/t Ag over a 6.5-metre intersect at Joshua.
” 26.7 g/t Au and 88.2 g/t Ag over a 2.9-metre intersect at Kearney.
With the deposit remaining open on plunge, these results demonstrate the potential to discover additional high-grade mineralization at Omagh and expand the gold resources. The results also demonstrate the predictability of grades, thus enabling easier mining.
About Amagh Project
Situated within a 189 km2 licence area, the Omagh Project lies approximately 1.5 hours’ drive west of Belfast, in Northern Ireland. It is situated to the west of Omagh, which is the main administrative centre of Tyrone. The Company currently holds five exploration licences over an area of 548.9 km2.
Check out www.galantas.com and stay tuned for upcoming news on its drill program and commencement of production, or contact Mario Stifano, Chief Executive Officer, at [email protected]
You can also sign up for Galantas updates at galantas.com
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