Galantas Gold Corporation has announced the successful completion of its trial stoping program at the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland. The CEO, Mario Stifano, expressed confidence in the mine's successful development, stating that the trial has provided a high level of understanding to the mine development process. The company plans to utilize a longhole mining method and backfill for future stoping programs.
During the trial, six stopes were successfully mined and backfilled using a narrow vein, modified Avoca longhole open stoping method in two separate blocks. The trial resulted in the successful mining of 3,175 tonnes of mineralized material from the six stopes, with grades returning an average percentage increase of 113% from the grade modelled in the technical report.
The trial has led to an optimized cycle of two days from the initial stope blast to completion of backfill, reducing the potential for dilution and streamlining the process. This mining method can now be applied to more than 240 stopes planned for the Kearney and Joshua zones, with grades in the range of 2.0 grams per tonne (g/t) gold to 17 g/t.
The company also reported provisional revenues of approximately US$1,103,000 in 2023 and approximately US$207,000 in Q1 2024 from concentrate sales, which are being offset against development assets until the mine commences commercial production.
The news release also includes information about the company's Qualified Person and its trading symbols on various stock exchanges. Additionally, it contains forward-looking statements and discusses factors that could affect Galantas’ forward-looking statements in greater detail.
Overall, the completion of the trial stoping program at the Omagh Gold Project marks a significant milestone for Galantas Gold Corporation, providing valuable insights into the mine development process and demonstrating the potential for successful stoping programs in the future.