Galantas Gold Corporation has released the results of a recent geophysical survey conducted five kilometers west of the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland. The survey identified a strong north-south trending resistor at the Cornavarrow target, a previously unexplored area. The company has also obtained planning permission to drill eight boreholes targeting a southern portion of the main Joshua Vein.
The CEO of Galantas, Mario Stifano, expressed excitement about the potential of the Cornavarrow target, stating that it represents an exciting opportunity to explore the wider potential of the gold district. Additionally, the company aims to continue drilling at the main Joshua Vein to test the down-dip potential of the dilation zones, which could aid in resource expansion and increase the Omagh Mine’s production capacity.
The effectiveness of the induced polarization (IP) method for defining mineralization targets in the area was previously tested by the company in 2021, yielding positive results. The geophysical anomalies identified during earlier surveys are believed to represent fault structures in the bedrock, with north trending faults being a prime exploration target as they host mineralization on the mine site.
The Cornavarrow target, situated five kilometers west of the Cavanacaw Gold Mine, was explored by RioFinex in the late 1980s, with gold and base metal anomalies recorded at that time. A 2003 technical report by ACA Howe contained an intersection grading 1.15 grams per tonne (g/t) gold, 4.2 g/t silver, and 1,366 g/t lead over 1.5 meters in width. The target area sits largely within the ‘Cavanacaw Member’, a competent lithology just north of a thrust fault, similar to the structural setting at the mine site.
The geophysical survey grid over the Cornavarrow target was commissioned in January 2024, and the results showed a 900-meter northerly trending resistor, theorized to represent a zone of increased silicification within the mapped psammites. No diamond drilling has been conducted in the area to date.
The scientific and technical disclosures in the press release have been reviewed and approved by Dr. Sarah Coulter, who is considered a Qualified Person under the terms of NI 43-101. The information contained within the announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014.
Galantas Gold Corporation is a Canadian public company that trades on the TSX Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL, and on the OTCQX Exchange under the symbol GALKF. The company's strategy is to create shareholder value by operating and expanding gold production and resources at the Omagh Project.