Galantas Gold Corporation has announced that mining contractor QME Mining Services (NI) Ltd. Ireland has provided a contract mining plan for the Omagh Gold Project in Northern Ireland. QME will begin with development mining at the Kearney and Joshua veins for an expected period of 9 months, before ramping up to approximately 5,000 tonnes per month of mineralized material within 12 months. The cost of development prior to achieving steady-state production is estimated to be approximately US$12 million. The company aims to produce 1,200 to 1,400 gold ounces per month after completion of development.
Galantas has successfully intersected massive sulphides in a drill hole at the Joshua Vein, filling in a large gap in the earlier resource model. The high-grade dilation zones at the Joshua Vein remain open along strike and down-plunge. The company has previously identified multiple wide high-grade intersections at the Joshua Vein. Assay results for the recent drill hole are pending.
CEO Mario Stifano commented that the company is looking forward to having QME begin development work at Omagh and that they will focus on resource expansion at the Joshua and Kearney veins to increase mill capacity. The company also plans to expand exploration efforts in northern Scotland following successful drilling at the Gairloch Project.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014.