Galantas Gold sparkles after high-grade results found near Omagh site

16th Sep 2015 08:35

(ShareCast News) - Surface sampling by Galantas Gold Corporation has raised hopes of expanding its wholly owned Omagh Gold Mine in Northern Ireland.Following the discovery last October of several high-grade boulders in the area, recent geological surveying overseen by Galantas president and chief executive Roland Phelps found further traces of gold.Grab samples from one outcrop and boulder showed 67.5 grammes of gold per tonne (g/t), 81.2 g/t of silver and 24.2 g/t gold with 6.8 g/t silver. Half a kilometer to the east, a second outcrop's sample gave results of 11.8g/t gold and 19.9 g/t gold.Phelps said the company now had the "opportunity" to expand the known resources on the Omagh mine's main veins, Joshua and Kearney, at depth and that the new results indicated it should also "examine the possibility of a new vein within the mining area and look at southerly continuations of the main veins". Shares in the AIM- and Toronto-listed company shot up 13% to 5.38p by 0836 BST on Wednesday.A drilling programme focused on the Joshua vein, with two rigs, will start in September 2015, with the aim of identifying the depth of the vein some 100-150 metres below the present known extent.Phelps said, "Our main focus is on expanding the resource base for our Omagh Gold Property and developing the recently permitted underground mine." Galantas recently began operating a producing open pit gold mine at Omagh, which also produces by-product silver and lead.The mine has now received planning permits to continue to mine underground.