PRECIOUS METALS

Galantas gains as it accesses higher grades

Fledgling Northern Ireland producer Galantas Gold has more than trebled the grade being fed to the processing plant at its namesake mine near Omagh after being able to resume underground blasting.

 The underground entrance to Galantas Gold’s namesake mine in Northern Ireland

The underground entrance to Galantas Gold’s namesake mine in Northern Ireland

The company said the blasting, which restarted last month after a materially improved agreement struck in February with the police service, enabled it to access the Kearney vein which had delivered an estimated grade of 5.7g/t gold, compared with the 1.8g/t and 1.1g/t from low-grade feedstock in January and February.

The mine's development has been hobbled in recent years by limitations regarding police responsibilities for blasting in Northern Ireland, COVID-19 restrictions and finance.

Galantas was still "actively working" with third parties to finance an expansion going forward, president and CEO Roland Phelps said.

The limited restart was being carried out with current cash resources, the company said last month, adding that the restocking of specialist blasting materials might be subject to short-term delays due to Brexit.

"An initial review of the restart of underground operations has demonstrated favourable results based upon provisional estimates," Galantas said on Friday.

The company estimated total tonnage processed in the March quarter was 6,262.5t for an estimated 258.5 ounces of gold within 87.3t of concentrate.

Cash received during the period was about US$574,600, which included residual payments from previous out-of-quarter shipments, and was continuing to be credited within accounts against development costs until ramp-up to full production was complete.

Galantas shares (TSXV: GAL) have spanned C20-45c over the past year and closed up 16.7% on Friday to 35c, valuing it about $16 million (US$13 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.