Galantas - which is listed on the TSX, AIM, and OTCQX - said it expected the operation to produce 9,000 ounces of gold in concentrate at an average head grade of 5.50 grams per tonne and an all-in sustaining cost (AISC) of US$1,150 per payable oz in 2022.
For 2023, Galantas said production would climb to 17,800oz at 8g/t and an AISC of $1,350 per payable oz.
"The opportunity for growth and to create value for our shareholders is tremendous, as technical and engineering studies to expand and upgrade the processing plant to support a phase-two expansion to 35,000oz of gold per annum are underway," Galantas CEO Mario Stifano said.
He said that the company plans to unlock the full potential of a "newly emerging high-grade gold district".
Galantas noted that it planned to continue its 4,000m underground drilling programme - which was started in 2021 - to "aggressively drill" the Joshua and Kearney veins, along with "highly prospective targets" in the second half of 2022.
Growth capital expenditure for 2022 has been set at $4.2 million.
