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20/07/2024
Mining News

Galantas Gold Provides Progress Update on the Omagh Gold Project

Galantas Gold Corporation announced that mining contractor QME Mining Services (NI) Ltd. Ireland (“QME”) has successfully concluded its due diligence process at the Company’s Omagh Gold Project in Northern Ireland, as part of its work on a sustainable mine plan.

It is envisioned that the mine plan, targeted for completion in July 2023, will allow the Company to further develop and mine the ore zones down to the existing lower levels of the Omagh Mine. The mine plan is aimed to optimize production from the dilation zones, which have potential for higher grades and thicker widths of mineralization. The mine plan will outline a staged production plan, estimating the initial production levels, followed by staged expansions of production.

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The Company believes this will be a lower capital cost pathway of de-risking the growth in production, while the Company continues its focus on exploration and expanding its mineral resources at Omagh. The forthcoming mine plan will involve mining both the Joshua and Kearney veins, leveraging QME’s highly skilled workforce and state-of-the-art original equipment manufacturer (OEM) mining equipment.

Mario Stifano, CEO of Galantas, commented: “We are thrilled that QME is progressing our mine plan. QME’s extensive mining experience across Europe, including its notable involvement in the development and bulk sampling of Dalradian’s nearby gold project located just 20 km away from Omagh, positions them as an ideal partner for this endeavour.

“Furthermore, QME’s commitment to the success of the Omagh Project is exemplified by its significant shareholding (3,194,444 shares) in Galantas. We look forward to providing further information on our mine strategy next month.”

QME was founded in 1985 and is an experienced mining services provider engaged in mine development and the supply of new and re-manufactured equipment for underground and open pit use. QME is currently engaged in mining contracts in Ireland and Portugal and has prior experience in mining projects in the Republic of Ireland, Northern Ireland and Scotland. Current and past clients include Tara Mines, Dalradian Gold, Lundin Mining and Barrick Gold.

About Galantas Gold Corporation

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. It also trades 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 in Northern Ireland, and exploring the Gairloch Project hosting the Kerry Road gold-bearing VMS deposit in Scotland.

 

Source: India shorts

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