Galantas Gold Corporation

Published : June 13th, 2008

OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IRELAND

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Gold | Gold Mine | Ireland | Lead | London | Silver |

12th June 2008                                                                      

TSX Venture Exchange -"GAL"  
London Stock Exchange AIM: GAL"   

GALANTAS OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IRELAND

Galantas Gold Corporation, which has a 100% interest in Ireland?s only gold mine, reports receipt of a detailed, independent, mineral resource review.

The operational open pit mine is situated near Omagh, County Tyrone, Northern Ireland and is engaged in increasing mine ore production to a target of 1400 tonnes per week. The mine produces a flotation concentrate containing gold, silver and lead, which is exported and sold to a Canadian smelter.

The report of the mineral resource review on the Omagh property has been prepared by independent consultants, ACA Howe International Ltd (Howe). The report, entitled Technical Report on the Omagh Gold Project is dated 28th May 2008 and will be published on www.sedar.com and www.galantas.com . Authors are G. White FGS MAusIMM, J Bennett C.Eng MIMMM and N. Holloway C.Eng MIMMM.

The resource review updates resource estimates for the Kearney deposit and the other named veins. Theseare classified in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) DefinitionStandards on Minerals Resources and Minerals Reserves, adopted by CIM Council on December 11, 2005. The report was commissioned to be prepared in compliance with Canadian National Instrument 43-101.

The reporting has been conservatively applied and there are some significant differences with the JORC (Australian Joint Ore Reserve Committee) code (1995) previously used to calculate resources. For instance, although the Elkins mineralised structure has been found to be co-incident with an IP (Induced Polarisation) geophysical anomaly for the portion of its length that has been drill tested, the portion of the anomaly that has not been drill tested has been excluded from resource calculation. The potential Elkins extension is included within a table of Resource Extension Targets. Previously the extension was calculated within the JORC resource model.

The CIM / NI.43-101 resources as summarised in the report are as follows :

Measured

Indicated

Inferred

Gold (Au)

grade

Tonnage

Grade

Tonnage

Grade

Tonnage

ozs

g/t gold

(t)

ozs

g/t gold

(t)

ozs

g/t gold

(t)

Kearney

16000

6.35

78000

76000

6.74

350000

218000

9.27

730,000

Elkins

12000

3.3

113000

3,600

3.82

29000

Kerr

7800

4.03

60000

Joshua

20400

3.96

160000

Gormley

24300

6.57

115000

Garry

1600

1.27

40000

Prince's

12500

38.93

10000

Sammy?s

4100

4.26

30000

Kearney Nth

3500

1.97

55000

Total ozs

16000

88000

295800

Two new vein discoveries are reported upon, named as McCombs vein and Eastern Lagoon vein, though no estimate of resources have been included for these discoveries.

The report contains estimates of potential tonnage and grade of some of the available targets and classifies these by Resource Extension or Exploration. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define mineral resources in these areas. It is uncertain if further exploration will result in the targets being delineated as mineral resource. The exploration potential does not represent a mineral resource, does not have demonstrated economic viability and is disclosed in accordance with NI 43-101 Rules and Policies, Section 2.3, disclosed as potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of future exploration. The report states, ?However, the disclosed potential quantity and grade has been determined on the basis of reasonable extrapolation from known and defined resources and/or favourable geochemical/geophysical signatures and float/surface sampling, the results of which make these areas highly prospective?.

Table of Exploration Potential*

Target Name

Potential Tonnes  Range (t)

Potential Grade Range (g/t Gold)

RESOURCE EXTENSION TARGETS

Low

high

Low

High

Kearney

400,000

600,000

4.5

9.0

Elkins

200,000

400,000

2.0

4.0

Joshua?s

190,000

380,000

2.0

4.0

Kerr

180,000

360,000

2.0

4.0

Gormley

230,000

460,000

3.3

6.5

Sammy?s

30,000

60,000

2.1

4.2

Prince?s

20,000

40,000

19

38

Garry?s

80,000

160,000

0.7

1.3

Total

1,330,000

2,460,000

EXPLORATION TARGETS

Peter?s

4,000

13,000

4.5

9.0

?63 gram?

33,000

101,000

4.5

9.0

North of Sammy?s Barn / East Cousins

135,000

810,000

4.5

9.0

Cornavarrow Burn East

60,000

360,000

4.5

9.0

Corlea Burn

60,000

360,000

4.5

9.0

Legphressy

60,000

360,000

4.5

9.0

Cousins

48,000

145,000

4.5

9.0

Total

400,000

2,149,000

TOTAL EXPLORATION POTENTIAL *

1,730,000

4,609,000

The report comments upon mining operations as follows :-

?It is the opinion of Howe that Galantas are operating the open pit in a proper way, with suitably sized equipment. With proper sequencing of waste mining and the additional capacity afforded by the proposed road contractor, Galantas have sufficient loading and hauling capacity on site to supply the plant with ore to meet the mine schedule. Future extensions to the Kearney pit are being planned in a proper manner to ensure the continuation of mining at the site and Target ore grades are being achieved at present.?

The report notes, ?Galantas has recently come to an arrangement with a local road building contractor for the supply to the contractor of waste rock from the Omagh mine. The contractor will dig and remove up to 0.5 M bcms of material, with his own fleet and at his own cost, over the next few years. This additional capacity will allow the increased rates of waste stripping to be carried out without any additional fleet acquisitions by Galantas.?

The report contains details of the target schedule, which is reported as ?200 tonnes per day at the process plant on a 7 day week basis?.

The technical information referred to was verified by the author of the report by a combination of first-hand verification, observations, data collection, from observations from a total of six site visits to the project undertaken between July 2006 and September 2007 in order to collect date and review drilling activities, information and data received from Galantas and third party sources (listed in the report), which are assumed to be correct but which are not independently verified although Howe is not aware of any information in those documents that is incorrect. The author carried out checks during site visits and confirmed best practise logging and processing, witnessed core cutting and sampling, verified channel sampling locations and reviewed internal reports relating to the discovery of new exploration areas.

This disclosure has been authorised by G.White FGS MAusIMM, (Senior Geologist ? Resources) of ACA Howe International Ltd, who is a Qualified Person for this purpose.

Galantas Gold Corporation Issued and Outstanding Shares total 175,675,855.       

   

The TSX Venture Stock Exchange has not commented upon and accepts no responsibility for the content of this press release.   

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements such as those referring (but not limited) to production activity or estimates of performance or quantities of resources are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". As this release summarises a detailed technical report, it may not contain all items that may be relevant to an individual reader and therefore readers are advised not to rely upon this release as a complete summary of the report and to read the whole report as filed.

Enquiries:

Galantas Gold Corporation                                                                                                      

Roland Phelps C.Eng ? President & CEO

Jack Gunter P.Eng ? Chairman

Email: info@galantas.com                                                                                 

Website: www.galantas.com  

Telephone:  +44 (0) 2882 241100

                                                                                      
Blomfield Corporate Finance Ltd

Nick Harriss

Telephone: +44 (0) 20 7512 0191  


Lewis Charles Securities Limited.                                                                                         

Kealan Doyle

Telephone: +44 (0) 20 7065 1150

Data and Statistics for these countries : Ireland | All
Gold and Silver Prices for these countries : Ireland | All

Galantas Gold Corporation

EXPLORATION STAGE
CODE : GAL.V
CUSIP : 298773
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Galantas is a gold development stage company based in Canada.

Galantas holds various exploration projects in Ireland and in Portugal.

Its main exploration properties are OMAGH - KEARNEY and OMAGH - OTHER DEPOSITS in Ireland and MONTEMOR in Portugal.

Galantas is listed in Canada, in United Kingdom and in United States of America. Its market capitalisation is CA$ 82.0 millions as of today (US$ 65.6 millions, € 57.5 millions).

Its stock quote reached its lowest recent point on April 03, 2020 at CA$ 0.01, and its highest recent level on May 28, 2021 at CA$ 0.89.

Galantas has 170 890 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Galantas Gold Corporation
Annual Report 2007
Financings of Galantas Gold Corporation
3/14/2011Enters Into a Credit Facility With Kenglo One Limited to Fin...
4/11/2006Notification of exercise of warrants and application to list...
Option Grants of Galantas Gold Corporation
12/24/2007Appoints CFO, Awards Incentive Stock Options and Arranges Lo...
Financials of Galantas Gold Corporation
4/29/20102009 results and first quarter trading update
9/3/2009financial results for the second quarter
7/8/2009Increases gold production 65% in second quarter 2009 over Q2...
11/27/2008THIRD QUARTER RESULTS
Project news of Galantas Gold Corporation
6/22/2015Galantas receives encouraging exploration results on new ROI...
3/31/2008(Omagh - Other Deposits)progress at the Omagh Gold Mine
12/10/2007(Omagh - Kearney)CONFIRMS HIGH GRADE ZONE IN KEARNEY GOLD DEPOSIT
10/18/2007(Omagh - Kearney) Reports 3.6M of 22.29 G/T gold at Omagh
5/24/2007(Omagh - Kearney)Commissioning update
5/1/2007(Omagh - Kearney)Intersects 2.5m Grading 22.53g/t Gold at Omagh
Corporate news of Galantas Gold Corporation
6/10/2016Galantas closes over-subscribed private placement and share ...
5/27/2016Galantas announces over-subscribed private placement
5/24/2016Galantas reports results for Quarter 1 2016
5/11/2016Galantas announces a proposed private placement and shares f...
4/28/2016Galantas reports results for year ended December 31, 2015
1/25/2016Galantas drills largest high grade gold accumulation yet at ...
1/25/2016Galantas Drills 13 Metres of 9.9 g/t Gold on Omagh Property ...
11/5/2015Galantas Releases Additional Encouraging Exploration Results...
10/19/2015Potential Challenge to Planning Consent
10/13/2015Galantas Gold Corporation: Potential Challenge to Planning C...
9/16/2015Galantas Releases High Grade Gold Results Near Omagh Gold Mi...
9/11/2015Galantas Releases Encouraging Exploration Results on Republi...
9/11/2015Summary of Financial Results for the second quarter and firs...
9/10/2015Galantas Releases Encouraging Exploration Results on Republi...
8/27/2015Galantas Reports Results for the Three and Six Months Ended ...
7/27/2015Galantas Closes C$2.4 million Private placement. Mr. Ross Be...
7/27/2015Galantas Announces Closing of Private Placement
7/9/2015Galantas Private Placement C$2.4m : Ross Beaty makes importa...
7/6/2015Galantas Announces Private Placement
6/22/2015Galantas Receives Encouraging Exploration Results on Republi...
6/19/2015Small-cap Week, June 19
2/23/2015Galantas Closes Placement for £316,667
2/16/2015Galantas Closes Private Placement
2/4/2015Galantas announce private placement
2/4/2015Galantas Announces Private Placement
1/15/2015Galantas expects planning determination Q1 2015
1/9/2015Galantas Expects Planning Determination Q1 2015
12/5/2014Galantas enters into Gold Jewellery Premium Agreement
12/3/2014Galantas Enters Into Agreement for Gold Jewellery Premium
12/1/2014Galantas announces Q3 2014 results and gives planning update...
11/27/2014Galantas Reports Results for the Three and Nine Months Ended...
10/6/2014Galantas Identifies New High Grade Gold Targets Near to Omag...
9/4/2014Galantas Files Technical Study Showing Strong Economics at O...
8/20/2014Galantas Reports Results for the Three and Six Months Ended ...
7/28/2014Galantas Increases Gold Resources and Shows Strong Economics...
6/2/2014Galantas Gold Corporation: Completion of Shares for Debt Exc...
5/28/2014Galantas Reports Results for the Quarter Ended March 31, 201...
5/8/2014Galantas Gold Corporation: Completion of Private Placement
4/23/2014Galantas Reports Results for the Year Ended December 31, 201...
4/8/2014Galantas Gold Corporation: Share Consolidation and Private P...
10/10/2013Agrees Heads of Terms for Gold Jewellery Arrangement
8/27/2013Drills 2.8 Metres High Grade Gold on Joshua Vein
8/9/2013Announces Strategic Review
7/23/2013Files Increased Gold Resource Report on Omagh Property
6/24/2013Clean Environmental Reports on Omagh Gold-Mine
6/12/2013Announces 34% Increase in Resources at Omagh Gold Mine
5/28/2013Reports Results for the Quarter Ended March 31, 2013
4/23/2013Reports Results for the Year Ended December 31, 2012
1/8/2013Drills 2.4 Metres High Grade Gold on Joshua Vein
10/29/2012Drills 21.2 g/t Gold Over 1.1 Metres on Joshua Vein
9/25/2012Drills 14.2 g/t Gold Over 2.1 Metres on Joshua Vein
9/12/2012Green Light for Omagh Gold Mine Adit
7/5/2011Reports Record Second Quarter 2011 and Funds Drilling Out of...
4/6/2011Appoints Investor Relations Consultant and Grants Stock Opti...
3/31/2011Purchases Two Drill Rigs and Contracts Two Drill Rigs for Om...
2/14/2011Uprates Processing Plant and Looks to Expand Exploration Pro...
5/22/2009Further upgrades mining equipment and increases production
6/13/2008OUTLINES RESOURCES REVIEW FOR OMAGH GOLD MINE, NORTHERN IREL...
10/4/2007Details Falconbridge Payments and Goldsmiths Order
10/3/2007Total Volting Rights
8/10/2007 Recognises expansion of Kearney Vein System
4/20/2007Progress towards production and commencement of concentrate ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (GAL.V)LSE (GAL.L)
0.480-11.11%30.50-4.69%
TSX-V
CA$ 0.480
01/26 15:43 -0.060
-11.11%
Prev close Open
0.540 0.550
Low High
0.480 0.540
Year l/h YTD var.
0.480 -  0.600 -5.88%
52 week l/h 52 week var.
0.245 -  0.860 84.62%
Volume 1 month var.
14,500 6.67%
24hGold TrendPower© : -11
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-30.43%
2021176.00%0.890.22
2020900.00%0.450.01
2019-73.68%0.150.02
201826.67%0.150.08
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.93+3.13%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.04-5.12%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.55+2.90%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.91-2.47%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.74-3.79%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.03-14.29%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.56-2.47%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.28-1.53%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.36-2.67%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+2.94%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.12+0.47%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 51.75+0.96%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-3.03%Trend Power :