Galantas Gold Corp said it had made significant progress to restart the Cavanacaw mine in Omagh, Northern Ireland.
OPERATIONS
In the Canadian company’s unaudited results for the first quarter ending 31 March 2023, chief executive Mario Stifano added that the company was developing engineering plans to accelerate development to the Joshua vein by 12 months.
“[This] will enable Galantas to mine from multiple headings and veins to provide greater operational flexibility with an expected positive impact on 2023 production while also providing drilling platforms to drill both Joshua and Kearney veins from underground.”
Galantas expects to restart development drilling and blasting during the first half of May and production stoping mid to late June 2023.
FINANCES
For Q1 2023, the company’s recorded sales revenue of C$nil (Q1 2022: C$nil).
Concentrate sales provisional revenues totalled US$255,000 (Q1 2022: US$219,000) with net proceeds offset against development costs until the mine begins commercial production.
Net loss fell to C$1,393,614 (2021: $1,415,812) with cash outflow from operating activities also decreased to $475,530 (2022: $577,604).
The company had a slightly increased cash balance of C$2,516,822 (Q1 2021: C$2,417,152).
Working capital deficit increased ten-fold to C$11,074,990 (Q1 2021: C$1,850,980) resulting from a recategorisation of loans from non current to current.
ESGs
Galantas said it continued to invest in safety-related training and infrastructure and to record a zero lost time accident rate since the start of underground operations.
Training of local recruits in the mine also continues with experienced trainers providing practical and classroom customised training, accredited through the Minerals Products Qualification Council (MPQC).
The company added that environmental monitoring demonstrated a high level of regulatory compliance.