Galantas Gold Corporation reported a 77% increase in total contained gold ounces in a revised mineral resource estimate (MRE) for Cavanacaw mine in Omagh, Northern Ireland.
ROBUST
The Canadian company’s revised NI 43-101-compliant MRE is based on 42 additional drill holes and a complete review of the previous vein wireframe interpretations.
Consultants Micon International Ltd’s MRE also shows 53% of mineral resources in the measured and indicated categories.
The deposit has increased strike depth and continuity in modelling for the Kearney and Joshua veins.
The company said that the MRE was the “most robust estimate” of the two veins, showing “reasonable prospects” for eventual economic extraction.
EXPLORATION
Galantas continues with drilling at Cavanacaw with several targets identified.
Plans include downdip drilling on the Joshua vein under permitted rights for surface drilling following a meeting of the Fermanagh and Omagh District Council.
Operations will target existing gaps in the mineral resource model on the Joshua vein system.
The company said it had yet to test the potential for extending the resource down plunge to the north, in the host lithology favourable to better vein development.
Chief executive Mario Stifano added: “This resource update is the culmination of a tremendous effort by our team at Omagh.
“The drill results from our most extensive exploration programme since the 2014 resource estimate have increased our confidence in the high gold grades at the Omagh project, further confirming its potential particularly at the Joshua vein, which we are keen to explore.”