Galantas Gold Corp on Monday announced the results of its first exploration drill hole at the Gairloch project in Scotland.
The owner of Omagh open pit gold mine in County Tyrone, Northern Ireland said hole 23-GL-01 intersected 2.9% of copper, 0.77 grammes per tonne of gold, 0.46% of zinc, 0.03% of cobalt and 7.52 grammes per tonnes of silver over 17.9 metres.
This was alongside 5.1% of copper, 0.46 grammes per tonnes of gold, 0.4% of zinc, 12.93 grammes per tonne of silver, 0.01% of cobalt, 0.2% of titanium and 176 grammes per tonne of vanadium over 1.7 metres.
Galantas Gold noted the significance of the cobalt and vanadium discoveries, which ‘are part of the UK’s list of critical minerals’, alongside ‘other minerals that are important raw materials enabling the transition to clean energy, including copper, silver, titanium and zinc’.
Four holes have been been completed over the main deposit area at Gairloch, Galantas Gold said, totalling 190.4 metres and with another two holes planned by August.
Galantas Gold said one of the two further planned holes will test the mineralisation at a deeper level, while another, deeper hole will test below the current deposit.
‘This is a fantastic result for our first drill hole in Scotland demonstrating significant polymetallic grades,’ said Chief Executive Officer Mario Stifano.
‘The discovery of new critical minerals is a major development for the project and we look forward to reporting further results as they become available.’
On Tuesday last week, Galantas Gold said the work required to produce an updated mineral resource estimate at the company’s Omagh gold project is ongoing and that it would provide an update in due course.
In mid-June, Galantas Gold said the sustainable mine plan for the project should be completed in July, which will allow it to develop and mine ore zones to the existing lower levels of the mine.
Galantas Gold shares were up 1.6% to 15.75 pence each in London on Monday at midday.
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