Galantas Gold advancing Omagh mine after placing sees high demand

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What it does

Galantas Gold Corp (LON:GAL)(TSX:GAL) is a dual-listed company which owns a producing open pit gold mine near Omagh, County Tyrone, Northern Ireland. The mine also produces by-product silver and lead. A metals concentrate is produced by safe, non-toxic processing and sold under contract.

 

How it is doing

In March, Galantas resumed underground blasting at Omagh and said development mining of the Kearney gold vein restarted on a single shift basis.

It said this would produce a feed of higher gold grade for the processing plant than the current feed, which comes from low-grade stock.

Total concentrate production is expected to rise, driven by a higher feed grade while process plant operations will now reduce from three shifts to two.

Galantas said though it is only a limited re-start, specialist blasting materials may be subject to short-term delays due to Brexit.

 

What the boss says: Roland Phelps, chief executive

“The restart of blasting, although limited by our cash availability, is good progress.”

“If the upcoming review is positive, the re-start is expected to enhance gold concentrate production.”

“Cash constraints do restrict how quickly operations can be expanded and the company is actively working with third parties on the arrangements required both to expand blasting underground and to expand exploration, for which significant potential exists.”

 

Inflexion points

  • Start of commercial production
  • Underground blasting resumes
  • Ramp-up of gold concentrate production

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