Galantas continues processing low-grade ore in Omagh

Galantas Gold Corp.

3.75p

16:55 23/12/24

-6.25%

-0.25p

Galantas Gold updated the market on the Galantas Gold Mine in Northern Ireland on Tuesday, following the restart of concentrate processing on 26 May following a Covid-19 shutdown.

Mining

10,285.70

17:09 23/12/24

-0.27%

-27.76

The AIM-traded firm said that, while underground mining remained suspended, current processing was using low-grade stock.

In the period from 26 May to 20 September, around 147 tonnes of concentrate was despatched, containing an estimated 551.5 troy ounces of gold.

Galantas said that in the third quarter ended 30 September, around 98 tonnes of concentrate was despatched, containing an estimated 386.2 troy ounces of gold.

All weights and contained metal estimates were provisional, and subject to confirmation, the board said.

It added that the estimated monthly recovery of gold to concentrate in the third quarter averaged 95.4%, with low-grade feed carrying a monthly estimated average of 2.14 grams of gold per tonne.

Environmental monitoring of operations was continuing to show “satisfactory results” within regulatory constraints, Galantas said.

“Active discussions continue with a number of potential partners regarding funding to provide the investment required for additional mine development and exploration,” the board said in its statement.

“On-site inspections have been restricted by Covid-related matters.”

At 0908 BST, shares in Galantas Gold Corporation were down 2.34% at 20.02p.