Galantas Gold Corporation takes pleasure in announcing an ongoing expansion of gold-milling operations at the processing plant in Omagh, Northern Ireland.
The plant, which generates a gold and silver concentrate using a harmless, froth-flotation process, functions on a batch basis from a source of underground vein material and an extra feed generated from on-vein development operations. It is expected that the milling operations will continue for the rest of the quarter on an extended dayshift basis.
Extended dayshift operations are scheduled to go on until late in the second quarter, as soon as a second milling shift will probably be added to the process, raising the quantities of feed expected to be available. Further milling shifts are scheduled to be included in the third quarter.
Currently, it is anticipated that the private placing in December 2018 will contribute adequate economic resources to bring operations to a monthly cash positive position before the end of 2019.
Plans have been made to achieve a target production of 2000–2500 troy ounces of gold in concentrate each month in 2020/2021. This aligns with the production rates defined in the Galantas Technical Report, July 2014. The company estimates that further expansion could be possible, which targets 50,000 ounces of gold each year. Each expansion will depend on and be driven by the definition of extra resources, strong targets for which have been previously well identified (see Galantas Technical Report, July 2014) and financially supported by partial profits produced from the yield.
On-vein development on the 1084 (second) level is ongoing with 32 m of vein being completed. The main decline development tunnel that has reached the 1072 (third) level and a 58 m cross-cut to intersect the Kearney vein is underway. The length of the main decline tunnel is currently 423 m, and the sum of all underground drivages goes beyond 1136 m.
The decline and mine development have been planned for long-term, extensive production, that is, both along strike and at depth on Kearney vein as well as from the other parallel veins, like Joshua Vein. For the most part of the remaining year, the raised quantities of the processing feed will be derived from many on-vein development headings. It is expected that mining between levels (stoping) will be completed by or before early 2020.
Ground conditions have remarkably improved as the mine continues toward deeper levels, a characteristic attributed to variations in rock stress conditions altered, at higher levels, by the open pit excavation. A firm ground control procedure has been applied in the mine using mesh, rockbolts, or shotcrete to developed designs. A higher level of safety standard has been maintained. Presently, 11 (or more) tunnel faces have been frequently drilled, blasted, excavated, and supported every week, with zero lost time accidents from the start of underground working.
For a clear plan of the workings, see the Galantas website.
The company will be reporting at the UK Investor Show, QEII Centre, Westminster, London, on March 30th, 2019.
This is an exciting time for Galantas. We have been able to put around half of the December 2018 placing funds to work and the benefits of that are now starting to accrue. We continue to invest in safety and productivity improvements, with the goal of becoming Ireland’s premier, ecologically-secure, gold producer. The works have been achieved for costs generally in-line with those anticipated, which is a testament to the professionalism and dedication of the Omagh team.
Roland Phelps, President and CEO, Galantas Gold Corporation
It is expected that the financial reports of Galantas Gold Corporation for the December 2018 quarter and the year will be published by the end of April 2019.