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(Alliance News) - Galantas Gold Corp on Friday said it has agreed to acquire the Gairloch project in Scotland from the owners of the Gairloch Estate.
The Northern-Ireland focused gold mining company said it has purchased 100% and the exclusive rights to explore and develop the Gairloch project, which covers a 217 square kilometre mineral licence, including the Gairloch schist belt.
The company said one historical exploration highlight is the drill hole GBH39 intersect, with 11.29 grams of gold per tonne and 2.44 grams of silver per tonne.
Galantas said the project would be acquired for an initial payment of GBP347,000, with annual
payments of GBP69,400 for each lease year after the fifth year of the lease.
The company noted that the current license area include all mineral rights apart from gold and silver, Galantas has submitted an application for an option to a lease agreement for the gold and silver to Crown Estate Scotland.
The company said the Kerry Road deposit at Gairloch was previously drilled during the 1970s and 1980s, but the work was abandoned in 1982 due to low metal prices. Drilling by GreenOre Gold PLC in 2018 confirmed the presence of mineralisation at the site, the company said.
Chief Executive Officer Mario Stifano said: "We are excited about this opportunity to secure rights to a highly prospective, 10 km-long gold bearing volcanogenic-massive-sulphide trend that has had very little exploration since the early 1980s, with high-priority targets identified.
"We have seen high-grade gold intercepts at shallow depths in Gairloch's historical drilling records which were obtained from the British Geological Survey, and are keen to follow up with our own targeting and drill program with the aim of unlocking the first substantial volcanogenic massive sulphide deposit in Scotland."
Galantas shares were down 0.2% trading at 28.45 pence per share on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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