(Alliance News) - Galantas Gold Corp on Tuesday said it has updated its mineral resource estimate for the Omagh gold project in Northern Ireland.
The owner of Omagh open pit gold mine in County Tyrone, Northern Ireland, said the new MRE indicates increased strike and depth continuity of the veins modelled in the Kearney ad Joshua systems. The firm said the new estimate is based on 42 new drillholes and a review of the previous vein wireframe interpretations.
The company said total ounces of gold contained have increased by 77% in the updated MRE, in comparison to its 2014 estimate.
Galantas noted that the MRE shows "reasonable prospects for economic extraction at the sites, adding that 53% of mineral resources were reported in the measured and indicated categories.
Downdip drilling has been planned on the Joshua vein, after being approved by the Fermanagh and Omagh District Council.
Chief Executive Mario Stifano said: "This resource update is the culmination of a tremendous effort by our team at Omagh. The drill results from our most extensive exploration program since the 2014 resource estimate have increased our confidence in the high gold grades at the Omagh Project, further confirming its potential particularly at the Joshua Vein, which we are keen to explore."
Galantas shares rose 7.9% to 17.00 pence each on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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