(Alliance News) - Shares in Galantas Gold Corp rose on Friday after reporting a positive restart of underground operations at its gold mine in Northern Ireland.
Shares in Galantas were up 7.4% at 18.80 pence in London on Friday.
The gold producer said underground blasting at the Galantas gold mine, Omagh, has continued with mining on a single shift basis. As expected, development of the Kearney vein has produced a feed of higher-grade gold for the processing plant than the existing feed, which comes from low-grade stock.
The total tonnage processed in the first quarter of 2021 is estimated at 6,262.5 tonnes for 258.5 ounces of gold within 87.3 tonnes of concentrate. Shipments of 96.7 tonnes of concentrate were made in the first quarter containing an estimated 304.6 ounces of gold.
Cash received during the first quarter, under the company's concentrate off-take agreement, totalled USD574,600.
An initial review of the restart of underground operations has demonstrated favourable results based upon provisional estimates, Galantas said.
"I am pleased with how the re-start of mining operations has gone so far. When underground feed is processed in the mill the expected increase in concentrate production is demonstrated. The company is actively working with third parties to finance an expansion of the business going forward," said President & Chief Executive Roland Phelps.
By Lucy Heming;Â lucyheming@alliancenews.com
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Galantas Gold (GAL)