(Alliance News) - Galantas Gold Corp on Tuesday said its quarterly loss narrowed on lower costs and announced potential mineralisation at the Gairloch project in Scotland.
The owner and operator of an open pit gold mine in County Tyrone, Northern Ireland said in the three months to June 30, net loss narrowed to CAD1.4 million, or USD1.0 million, from CAD1.6 million a year prior.
This was attributed to a reduction in the company's general administrative expenses to CAD1.2 million, as well a drop in foreign exchange loss to CAD34,250.
Galantas did not generate any revenue in the second quarter of the year, nor in the six months to June 30, unchanged from the year before.
In the first half, Galantas reported a net loss of CAD2.7 million, narrowed from a loss of CAD3.0 million the year prior.
On Tuesday, Galantas also announced "high grade and thick zones" from drilling at the Gairloch project in Scotland, which reveal a "potential large-scale mineralizing system." This comes as 4.42 grams per tonne of gold were intersected at Hole 23-GL-04, as well as 0.7% of copper, 0.5% of zinc and 3.7 g/t of silver.
Shares in Galantas were down 3.2% at 15.00 pence each in London on Tuesday afternoon.
By Sabrina Penty, Alliance News reporter
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Galantas Gold (GAL)