stockwire today6 Oct 2014 19:49
Galantas glitters
By StockMarketWire | Mon, 6th October 2014 - 14:13
Galantas Gold has located new high-grade gold targets near the Omagh mine site. It said the presence of strong gold anomalies near to the southern boundary of the recently operating site had sparked an investigation of new and a re-evaluation of existing targets.
Initial exploration carried out by RioFinex 30 years ago uncovered visible vein outcrops ('Discovery' and 'Sharkey') in the banks of a neighbouring burn.
Attention and resources were then diverted towards drilling the Kearney vein, following its discovery in the late 1980s.
Recent resource modelling and underground mine planning activities prompted a re-investigation of the burn veins during August and September 2014, whilst water levels were unusually low.
Two in-situ quartz veins were identified 18 m west (Sample 57) and 35 m west (Sample 61) of the Rio 'Discovery vein'; grab samples of quartz containing pyrite and galena measured 13.5 g/t and 0.4 g/t gold, respectively.
A completely isolated zone of sulphide rich clay gouge was uncovered 70 m east of 'Discovery', two samples were collected and analysed, yielding 23.6 and 9 g/t gold (Samples 56 and 59).
In addition to these outcrops, several high grade boulders (float) were discovered over 40 metres from the Rio 'Sharkey vein', including those analysed at 30.4 g/t, 34.4 g/t, 39.4 and 44.3 g/t gold.
These boulders are comparatively large in size and are likely to be derived from a local source. The Lack shear zone is considered to lie south of the main veins, Joshua and Kearney, at a strike of 80o and to dip north. There is evidence for intense shearing and deformation in the burn exposures.
The hypothesis that the main veins have been dextrally offset within this zone is being investigated, as exploration continues to determine if substantial extensions to the Kearney and Joshua systems can be traced south of the shear. The samples were taken by geological staff under the supervision of president and chief executive Roland Phelps, the qualified person for the programme under NI 43-101 and who is also a 'qualified person' as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange. Sampling methodology, security and verification followed standard procedures previously detailed on April 5th 2006 and the samples were analysed (gold by fire assay and other metals by ICP-MS and ICP-AES) at ALS Geochemistry Laboratories of Galway, Ireland, considered compliant with all requirements of International Standards ISO 17025:2005.
Grab samples are removed from outcrop (bedrock) or float (loose boulders) as indicative prospecting information prior to a more detailed programme of evaluation.
Phelps said: "This is a very exciting development and further supports the already strong potential for important additional gold mineralisation close to the Omagh gold mine. The company recently completed a robust econo
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