Exploration and Resources
CAUTIONARY NOTICE : FORWARD LOOKING STATEMENTS
The information in this website contains forward looking statements, including statements about anticipated operating and financial performance and geological estimates. Such statements are no guarantees of future performance which is subject to risks and uncertainties only some of which are within the Company’s control, and any or all of which could cause the Company’s performance to be materially different from what directors may believe. Given the uncertainties associated with forward looking statements, readers are cautioned not to place undue reliance on them. The Company does not undertake to update any forward looking statements contained herein.
COPYRIGHT : Other than as specifically noted, all content of this website is the exclusive copyright of Galantas Gold Corporation and may not be reproduced in whole or in part without written consent.
GEOLOGY : Introduction
The geology of the Omagh Minerals License area OM1 is composed of rocks of Dalradian (a division of the pre Cambrian) age. They are composed of metamorphosed siltstones and sandstones, with some ultra-basic intrusives. Steeply dipping quartz veins are present, mostly on a north-south orientation, which carry more than one phase of mineralisation. The minerals present in the quartz veins are calcite, pyrite, galena, gold and silver with minor sphalerite, arsenopyrite and chalcopyrite. The rocks have been up-faulted in a block known as the Lack Inlier and part of the lithological sequence has been inverted by means of a thrust fault.
The Lack Inlier is faulted by the Omagh Thrust Fault which is a major feature and it is thought that the mineralisation is related to this structure.
The geology of OM4 is considered to overlie Dalradian rocks.
Geological Map of License Areas : Omagh Minerals Ltd : copyright Geological Survey of Ireland and Geological Survey of Northern Ireland. Published by kind permission.
RESOURCES
An updated NI 43-101 / CIM compliant resource update is summarised and accessible via the adjacent menu bar or directly via :-
http://www.galantas.com/operations/2013-resource-assessment/
EXPLORATION POTENTIAL
The following note is drawn from Howe's 2008 report :-
Galantas is engaged in examining some of the 50 plus targets that have already been identified.
The Howe report (link above) contains estimates of potential tonnage and grade of some of the available targets and classifies these by Resource Extension or Exploration. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define mineral resources in these areas. It is uncertain if further exploration will result in the targets being delineated as mineral resource. The exploration potential does not represent a mineral resource, does not have demonstrated economic viability and is disclosed in accordance with NI 43-101 Rules and Policies, Section 2.3, disclosed as potential quantity and grade, expressed as ranges, of a potential mineral deposit that is to be the target of future exploration. The report states, “However, the disclosed potential quantity and grade has been determined on the basis of reasonable extrapolation from known and defined resources and/or favorable geochemical/geophysical signatures and float/surface sampling, the results of which make these areas highly prospective”.
Table of Exploration Potential * (The 2008 Howe Report)
|
Target Name |
Potential Tonnes Range (t) |
Potential Grade Range (g/t Gold) |
||
|
RESOURCE EXTENSION TARGETS |
||||
|
|
Low |
High |
Low |
High |
|
Kearney |
400,000 |
600,000 |
4.5 |
9.0 |
|
Elkins |
200,000 |
400,000 |
2.0 |
4.0 |
|
Joshua’s |
190,000 |
380,000 |
2.0 |
4.0 |
|
Kerr |
180,000 |
360,000 |
2.0 |
4.0 |
|
Gormley |
230,000 |
460,000 |
3.3 |
6.5 |
|
Sammy’s |
30,000 |
60,000 |
2.1 |
4.2 |
|
Prince’s |
20,000 |
40,000 |
19 |
38 |
|
Garry’s |
80,000 |
160,000 |
0.7 |
1.3 |
|
Total |
1,330,000 |
2,460,000 |
|
|
|
EXPLORATION TARGETS |
||||
|
Peter’s |
4,000 |
13,000 |
4.5 |
9.0 |
|
“63 gram” |
33,000 |
101,000 |
4.5 |
9.0 |
|
North of Sammy’s Barn / East Cousins |
135,000 |
810,000 |
4.5 |
9.0 |
|
Cornavarrow Burn East |
60,000 |
360,000 |
4.5 |
9.0 |
|
Corlea Burn |
60,000 |
360,000 |
4.5 |
9.0 |
|
Legphressy |
60,000 |
360,000 |
4.5 |
9.0 |
|
Cousins |
48,000 |
145,000 |
4.5 |
9.0 |
|
Total |
400,000 |
2,149,000 |
|
|
|
TOTAL EXPLORATION POTENTIAL * |
1,730,000 |
4,609,000 |
|
|
Location Map for Drill Holes and Channel Samples, with results, on Joshua Vein
EXPLORATION PROGRAM : As of 8th January 2013, the drilling program has been expanded to 18,000 metres
Galantas has an active exploration program. Following a channel sampling program in the latter half of 2010, a drilling contractor was engaged, starting at the end of February 2011 to core drill priority targets. Up to 18,000 metres of core drilling is planned, which is a 3,000 metre extension to the original 15,000 metre program. The drilling program includes the Kearney vein, Joshua Vein, Kerr Vein and Elkins Vein systems. A small follow up program continued the work. Production from the underground mine is expected to commence in 2019 and a budget, from cash-flow, of GBP£1m per year has been set with the target to achieve the historic cost estimate of GBP£10 per ounce resource cost.
