Galantas Gold Corporation (TSXV and AIM: GAL) has entered into an agreement to acquire a 100% interest and the exclusive rights to explore and develop the Gairloch Project, a 217sq. km mineral licence area in Scotland that covers the Gairloch Schist Belt from the owners of the Gairloch Estate lands.
The Company has acquired exploration and developments rights for an initial payment of £347,000 and annual payments of £69,000 beginning in year 6.
Historical Exploration Highlights:
- Drill hole GBH39 intersect of 11.29 grams per tonne (g/t) gold (Au), 2.44 g/t silver (Ag), 0.58% copper (Cu) and 0.19% zinc (Zn) over 16 metres (80m to 96m downhole).
- Drill hole GBH30 intersect of 3.16g/t Au, 3.39g/t Ag, 0.90% Cu and 0.51% Zn over 18m (32.82m to 50.82m downhole).
- Drill hole GBH68 intersect of 1.5g/t Au, 16.5g/t Ag, 5.92% Cu and 0.54% Zn over 6m (261.88m to 267.88m downhole).
- District-scale potential with an outcrop tested by the British Geological Survey (BGS) 10km from historical drilling returning 4g/t Au, 1.5% Cu and 2.3% Zn.
- Elevated levels of cobalt identified in stream sampling and in outcrop up to 410g/t.
“We are excited about this opportunity to secure rights to a highly prospective, 10km-long gold bearing volcanogenic-massive-sulphide trend that has had very little exploration since the early 1980s, with high-priority targets identified,” CEO, Mario Stifano, said.
“We have seen high-grade gold intercepts at shallow depths in Gairloch’s historical drilling records which were obtained from the British Geological Survey, and are keen to follow up with our own targeting and drill programme with the aim of unlocking the first substantial volcanogenic massive sulphide (VMS) deposit in Scotland.
“The host rocks at Gairloch appear to be geologically similar to those in the Trans-Hudson Orogen in Manitoba and Saskatchewan which contain the prolific Flin-Flon and Snow Lake VMS mining camps. Along with our high-grade gold Omagh Project in Northern Ireland, Galantas has secured two emerging underexplored districts with potential to add significant shareholder value.”
Exploration
Based on historical reports from Consolidated Goldfields, the Kerry Road deposit at Gairloch was drill tested in the late 1970s to early 1980s, where 87 drill holes (9,189 metres) were drilled to identify the deposit, which is reportedly open along strike and at depth. Work was abandoned in 1982 due to low metal prices at the time. Other than academic work and national geological surveys, commercial exploration was not conducted over the region until 2018 when GreenOre obtained the licence. A single short hole was drilled in 2018
A number of follow-up targets have also been identified by Galantas from regional geophysical and geochemical datasets supplied by the BGS. It has been observed that the main minerals of interest are chalcopyrite, sphalerite, pyrite and pyrrhotite found within quartz-carbonate schist.
A review of the historical assays indicates that gold is often associated with higher copper grades. Recent academic studies, fieldwork and government surveys have demonstrated the wider potential of the area, which to date has had no commercial mining of any scale, despite the highly prospective nature of the geology.
The BGS recorded an outcrop of 4g/t Au in their MRP146 report associated with a significant geophysical anomaly approximately 10km south of the Kerry Road deposit, but the area remains untested.
The G-base stream sediment data collected in the 1970s by the BGS over the wider area have also shown high occurrences of copper, zinc and cobalt. Multiple historical geophysical anomalies identified by the BGS in their regional magnetics and gravity surveys remain untested. No official resource model has been completed to date.
For further information please visit: https://galantas.com/
