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Be the first with the news that moves the market- Galantas Gold Corporation (GAL) has signed an agreement to acquire a 100-per-cent interest in the Gairloch Project
- The Gairloch Project is a 217 km² 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 development rights for an initial payment of £347,000 and annual payments of £69,000 beginning in year 6.
- Galantas Gold Corporation is a Canadian company which operates and expands gold production and resources at the Omagh Project in Northern Ireland
- Galantas Gold Corporation opened trading at C$0.45
Galantas Gold Corporation (GAL) has signed an agreement to acquire a 100-per-cent interest in the Gairloch Project.
The company also obtained exclusive rights to explore and develop the project.
The Gairloch Project is a 217 km² 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 development rights for an initial payment of £347,000 and annual payments of £69,000 beginning in year 6.
“We are excited about this opportunity to secure rights to a highly prospective, 10 km-long gold-bearing volcanogenic-massive-sulphide trend that has had very little exploration since the early 1980s, with high-priority targets identified,” said Mario Stifano, CEO of Galantas.
“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 program with the aim of unlocking the first substantial volcanogenic massive sulphide (VMS) deposit in Scotland,” he added.
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 its high-grade gold Omagh Project in Northern Ireland, Galantas has secured two emerging under-explored districts with potential to add significant shareholder value.
The Gairloch Project is a landholding that covers the Gairloch Schist Belt, a Paleoproterozic volcanic arc terrane on the northwest coast of Scotland.
The current licence area includes all mineral rights other than gold and silver. An application for an option to a lease agreement for the gold and silver is pending with Crown Estate Scotland.
The lease agreement will continue for 30 years and will be renewable at the election of Galantas upon 90 days prior written notice and upon the approval of the lessor.
Galantas Gold Corporation is a Canadian company which operates and expands gold production and resources at the Omagh Project in Northern Ireland.
Galantas Gold Corporation opened trading at C$0.45.
