(MENAFN- ProactiveInvestors - N.America) Galantas Gold (CVE:GAL) reported Monday core drilling results from five holes on its Omagh gold property, sending shares higher.
Galantas owns and operates Ireland's only operating gold mine, a producing open pit gold mine near Omagh, County Tyrone, Northern Ireland.
The drilling results were from the Joshua vein, and included an intersection of 4.5 metres true width at a gold grade of 8.4 grams per tonne (g/t).
The intersection lies at a depth of approximately 160.6 metres below surface, the deepest yet drilled on Joshua vein.
The company said the known length of Joshua vein has increased, and has so far been traced over 836 metres, remaining open horizontally and vertically.
The average grade (width weighted) of the eight intercepts within the five holes sampled was 6.4 g/t gold, with 12.2 g/t silver and 0.6% lead. The average true width was 1.2 metres and depths ranged from 38.5 to 160.6 metres.
"The drilling results received continue to increase our confidence in the Omagh property," said Galantas' president and CEO, R.Phelps.
"The drilling program has intensified since the start of 2012, with six rigs at work. The first phase of the program, which was targeted at producing an early indicated resource on Joshua vein with deeper drilling on Kearney, is approaching completion."
"The next phase intensifies work on both those veins and also examines a new and as yet untested geochemical anomaly within the mine site."
The Omagh mine also produces by-products silver and lead. The mine is currently undergoing an exploration program, with six drilling rigs operational as of February 2012.
Shares of the company increased 7.69 percent to 7 cents Monday.
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