Interim rig to speed up development at Galantas’ Ireland mine
JOHANNESBURG (miningweekly.com) – An interim tunnelling rig at the Omagh gold mine, in Ireland, should accelerate underground development, with the company about ten weeks away from reaching the Kearney vein system.
Dual-listed Galantas Gold is developing the underground mine at Omagh, where openpit operations ceased five years ago.
The company is acquiring new drilling equipment on a rental basis, with an option to purchase, but advised on Friday that equipment production delays had necessitated the supplier to commission a substitute, used drill rig on loan.
The interim unit is not expected to be as efficient as the new equipment being procured, but it should advance the development rate.
“I look forward to seeing the improved advanced rate expected with the interim tunnelling rig. At anticipated advance rates, we expect to reach the Kearney vein system, after approximately 160 m of further development, in around ten weeks,” said CEO Roland Phelps.
The main Kearney veins are Galantas’ principal target at the Omagh mine. In the third quarter of 2017, the company accessed the stringer vein from the main decline tunnel. Mineralisation is about 0.5 m wide and will be split-fired (a process where the vein is blasted separately to the surrounding country rock to minimise dilution).
Galantas said that it had acquired a narrow width loader to operate short term on the splinter vein, until specialist vein mining equipment is delivered.
The company has a detailed plan to accelerate progress in line with the planning consent.
At the end of December, the company had a cash balance of $779 758 compared with $557 005 at the end of 2016. Galantas posted a net loss of $2.08-million and reported a cash outflow from operating activities of $1.35-million.
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