TORONTO, CANADA: Galantas Gold Corporation has entered into an agreement to acquire a 100% interest and the exclusive rights to explore and develop the Gairloch Project, a 217 km² mineral licence area in Scotland that covers the Gairloch Schist Belt from the owners of the Gairloch Estate lands.
Galantas Gold Corporation has acquired exploration and developments rights for an initial payment of £347,000 and annual payments of £69,000 beginning in year 6.
Mario Stifano, CEO of Galantas, commented: “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.
“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.
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 Gold Corporation has secured two emerging underexplored 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, covering an entire estate of 217 km². An application for an Option to a Lease Agreement for the gold and silver is pending with Crown Estate Scotland.
The project hosts the Kerry Road deposit surveyed from 1977 to 1982 by Consolidated Goldfields, and remains underexplored.