07:41 AM EST, 03/06/2024 (MT Newswires) -- Galantas Gold Corp. ( GALKF ) reported Wednesday the results of a recent gradient array induced polarization and resistivity geophysical survey conducted five kilometers west of the Cavanacaw gold mine within the Omagh project in Northern Ireland.

The company said it recorded gold and base metal anomalies for float rock and stream sediments at the Cornavarrow target, while a small vein exposure was also identified.

Subsequent exploration by Galantas geologists recorded 3.5 g/t gold for a chipped sample of outcrop.

"It's exciting to note that a strong north-south trending resistor was identified at the Cornavarrow target, with a similar signal to that generated over a gold-bearing structure close to the mine in 2021," CEO Mario Stifano said.

"Cornavarrow represents an exciting target that has never previously been drilled, and would be key in helping us to glean the wider potential of the gold district," Stifano added.

Galantas also said it recently received full planning permission to drill eight boreholes from three locations within the mine site.

The company's shares surged 15.8% at last look in UK trading after dropping 5.6% in Canada yesterday.