Dalradian begins drilling for gold at Omagh asset

Canadian gold prospector Dalradian Resources has commenced drilling work at its Curraghinalt Gold Project near Omagh, Co Tyrone, with the company expecting to be in a position to provide an updated mineral resource estimate during the third quarter of this year.

Dalradian begins drilling for gold at Omagh asset

The company began its fully-funded Can$30 million (€22m) work programme at the site during the second half of last year and said yesterday that the programme is “progressing well” towards completion by the end of this year.

The Canadian company’s news follows on from Dublin firm Conroy Gold and Natural Resources saying, earlier this week, that it has found more gold at its Clontibret, Co Monaghan site (where it plans to launch Ireland’s first commercial gold mine in 2017) and that the mine could yield $150m worth of gold over its lifetime.

Dalradian’s work will see six drill rigs (three underground and three above surface) complete a 20,000 metre in-fill drill programme, due for completion in the third quarter. The Toronto-based company also yesterday reported financial results for 2014, which showed a significant lowering in net losses; down from Can$21.8m to Can$6.8m; although 2013’s losses were heavily skewed by $16.3m in impairment charges, relating to exploration and evaluation assets.

The company said that exploration expenditure this year may increase over 2014 levels.

Dalradian said yesterday that it intends to submit a planning application for the construction of an operating mine at Curraghinalt before the end of the first quarter of 2016, after completion of the project’s pre-feasibility study (PFS) and its environmental impact assessment (EIA), both of which should be largely completed by the end of this year.

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