Galantas Gold tables MRE for Chilean project ahead of shareholder vote
Galantas Gold Corp. [GAL-TSXV, AIM, GALKF-OTCQX] has released a mineral resource update for the Andacollo Oro Gold Project in central Chile. The asset, which it will seek shareholder approval to acquire at a meeting on May 12, 2026, is a past-producing, large-scale open pit heap leach gold operation with existing infrastructure, permits and extensive historical technical data.
Galantas CEO Mario Stifano recently said the acquisition of the Andacollo Oro Project fundamentally repositions the company, adding a large-scale, past producing gold asset with existing infrastructure, permits, and a deep technical database in one of Chile’s most established mining districts. It produced 1.12 million ounces of gold from 1998 and 2018, with peak production reaching 125,000 ounces annually.
According to a technical report, the project contains a pit-constrained indicated resource of 102.4 million tonnes of grade 0.45 g/t gold or 1.47 million ounces. On top of that is an inferred resource of 347.9 million tonnes of 0.4 g/t gold, containing 4.54 million ounces.
Additionally, significant gold mineralization identified in the report is contained within the property boundary and could be accessed with a potential land access agreement from the adjacent property controlled by Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE).
“The large and robust resource under multiple gold price scenarios provides for a long-life asset while also demonstrating potential to significantly expand future production scenarios,’’ said Stifano “There is significant exploration potential to expand the gold resource and for the discovery of significant copper resources at Andacollo, including potential extensions of adjacent porphyry copper mineralization,’’ he said.
Galantas Gold shares were unchanged Monday at 23 cents. The shares trade in a 52-week range of 25 cents and $0.055.
Under a previously announced agreement, Galantas is acquiring 100% of the shares of Sol de Oro Mining Ltd., which in turn owns 100% of Compania Minera OXI Spa (OXI). OXI has purchased 100% of the shares of Compania Minera e Inmobiliaria Dragones SpA (Dragones), the owner of the project, pursuant to certain share purchase agreements dated January 6, 2026 with the former Dragones shareholders.
Galantas has pledged to pay US$32 million for the asset, an amount that will be structured in staged payments over four years to align with capital discipline. That includes US$4.5 million on closing and the assumption of debts of approximately US$3.0 million.
The Anadcollo Project is located in the Coquimbo Region of Chile, approximately 55 kilometres southeast of La Serena, and immediately adjacent to the town of Andacollo. The project consists of approximately 1,213 hectares of exploitation mining concessions and encompasses the former Andacollo open pit gold mining operations, including historical pits, heap leach pads, processing facilities, waste rock storage areas and associated infrastructure.