Galantas Gold has signed an agreement to acquire a 100% ownership interest in the Andacollo Oro gold project in Chile.
Located in the Coquimbo Region, the project is an open-pit heap leach gold mine with existing infrastructure and permits.
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It is situated around 55km from La Serena and includes substantial land rights and infrastructure.
Historical mineral resource estimates for the project indicate measured and indicated resources totalling 2.02 million ounces (moz) of gold, consisting of 130 million tonnes (mt) grading 0.48 grams per tonne (g/t) gold.
Inferred mineral resources are estimated at 5.06moz of gold, comprising 358mt grading 0.45g/t gold.
Galantas Gold CEO Mario Stifano said: “The acquisition of the Andacollo Oro gold 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.
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By GlobalData“With an Adsorption–Desorption–Recovery plant at 200,000oz per annum nameplate capacity, the project provides Galantas with multiple development pathways and a level of optionality that is rarely available in a single transaction, while the staged consideration structure reflects our commitment to capital discipline and risk management.”
The transaction involves Galantas acquiring Sol de Oro Mining, which owns Compañía Minera OXI, and subsequently Compañía Minera e Inmobiliaria Dragones, the project owner.
The cash consideration totals $32m (C$44.17m) over four years, conditional upon regulatory approvals.
Galantas executive officer Robert Sedgemore owns Sol and is considered a related party under relevant regulations.
The project is adjacent to Teck Resources’ copper-producing Carmen del Andacollo Mine.
Compliance with regulatory requirements and shareholder approvals are pending for transaction completion.
In June 2025, Galantas signed a joint venture agreement with Ocean Partners UK to restart operations at the Omagh gold project in Northern Ireland.
