Galleon Gold Announces Progress on Underground Bulk Sample Permitting at West Cache Gold Project
Galleon Gold Announces Progress on
Underground Bulk Sample Permitting at West
Cache Gold Project
Toronto, Ontario--(Newsfile Corp. - November 29, 2022) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to report positive progress of permitting activities at its 100%
owned West Cache Gold Project ("West Cache" or the "Project") in Timmins, Ontario.
Comment from CEO
R. David Russell, President and CEO of Galleon Gold, commented,
"Permitting for test mining is always
an exciting time in the life cycle of a junior mining company, it is the definitive start of transitioning
from an exploration story to a bona fide exploration and development company.
We initiated baseline
studies soon after we acquired the West Cache project in 2020, and this early work has been
invaluable in our approach to developing the project in a responsible manner.
It is rewarding to see
the detailed design work for the box cut, decline, stopes and site plan coming together. We look
forward to a busy 2023 as we complete the permitting process, engage with our local communities and
plan to break ground on Timmins' newest gold mine."
Detailed Design Update
The proposed West Cache Advanced Exploration Program, includes: 1) the development of a ramp and
portal to access the Zone #9 deposit, 2) collection of a bulk sample and 3) exploration drilling at depth.
The Company is pleased to report progress on the following initiatives:
Design of Raise, Portal and Decline
-
Detailed engineering for the main ramp, vent raise, cut-outs for
muck bays as well as diamond drill stations has been completed. The mine plan has been developed for
single panel transverse longhole open stoping based on a two-production level and four stope plan. The
bulk sample is estimated at 86,500 tonnes of ore @ 8.13 g/t for 22,600 ounces of gold.
Crown Pillar Assessment
- A geomechanical core drill hole program has been completed under the
supervision of Knight Piesold (9 holes for approximately 900m). The information gathered in
this drill
program is being used to complete the crown pillar stability report and ground control support plan for the
excavation work for the box cut and portal.
Design of Mine Service Infrastructure
/ Site Plan
- As presented in Figure 1, the Site Plan has been
designed to include administrative buildings (core shack, assay lab, mine dry /rescue buildings and a
mechanic shop) along with surface stockpile areas (both ore and waste), haul roads and explosive
magazines and ponds. A geotechnical overburden drill program will commence in early December over
the planned infrastructure areas, approximately 22 geotechnical overburden holes will test the
overburden/soil profile up to and including the first few meters of bedrock. In addition, approximately 20
geotechnical test pits will be dug with an excavator in order to reveal the near surface soil conditions
across the site. Test pits are a relatively low-cost solution to gather subsurface conditions for siting
shallow foundations, the test pits are backfilled upon completion to return the ground to pre-existing
conditions.
Hydrogeology Assessment & Power Grid Evaluation
- The hydrogeology assessment has been
completed including the water balance assessment and pump sizing.
This information is currently being
used in the electrical layout and power grid connection evaluation which will establish the peak site
electrical load, horsepower ratings for the largest motors, and then develop a preliminary high and
medium voltage power distribution system single line drawing for the site. A System Impact Assessment
(SIA) application will then be compiled and submitted to the IESO (Independent Electricity System
Operator) and Hydro One Networks for review and analysis.
The Company will continue to provide updates on the permitting progress, dates for public consultations
and timing for the submission of the Closure Plan document to the regulatory authorities.
Figure 1 - West Cache Site Plan Design and Geotechnical Drill Plan
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/145970_423783da840b7bf8_001full.jpg
Technical Content and Qualified Person
The technical content of this news release has been reviewed and approved by West Cache Gold Chief
Operating Officer, Tim Smith, P. Eng. and Project Manager Leah Page, P. Geo. (APGNS #217)
both
"Qualified Persons" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
Live Webinar Today - November 29 at 2:00 pm ET
To register for the Company's live webinar hosted by Red Cloud Financial Services today at 2:00 pm ET
please use the following link:
Register
.
About the West Cache Gold Project
The West Cache Gold Project is an advanced-stage gold exploration project covering approximately
10,370 ha located 13 km west of Timmins Ontario on Provincial Highway 101. It is situated in the
Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone ("DPFZ") within the Abitibi
greenstone belt, approximately 7 km northeast of Pan American Silver's Timmins West Mine.
The mining lease area hosts the current Mineral Resource Estimate near the center, with additional
exploration targets to the north and south. The Mineral Resource Estimate is contained within the
Porcupine Sedimentary Basin, a favourable litho-structural corridor with over 5 km of strike-length on the
Property. Mineralization is open in all directions and at depth.
About Galleon Gold
Galleon Gold is an exploration and development company focused on advancing the West Cache Gold
Project in Timmins, Ontario. The Project is located 7 km northeast of Pan American Silver's Timmins
West Mine and 14 km southwest of Newmont's Hollinger Mine. A 2022 Preliminary Economic
Assessment (PEA) for the project demonstrates strong economics. Detail engineering design and
baseline studies in support of a permit application for an underground bulk sample are underway. Eric
Sprott holds approximately 21% of the Company's outstanding common shares.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.galleongold.com
Investor Relations
Harbor Access
Graham Farrell
T. (416) 842-9003
Forward-Looking Statements
This document contains certain forward-looking statements that reflect the current views and/or
expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans and other
reports including the PEA for its projects. Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in
which Galleon Gold operates.
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties. Without limitation, statements
regarding potential mineralization and resources, exploration results, expectations, plans, and objectives
of Galleon Gold are forward-looking statements that involve various risks. The following are important
factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied
by such forward-looking statements: changes in the world-wide price of mineral commodities, general
market conditions, risks inherent in mineral exploration, risks associated with development, construction
and mining operations, risks related to infectious diseases, including Covid-19 and the uncertainty of
future exploration activities and cash flows, and the uncertainty of access to additional capital. There can
be no assurance that forward-looking statements will prove to be accurate as actual results and future
events may differ materially from those anticipated in such statements. Galleon Gold undertakes no
obligation to update such forward-looking statements if circumstances or management's estimates or
opinions should change. The reader is cautioned not to place undue reliance on such forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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