Galleon Gold Completes Fourth Hole of 2022 Drill Program at West Cache Gold Project
Galleon Gold Completes Fourth Hole of 2022
Drill Program at West Cache Gold Project
Toronto, Ontario--(Newsfile Corp. - July 7, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "Company" or
"Galleon Gold") is pleased to announce visual observations from the fourth diamond drill hole of the 2022
drill program at the West Cache Gold Project ("West Cache" or the "Project") in Timmins, Ontario.
The fourth hole was collared to intersect the South Area zones within a gap between near-surface (2.53
g/t Au | 9.0 m, including 7.96 g/t Au | 2.03 m in WC-21-192) and deeper intercepts (2.63 g/t | 7.5 m,
including 6.95 g/t Au | 2.0 m in WC-20-077) drilled during the 2020-2021 program. The objective of the
ongoing 2022 South Area drilling is to determine potential shoot geometry within the 300-meter strike
length of the drill-tested area, which is approximately 350-meters due south of high-grade Zone #9.
Hole WC-22-215 was drilled to a total depth of 465 meters
Multiple sulphide zones were encountered throughout the hole, which may prove continuity within
the 120-meter untested gap in South Area drilling
A massive sulphide intercept was encountered from 261.5 m to 262 m (Figure 3) with over 30%
combined pyrite, sphalerite, and chalcopyrite
Figure 1 shows the target area of the first four holes in relation to high-grade Zone #9 which is hosted in
the metasediment-dominant stratigraphy. The cross section in Figure 2 identifies the sulphide zones in
hole WC-22-215, while Figure 3 provides photographs of the core that has been logged and sampled.
The fifth hole of the program is currently underway and core logging and sampling remains ongoing.
Figure 1 - 3D View (east) of mineralized zones at West Cache and area of initial drill holes in the
South Area
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1014/130174_672eef9a64eb3864_001full.jpg
Figure 2 - Cross sectional view (east) of WC-22-215 drill hole in the South Area
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1014/130174_672eef9a64eb3864_002full.jpg
Figure 3a - Core Photos from WC-22-215
To view an enhanced version of Figure 3a, please visit:
https://images.newsfilecorp.com/files/1014/130174_672eef9a64eb3864_003full.jpg
Figure 3b - Core Photos from WC-22-215
To view an enhanced version of Figure 3b, please visit:
https://images.newsfilecorp.com/files/1014/130174_672eef9a64eb3864_004full.jpg
Technical Content and Qualified Person
The technical content of this news release has been reviewed and approved by West Cache Gold
Project Manager Leah Page, P. Geo. (APGNS #217) a "Qualified Person" as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About the West Cache Project
The Property is situated in the Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone
("DPFZ") within the Abitibi greenstone belt.
The Property is predominantly underlain by Archean rocks of
the Tisdale and Deloro Assemblages (metavolcanics), Porcupine Assemblage (metasediments) and
quartz feldspar porphyry of the Porcupine Intrusive Suite. Paleoproterozoic diabase dikes trend north-
south to northwest-southeast across the Property. The main break of the DPFZ trends east-west through
the eastern part of the Property and is offset to the south in the western portion of the Property by the
Mattagami River Fault. Gold mineralization is characterized by roughly east-west trending "shear" zones,
dipping 60° to 80° to the north, and is associated with pyrite, chalcopyrite and sphalerite. To-date, the
quartz feldspar porphyry unit and associated contacts with the metasedimentary units have been the
focus of exploration activities. In addition, large areas of Tisdale and Deloro metavolcanics have yet to
be explored, including the Rusk contact zone, which is associated with gold mineralization at the
Timmins West Complex, approximately 7 km southwest of the Property.
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 situated approximately 7 km northeast of Pan American
Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine.
Since acquiring the
Project the Company has demonstrated significant resource growth while providing a strong valuation in
its maiden Preliminary Economic Assessment. Permitting and baseline studies in support of a bulk
sample are currently 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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