Galleon Gold Continues to Intersect High Grade Gold at Its West Cache Gold Project
Galleon Gold Continues to Intersect High
Grade Gold at Its West Cache Gold Project
Toronto, Ontario--(Newsfile Corp. - December 3, 2020) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to report it continues to intersect significant gold grades in all
three target areas at its 100% - owned West Cache Gold Project, Timmins, Ontario.
Select Highlights:
WC-20-075
intersected
6.6 g/t Au over 4.0 m
, from 54 to 58 m including sub-interval of
10.87 g/t
Au over 2.0 m
; near surface
intercept of Zone-9
.
WC-20-072
intersected
3.27 g/t Au over 5.2 m
, from 144 to 149.2 m including sub-interval of
9.4
g/t Au over 1 m; West Area intercept.
WC-20-041
intersected
4.16 g/t Au over 4.5 m
, from 241.5 to 246 m;
East Area intercept.
Current Drill Plan
With two drills now deployed on the property, one drill is exclusively focused on Zone #9, while a second
drill rig is working to delineate near surface gold mineralization in the East Pit area.
Zone #9 drilling is focused on completing a north-south fence of drillholes located 50 meters west of the
initial discovery area, where five-holes have traced the mineralization from seven meters below the
bedrock interface to a depth of 165 meters. Figure 1 provides an updated plan map and identifies
recent mineralized intercepts. As grade continuity and thickness continue to be defined with the ongoing
Zone #9 drilling, similar near surface targets will be drill tested along strike to the east and west. The
Company's geologists continue to gain insight into the possible link between the distinct geologic
features characterizing the recent near surface Zone #9 gold mineralization and similar high-grade
sediment hosted mineralization encountered in historic drilling approximately 500 meters downdip to the
northwest.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1014/69397_28d72fa3642588a4_001full.jpg
The second drill rig is completing infill drilling of the contemplated East Pit area and related deeper
extensions as discussed in recent Company news releases. The latest results continue to confirm the
continuity and grade of the mineralized shear zones from the bedrock interface to vertical depths of
several hundred meters.
Data from both Zone #9 and the infill pit areas will be included in the Preliminary Economic Assessment
("PEA"), targeted to be published by early April 2021. Upon completion of the infill drill program, the
second drill will shift to Zone #9 for additional exploration along strike and dip.
Figure 2 presents core photos showing the sediment-hosted mineralization typically encountered in Zone
#9. Table 1 outlines select results from three holes, including one in each of the three target areas. A full
compilation of assays over 1 g/t Au are published on the Company's website.
Figure 2
To view an enhanced version of Figure 2, please visit:
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Table 1 West Cache Select Drill Intercepts
Hole
ID
From
(m)
To (m)
Length
(m)
Au
(gpt)
Area
Easting
Northing
Elev
(m)
TD (m)
Azim
Dip
WC-
20-
041
241.5
246.0
4.5
4.16
West Pit
464327
5361492
293
315
180
-60
WC-
20-
072
144.0
149.2
5.2
3.27
East Pit
464875
5361630
295
207
180
-45
WC-
20-
075
54.0
58.0
4.0
6.60
Zone-9
464125
5361152
294
456
180
-48
incl
55.0
57.0
2.0
10.87
Note- all drill intercepts average approximately 90% true thickness.
Qualified Person and Quality Control
The technical content of this release has been reviewed and approved by Chris Dupont, P. Eng, a
"Qualified Person" as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral
Projects
.
Quality Control and Assurance procedures and protocol include the insertion of one blank or
standard for every 10 samples submitted for assay in addition to the insertion of standards, duplicates,
and blanks inserted by AGAT Laboratories using the prep facility in Timmins, ON and analytical lab in
Mississauga, ON. All gold values utilize common fire assay procedures with an AA finish, although
assays over 10 g/t are re-analyzed by fire assay with a gravimetric finish.
All samples reported have
been checked against Company and Lab standards, duplicates and blanks.
Sample prep includes all
sample material crushed to 75% passing 2 mm with a 300 g split pulverized to 90% passing 200 mesh
to create the 30 gram sample for fire assay.
All core logging and sampling were completed in-house at
the Company core facility in Timmins, ON.
Core produced in the field is delivered to the Company's
Timmins warehouse every morning with all logging, cutting, labeling and bagging completed by
supervised personnel.
Bagged core samples for assay are picked up twice a week by AGAT personnel
for delivery to their prep facility across town
About the West Cache Gold Project
The West Cache Gold Project is located 13 km west of Timmins Ontario, it is serviced by Provincial
highway 101 and secondary access roads. It is situated along the Porcupine-Destor gold belt,
approximately 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of
Newmont's Hollinger Mine.
About Galleon Gold
Galleon Gold is a North American exploration and development company. Eric Sprott holds
approximately 23% of the Company's outstanding common shares and is also the Company's partner on
the Neal Gold Project in Idaho. Drilling is currently underway at the Company's flagship West Cache Gold
Project, Timmins, Ontario.
FOR FURTHER INFORMATION:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.galleongold.com
Forward Looking Statements
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, 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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