Galleon Gold Expands Land Position at West Cache Gold Project, Timmins Ontario and Provides Corporate Update
Galleon Gold Expands Land Position at West
Cache Gold Project, Timmins Ontario and
Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - July 6, 2020) - Galleon Gold Corp. (TSXV: GGO) (the "Company" or
"Galleon Gold") is pleased to announce that it has expanded its land position at the West Cache Gold
Project, Timmins, Ontario.
The Company has acquired 8 patent claims, in the Ogden Township,
contiguous to the eastern boundary of the property. This private land has been held by the Dwyer family
for over 100 years, it was originally purchased by Fredrick D. Dwyer as a gold prospect. Galleon Gold is
very pleased that the family has entrusted the stewardship and exploration of this land to the Company.
The West Cache Dwyer Land, will retain a 2.0 % NSR which can be purchased for $2,000,000.
Importantly, these claims are on strike and only 600 meters from the proposed open pit location
identified in the Company's current project development plans.
With the acquisition of this private ground
the Company has gained an additional 2 kilometers of strike potential along the Destor Porcupine Fault
Structure corridor.
The Company announced on June 29, 2020 that it had commenced phase one of a core drilling program
at the West Cache Gold Project. Prospective areas and drill targets on the Dwyer land will start to be
identified for testing in the second phase of the drill program.
President and CEO, Mr. R. David Russell commented, "We are excited to be adding this parcel of land
to the West Cache Gold Project.
We have previously drilled core holes that have intersected
mineralization very close to the eastern boundary of the West Cache property and the western Dwyer
land boundary.
This may prove to be a very strategic move by the Company.
We believe that West
Cache Gold has tremendous "Geological Blue Sky" potential and this new land augments this potential.
With additional exploration drilling we believe we will be able to demonstrate that the structure that
already hosts a gold resource will continue onto this new ground."
Dwyer Property Acquisition Map
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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. The project has been explored since 1927, with over 160,000 meters of
diamond drilling in 325 holes. In 2013, a NI 43-101 Mineral Resource Technical Report was published
outlining the following resource (see Explor Resources press release dated August 27, 2013)
:
Open
Pit
Mineral
Resources
at
a
0.30
g/t
Au
cut-off
grade
are
as
follows:
Indicated:
213,000
oz
(4,283,000
tonnes
at
1.55
g/t
Au)
Inferred:
77,000
oz
(1,140,000
tonnes
at
2.09
g/t
Au)
Underground
Mineral
Resources
at
a
1.70
g/t
Au
cut-off
grade
are
as
follows:
Indicated:
396,000
oz
(4,420,000
tonnes
at
2.79
g/t
Au)
Inferred:
393,000
oz
(5,185,000
tonnes
at
2.36
g/t
Au
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
.
Debt
Settlement
The
Company
announces
it
has
reached
a
debt
settlement
for
services
rendered
to
the
Company's
subsidiary
Explor
Resources
Inc.
(the
"Debt
Settlement").
Under
terms
of
the
Debt
Settlement
the
Company
will
issue
the
service
provider
4,500,000
common
shares.
The
securities
issued
pursuant
to
the
Debt
Settlement
will
be
subject
to
a
four-month
and
one
day
hold
period
commencing
on
the
date
of
issuance.
Completion
of
the
Debt
Settlement
is
subject
to
acceptance
by
the
TSX
Venture
Exchange.
Reliance
on
Temporary
Blanket
Relief
The
Company
announces
that
it
will
be
relying
on
the
temporary
blanket
relief
provided
by
the
Canadian
Securities
Administrators,
including
OSC
Instrument
51-502,
to
postpone
filing
of
its
executive
compensation
disclosure
required
under
applicable
securities
laws
until
such
time
as
it
is
filed
and
delivered
to
shareholders
as
part
of
the
Company's
management
information
circular
relating
to
its
2020
annual
meeting
of
shareholders.
The
Company
has
not
yet
set
a
date
for
its
annual
meeting
but
it
anticipates
that
it
will
take
place
in
October
2020
.
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.
The
Company's
flagship
project,
the
West
Cache
Gold
Project,
is
located
13
km
from
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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