Galleon Gold Expands Timmins Land Position to 7,500 Hectares
Galleon Gold Expands Timmins Land Position
to 7,500 Hectares
Toronto, Ontario--(Newsfile Corp. - February 8, 2022) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to announce it has entered into an agreement (the
"Agreement") to acquire 91 mineral claims and 12 patent claims totaling 1,470 hectares (the "Mineral
Claims") contiguous to the Company's existing property position at its West Cache Gold Project in
Timmins Ontario.
The addition of the Mineral Claims consolidates the Company's land position 13 kilometers West of
Timmins and expands the total claim package to 7,540 hectares.
Figure 1 provides the location of the
new ground in relation to the West Cache Gold Project and adjacent mining claims that comprise the
Company's Ogden Property. The West Cache Property has recently been approved for land lease
status.
Figure 1 - Galleon Gold's Land Position in the Timmins Gold Camp
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1014/113041_063934531400782f_001full.jpg
Comments from the CEO
R. David Russell, President and CEO of Galleon Gold, commented,
"One of the facets of the West
Cache project that has always been exciting for us is its blue-sky potential.
We have demonstrated our
ability to increase the known resource area as well as discover new mineable mineralization - and we
have only explored 8% of the property package.
By adding to our land position, we reinforce that we
are planting our flag in the Timmins Camp, and believe we are in the early stages of developing the
next significant mine complex in the area. Following our recent announcement of the Project's maiden
Preliminary Economic Assessment, we will continue to plan for the initial mine development, at the
same time the team has been identifying new targets near the current resource with inexpensive
surface exploration techniques. A multi-stage exploration program is being developed for the 2022-
2023 field season to identify targets at a regional scale within the consolidated land package."
Terms of the Agreement
Pursuant to the terms of the Agreement with 2205730 Ontario Inc. ("PrivateCo"), the Company will issue
PrivateCo 2,000,000 common shares of Galleon Gold (the "Galleon Shares") to obtain a 100% interest
in the Mineral Claims. The transaction is expected to close by the end of February and is subject to the
approval of the TSX Venture Exchange. The Galleon Shares will be subject to a hold period of four
months and a day under applicable Canadian securities laws.
About the Ogden Property
Southeastern Ogden Township, historically known as the Racetrack Property, has seen far less
exploration than the northern part of Ogden Township. Historic geophysical and geochemical surveys
have been completed over portions of the Property beginning in the early 1980s, with only five drill holes
testing multiple soil anomalies over the 1,470-hectare property. The Property is underlain with andesites
and rhyolites of the Deloro Metavolcanic Assemblage with associated iron formations and tuffaceous
units. Porphyritic granodiorite and syenite intrusions have been identified in the western and
northeastern portions of the Property as well as N-S and NE-SW trending diabase dikes. Regional
structures, including the Mountjoy River Fault and Paradis Creek Fault trend across the eastern claim
block.
Galleon Gold intends to follow-up on historic gold and base metal targets identified in quartz veins and
sulphide-rich porphyritic intrusions from previous exploration programs. The potential for gold-
mineralized iron formations exists in the northern part of the claim group, which borders Metals Creek's
Ogden Property to the north. The Property is accessed from Timmins by secondary roads off Dalton
Road / Wawiatin Road to the west and Pine Street South from the east.
About the West Cache Gold Property
The Property is situated in the Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone
("DPFZ") in the Abitibi greenstone belt.
The Property is predominantly underlain with Archean rocks of
the Tisdale and Deloro Assemblages (metavolcanics), Porcupine Assemblage (metasediments) and
quartz feldspar porphyry of the Porcupine Intrusive Suite. Paleoproterozoic Matachewan 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, with large areas of Tisdale and Deloro metavolcanics
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.
Technical Content and Qualified Persons
The technical content of this news release has been reviewed and approved by West Cache Gold
Project Manager Leah Page, P. Geo. (APGNS #217) and West Cache Gold Resource Geologist,
Rochelle Collins, P. Geo (PGO #1412), both "Qualified Persons" as defined in National Instrument 43-
101 - Standards of Disclosure for Mineral Projects.
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 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.
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
23% 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
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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