Galleon Gold Files Notice of Project Status with Ministry of Mines - Moving the West Cache Gold Project to Advanced Stage Exploration
Galleon Gold Files Notice of Project Status
with Ministry of Mines - Moving the West
Cache Gold Project to Advanced Stage
Exploration
Toronto, Ontario--(Newsfile Corp. - November 16, 2023) -
Galleon Gold Corp.
(TSXV: GGO) (the
"
Company
" or "
Galleon Gold
") is pleased to announce it has commenced the formal process of
permitting with the Ontario Ministry of Mines (the "Ministry") for the 100% owned West Cache Gold
Project, Timmins, Ontario (the "Project" or "West Cache"). Today, the Company submitted the Notice of
Project Status - Form 1 - Mining Act
providing notice that the Project is moving from exploration to
advanced exploration status.
Comment from CEO
David Russell, President and CEO of Galleon Gold commented,
"Transitioning West Cache from
exploration to advanced stage exploration is a critical milestone for Galleon Gold. Once we receive
the final acceptance of our Closure Plan and other necessary permits, we can start to de-risk the
Project with our 86,500 tonne test mining program. The production and processing information gained
from the bulk sample, along with underground drilling to delineate additional gold targets, will roll into
pre-feasibility work in preparation for full-scale mining operations at the West Cache Gold Project
."
Notice of Project Status - Form 1 - Mining Act
The Notice of Project Status is used to report a project is transitioning from exploration status to
advanced exploration or mine production project status under subsections 140(1), 141(1) or 144(1) of
the Mining Act. By submitting Form 1, Galleon Gold kicks off the formal process of permitting. In addition
to filing the Notice of Project Status, the Company has filed the Project Definition and will be providing
the Ministry with a copy of the draft Closure Plan. Over the coming weeks the Ministry will assign a team
to the file and begin its review of the project. At the same time, the Company will begin its formal public
consultation process, which includes meetings and presentations with Indigenous communities, area
residents and other stakeholders as they pertain to the West Cache Project. Upon completion of the
Ministry's review, the Company will be instructed to submit the Final Closure Plan, subject to any
required changes.
Closure Plan
The Closure Plan is one of the key permit deliverables that must be approved by the Ontario Ministry of
Mines before advanced exploration can commence. The document includes a complete project
description, baseline characterization studies, rehabilitation and reclamation plans, and site monitoring
programs to be implemented after closure.
Additional Permits
The Company is in the final stages of compiling permit application for Environmental Compliance
Approvals (ECA), which includes air, noise, waste, and industrial sewage. Various construction permits
for the development of site infrastructure are in-process along with the Permit to Take Water (PTTW),
which regulates the usage of surface water and dewatering of underground mine workings. As the
Company receives these additional permits it can begin preparations for surface infrastructure, such as
earthworks, road building, and pad construction in advance of underground development for the bulk
sample.
Bulk Sample Details and Figures
The bulk sample has been designed for approximately 86,500 tonnes grading 8.13 g/t gold and
containing an estimated 22,600 ounces of gold (prior to recoveries).
Figure 1 shows an overview of the
site plan for the bulk sample while Figure 2 depicts the box cut, ramp and four stopes that will be mined
from the Zone #9 orebody. Zone #9 is a high-grade gold zone that extends along a geological horizon
from the bedrock interface to a known depth of 350 vertical meters below surface. The zone strikes
nearly east-west for approximately 250-meters and averages 7.5 meters in width. Zone #9 has seen little
to no exploration below the drilled depth of 350 meters. Underground drilling from the bulk sample ramp
is planned to ascertain the zone's stratigraphic and structural relationship to deeper gold zones known to
exist at depths of 550 to over 1 kilometer.
Figure 1 - Site Layout for Planned Bulk Sample
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Figure 2 - Planned Portal and Underground Workings for Bulk Sample
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Acknowledgements
The Company would like to acknowledge its third-party consultants who have been working alongside
the Galleon team towards today's goal. Story Environmental, Nordmin Engineering, Knight Piesold and
Blue Heron Environmental have all played meaningful roles in our environmental planning, detailed
engineering design and permitting of the bulk sample.
Technical Content and Qualified Persons
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.
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 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 advanced exploration and development company focused on the West Cache Gold
Project in Timmins, Ontario.
The West Cache Gold 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 and blue-sky exploration
upside. The Company is in the process of submitting permit applications for an 86,500-tonne
underground bulk sample.
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 news release contains certain "forward looking statements", as defined under applicable Canadian
securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-
term strategy, proposed work, plans, bulk sample program 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 and uncertainty of access to
additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals,
risks associated with development, construction, mining operations and third party contractor activities,
risks related to unanticipated events related to health, safety and environmental matters. 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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