Galleon Gold Initiates Geotechnical Drilling Program at West Cache Project in the Timmins Gold Camp
Galleon Gold Initiates Geotechnical Drilling
Program at West Cache Project in the Timmins
Gold Camp
Toronto, Ontario--(Newsfile Corp. - September 19, 2022) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") reports that it has initiated geotechnical drilling in support of permitting
initiatives for a planned underground bulk sampling program at its 100% owned West Cache Gold
Project ("West Cache" or the "Project") in Timmins, Ontario.
The Company has identified Zone #9 as the initial target for test mining and will utilize the current layout
as outlined in its PEA (published in February 2022), while optimizing the development design as
needed. Detailed engineering for the proposed portal and decline, will require the completion of eight
geotechnical holes. Knight Piesold has been contracted to oversee the geotechnical program. In total,
approximately 1,000 meters of core will be drilled: including, three drill holes in the portal and box cut
area, three drill holes along the decline, one deeper hole into the Zone #9 bulk sample stopes, and one
shallow hole through the planned vent raise. In order to gather the best rock quality designation data
("RQD"), the drilling will utilize triple tubing and oriented HQ3 coring. Detailed geotechnical logging and
strength testing will be completed to quantify engineering characteristics of rock units to be encountered
during development. Collected data will be used to define rock mass quality and structural domains for
the development areas and provide input for the detailed design of the bulk sample, including: 1) box cut
and portal design, 2) ground support recommendations, 3) stope size and dilution estimation, and 4)
rock mechanics design and optimal mining methods.
Following completion of geotechnical logging, the Company will internally process the core and sample
any mineralized intervals. Oriented structural measurements and detailed lithology will be incorporated
into the drill hole database to assist with modelling and exploration planning.
Comment from CEO
R. David Russell, President and CEO of Galleon Gold, commented,
"We continue to approach the
development of West Cache in a systematic manner; completing the necessary steps to submit
permit applications for test mining and adding to our knowledge base at the same time.
Since the start
of 2022, we have effectively identified additional gold resource potential in the vicinity of the bulk
sample, advanced the design of the proposed underground development and progressed the
permitting process."
Figure 1 provides an overview of the total mine plan for the West Cache Project highlighting the area of
focus, while Figure 2 provides a plan map identifying the location of the geotechnical holes.
In addition, assays pending from the exploration phase of the 2022 drilling will be released as they are
received and compiled.
Figure 1 – Mine Development Plan – Plan View
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Figure 2 – Geotechnical Drill Hole Plan Map
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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 Gold Project
The West Cache Gold Project is located 13 km west of Timmins Ontario and is serviced by Provincial
Highway 101 and secondary access roads. It is situated in the Western Porcupine Gold Camp along the
Destor-Porcupine Fault Zone ("DPFZ") within the Abitibi greenstone belt, approximately 7 km northeast
of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine.
West Cache is an advanced-stage gold exploration project covering approximately 10,370 ha. 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 exploration and development company focused on advancing the West Cache Gold
Project in Timmins, Ontario. The 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.
Detail engineering design and
baseline studies in support of a permit application for an underground bulk sample are 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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