Galleon Gold Initiates Survey to Convert Claims to Mining Lease Status
Galleon Gold Initiates Survey to Convert
Claims to Mining Lease Status
Toronto, Ontario--(Newsfile Corp. - February 8, 2021) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to report that it has received instructions from the Office of the
Surveyor General (the "Surveyor General") with respect to requirements for a Perimeter Survey at its
100% owned West Cache Gold Project, Timmins, Ontario ("West Cache" or the "Project"). The Surveyor
General overseas all Ontario Crown land surveys; a land survey is required before Provincial mining
claims can be converted to a land lease. While a company may explore and drill on mining claims, the
claims must be converted to a lease before mining activities, such as infrastructure development and ore
extraction, can commence. Receiving these instructions is a crucial step in the development of West
Cache from an exploration and development project to a producing mine.
Tulloch Geomatics, located in Timmins, Ontario has been engaged by the Company to complete the
land and perimeter survey plans to facilitate the lease application for both surface and mineral rights.
The
Company anticipates the survey to be completed by the end of Q1 2021, with the formal register of the
lease by Q2 2021.
Figure 1
provides an overview of the location of West Cache in relation to other mines in the Timmins
Mining Camp. The West Cache property encompasses approximately 3,358 hectares of unpatented
land and 406.8 hectares of patented land.
Figure 1
To view an enhanced version of Figure 1, please visit:
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About 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. The central portion of the project area 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 on the Company's flagship, 100% owned,
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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