Galleon Gold Provides Update on Permitting for Underground Bulk Sample at West Cache Gold Project
Galleon Gold Provides Update on Permitting
for Underground Bulk Sample at West Cache
Gold Project
Toronto, Ontario--(Newsfile Corp. - August 16, 2022) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to report on the progress of permitting activities at its 100%
owned West Cache Gold Project ("West Cache" or the "Project") in Timmins, Ontario.
Comment from CEO
R. David Russell, President and CEO of Galleon Gold commented,
"We are very pleased that our two-
fold strategy for developing the West Cache Project continues to progress in a timely manner.
We
have been conducting the baseline and technical studies required to apply for permits for an
underground bulk sample in concert with our exploration and infill drill programs.
By focusing on both
permitting and increasing the mineral resource we continue to advance the project in a meaningful
way."
Detail Engineering Design
The proposed West Cache Advanced Exploration Program, includes: 1) the development of a ramp and
portal to access the Zone 9 deposit, 2) collection of a bulk sample (up to 100,000 tonnes) and 3)
exploration drilling at depth. The Company is pleased to report that it has awarded the contract for the
Detailed Engineering Design to Nordmin Engineering Ltd., and work will begin immediately.
Design of Raise and Portal
- Design of the proposed ramp and raise along with an excavation layout.
The portal will be designed to incorporate required services such as ventilation, drill water, compressed
air, power and communications with a stable face and overhead protection to the entry as needed. This
work will provide a basis for tendering the mining work and a closure cost estimate/recovery plan per
Ontario Reg 240/00.
Crown Pillar Assessment
- A geomechanical and ground control specialist will complete a crown pillar
stability report, ground control support plan for the excavation work and recommendations for
underground construction excavation approaches.
Design of Mine Service Infrastructure
- This work will focus on power, dewatering, mine air heating and
mine ventilation services - all in support of the proposed mining effort. The design will be carried through
to equipment specification and information, including costs and delivery schedules currently under
consideration for the project. Geotechnical studies will be conducted on any planned infrastructure areas.
Design of Surface and Ancillary Infrastructure
- Design of the surface stockpiles (both ore and waste)
haul roads, underground shop and offices, fuel storage, and explosives magazines.
Detailed Development Plan and Schedule
- The proposed underground working design by P&E
Consultants (Preliminary Economic Assessment published February 23, 2022) will be refined as needed
to develop a detailed layout for the ramp and its headings. The Deswik scheduling tool will be utilized to
establish the development plan, schedule and working requirements.
Baseline Studies
The Company commenced baseline studies in 2020 and engaged Story Environmental in collaboration
with Blue Heron to manage the programs and data collection required for the Advanced Exploration
permit application.
A baseline water sampling program was initiated and several years of data has now
been collected; in addition, groundwater and hydrogeology monitoring sites were established early and
data has been documented accordingly. Aquatic and terrestrial programs have been completed during
each season and the archeological assessment is complete.
Technical Content and Qualified Person
The technical content of this news release has been reviewed and approved by West Cache Gold Chief
Operating Officer, Tim Smith, P. Eng. a "Qualified Person" as defined in National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
Q3 Investor Summit
The Company will be presenting at the Q3 Investor Summit today (August 16, 2022) at 11:45 am ET. To
register to listen to the presentation, please click on the following link:
https://us06web.zoom.us/webinar/register/WN_QjgYityLSxS0v_Ddprqoxw
.
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 Nordmin Engineering Ltd.
Nordmin Engineering Ltd. is a part of the Nordmin Group of Companies which is 100% North American
owned and operated and provides comprehensive EPCM solutions worldwide to industrial sectors
spanning resource and project definition through construction and site closure.
Nordmin provides services to the Mining, Pulp and Paper, Energy, Electrical Power Distribution, and
Industrial Sectors. With employees representing all major disciplines including Geology, Mining,
Metallurgy, Civil/Structural, Mechanical/Piping, Electrical/Power and Environmental Systems, Nordmin
provides a diverse portfolio of services for a complete and coordinated deliverable.
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.
The Company's maiden Preliminary
Economic Assessment, published in early 2022, demonstrates strong project economics. Permitting
and baseline studies in support of test mining are currently 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/133906