Galleon Gold Receives Exploration Drilling Permit for West Cache Gold Project
Galleon Gold Receives Exploration Drilling
Permit for West Cache Gold Project
Toronto, Ontario--(Newsfile Corp. - March 27, 2024) -
Galleon Gold Corp.
(TSXV: GGO) (FSE: 3H90)
(the "
Company
" or "
Galleon Gold
") is pleased to announce it has received a new Exploration Drilling
Permit from the Ontario Ministry of Mines, Mineral Development Branch for its 100% owned West Cache
Gold Project (the "Project" or "West Cache") in Timmins, Ontario.
From 2020 to 2023, under the old permit, the Company completed 227 drill holes for a total of 50,885
meters. This new permit increases the exploration area to approximately 3,200 hectares and covers the
entirety of the Company's Mining Lease No: 110033. The West Cache drill hole database includes 585
holes for a total of 246,700 meters.
Comment from CEO
David Russell, President and CEO of Galleon Gold, commented,
"We have spent much of the last year
focused on environmental studies, detailed engineering and permitting requirements for the
upcoming bulk sample; but we have not lost sight of the vast exploration potential of the overall
property package. While we have proven we can add ounces to the current resource with infill and
step-out drilling along strike and at depth, we expect continued grassroots exploration will lead to new
discoveries."
The West Cache resource area constitutes approximately 10% of the Project and while the 2020 to
2023 drill programs focused on infill drilling and geotechnical investigations in support of the Company's
PEA and planned bulk sample in that area, Galleon Gold aims to initiate additional grassroots
exploration programs to the north and south of the previously drilled areas. Interpretation of soil sampling
and geophysical surveys indicate potential gold (± base metal) targets in the South Area and along litho-
structural trends in Tisdale Metavolcanics to the north of Highway 101.
Figure 1 shows the location of the contiguous 10,170 ha property package in relation to producing and
past-producing mines in the West Porcupine Gold Camp.
Figure 1 - West Cache Gold Project and Regional Mines
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/203196_5bb6794b24ac9a05_001full.jpg
In addition to surface exploration, the Company intends to drill from underground during bulk sample
development, targeting the strike-dip extension of Zone #9 and the South Areas, which are 100-meters
to the south of the proposed bulk sample workings. Underground investigation of Zone #9 may provide
invaluable information on any structural controls, geochemical zoning, and alteration that could assist with
identifying new gold zones elsewhere on the Property.
Bulk Sample Permitting
While an Exploration Drilling Permit is required for grassroots exploration on the property, permitting for
test mining requires a separate permitting process. In November of 2023, the Company submitted the
"Notice of Project Status - Form 1 - Mining Act" providing notice that the Project was moving from
exploration to advanced exploration status. By submitting Form 1, the Company kicked off the formal
process of permitting for an 86,500-tonne bulk sample. In addition, the Company submitted the Project
Definition and a draft closure plan to the Ministry of Mines; it is currently awaiting instructions from the
Ministry of Mines for the submission of the final draft.
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 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. The Company is in the
process of permitting and planning 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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