Galleon Gold Receives Final Registration for the Mining Land Lease at its West Cache Project
Galleon Gold Receives Final Registration for
the Mining Land Lease at its West Cache
Project
Toronto, Ontario--(Newsfile Corp. - July 26, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "Company" or
"Galleon Gold") is pleased to report it has received the final documentation related to the registration of
the mining lease for the West Cache Gold Project ("West Cache" or the "Project").
The granting of the new 21- year mining lease, #110033, is an important milestone for the Project. Lease
status is required before mining activities such as infrastructure development and ore extraction can be
conducted on the property. With the lease in hand, the Company will continue to complete the detailed
engineering design work and baseline studies required for the bulk sample permit application.
R. David Russell, President and CEO of Galleon Gold commented,
"Converting the mining claims to
lease status has been a high priority for us and we are very pleased to have received the formal
registration from the Province of Ontario.
With this step completed we are on track to advance the
project to the test mining phase."
Figure 1 shows the outline of the new mining lease in relation to the overall contiguous ground the
Company holds in the Timmins mining camp.
Figure 1 - West Cache Gold Project Land Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/131832_5b6c0273e487fa96_001full.jpg
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 situated approximately 7 km northeast of Pan American
Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine.
Since acquiring the
Project the Company has demonstrated significant resource growth while providing a strong valuation in
its maiden Preliminary Economic Assessment. Permitting and baseline studies in support of a bulk
sample 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.
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