Galleon Gold Receives Invitation to Submit Closure Plan for West Cache Project Bulk Sample Program Bulk Sample Program to Deliver Pre-feasibility Data and Derisk Mine Development
Galleon Gold Receives Invitation to Submit
Closure Plan for West Cache Project Bulk
Sample Program
Bulk Sample Program to Deliver Pre-feasibility Data and Derisk
Mine Development
Toronto, Ontario--(Newsfile Corp. - February 10, 2025) -
Galleon Gold Corp.
(TSXV: GGO) (FSE:
3H90) (the "
Company
" or "
Galleon Gold
") is pleased to announce it has been issued a letter from the
Ministry of Mines ("MINES") inviting the Company to submit its Closure Plan for a Bulk Sample on its
100% owned West Cache Gold Project in Timmins, Ontario (the "Project" or "West Cache"). The
Closure Plan is a comprehensive document including a complete project description, construction and
mining plans, baseline characterization studies, rehabilitation and reclamation plans, and site monitoring
programs to be implemented throughout advanced exploration activities and after closure.
Financial Assurance in the amount of $1,390,978 will also be submitted to MINES. The Financial
Assurance is calculated based on the amount of funds that would be required to restore the property to
its original state following the test mining.
Comment from CEO
David Russell, President and CEO of Galleon Gold commented, "
Permitting a project is a multi-faceted
process, including steps to ensure efficient engineering design, baseline studies to understand the
surrounding environment, and robust community consultation. As we embark upon our mission to
build Timmins' next gold mine, we are committed to establishing a framework for responsible
development and community engagement at all stages of the project's lifecycle.
"
Next Steps
MINES has within 45 days of receipt of the Closure Plan to accept it for filing. Once the Closure Plan is
formally accepted the Company can begin surface work and pre-development activities in preparation
for underground development. The Company has also prepared permit applications for Environmental
Compliance Approval (ECA), which includes air, noise, waste, and industrial sewage, along with the
Permit to Take Water (PTTW), which regulates the usage of surface water and the dewatering of
underground mine workings. Other various construction permits for the development of site infrastructure
are in-process.
Bulk Sample Details and Figures
The bulk sample has been designed for approximately 86,500 tonnes grading 8.13 g/t gold and contains
an estimated 22,600 ounces of gold (prior to recoveries).
Figure 1 shows the location of the contiguous
10,370 ha property package in relation to producing and past-producing mines in the West Porcupine
Gold Camp.
Figure 2 shows an overview of the site plan for the bulk sample while Figure 3 depicts the
box cut, portal, ramp and the four stopes planned to be mined from Zone #9 at a depth of 150 - 210
vertical meters below surface. Zone #9 is a high-grade metasedimentary-hosted gold zone that extends
from the bedrock interface to a known depth of 350 vertical meters below surface. Gold is associated
with semi-massive to massive sulphide mineralization and has shown to be well-liberated and amenable
to high recoveries up to 98% (see press release dated April 3, 2024.). The zone strikes nearly east-west
for approximately 250-meters and averages 7.5 meters in width. Zone #9 has seen little to no exploration
below the drilled depth of 350 meters. Underground drilling from the bulk sample ramp is planned to
ascertain the zone's stratigraphic and structural relationship to deeper gold zones known to exist at
depths of 550 meters to over 1 kilometer.
Figure 1 - Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/240248_7e74ff61c480d89e_001full.jpg
Figure 2 - Site Layout for Planned Bulk Sample
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https://images.newsfilecorp.com/files/1014/240248_7e74ff61c480d89e_002full.jpg
Figure 3 - Planned Portal and Underground Workings for Bulk Sample
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/240248_7e74ff61c480d89e_003full.jpg
Technical Content and Qualified Persons
The technical content of this news release has been reviewed and approved by West Cache Gold
Project Manager Leah Page, P. Geo. (GNS #217) a "Qualified Person" as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Galleon Gold at the PDAC
Galleon Gold invites investors and shareholders to visit booth #2911 at the Investor Exchange in the
South Building at the Metro Toronto Convention Center from March 2 to 5, 2025.
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 corridor 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 submitting permit applications 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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/240248