Galleon Gold Reports Assay Results from West Cache Project, Timmins, Ontario
Galleon Gold Reports Assay Results from
West Cache Project, Timmins, Ontario
Toronto, Ontario--(Newsfile Corp. - November 10, 2021) - Galleon Gold Corp. (TSXV: GGO) (the
"Company" or "Galleon Gold") is pleased to announce assay results from the Company's ongoing re-
evaluation of historic core at its 100% owned West Cache Gold Project, Timmins, Ontario ("West
Cache" or the "Project"). This re-evaluation includes selective re-logging and assaying of previously un-
sampled core from the 2009-2017 drill programs. Results from this work will provide additional data and
support for the gold system currently being evaluated in support of the PEA.
Highlights:
Hole TPW-10-15 containing 3.33 g/t over 3.7m, including 7.49 g/t over 1.5m
Hole TPW-10-22 containing 4.87 g/t over 4.0m, including 18.60 g/t over 1.0m
Hole TPW-12-86 containing 9.14 g/t over 1.5m
Purpose of Historic Core Re-log and New Sampling Program
Historically, core at the Project was selectively sampled and assayed where intervals exhibited obvious
quartz veining, strong sulphide mineralization and alteration. During the recent 2020-2021 drill program,
the Company analyzed the entire length of the hole to evaluate gold potential and geological continuity in
less "visually" altered intervals. Assay results from the 46,384 meters drilled during the 2020-2021
program demonstrated that gold zones at West Cache can be visually subtle and potentially overlooked
with an intermittent sampling methodology. Geological modeling undertaken as part of the updated
Mineral Resource Estimate (see September 8, 2021 news release) identified un-assayed areas from
historic drilling with significant gold potential by projecting known gold zones intersected in recent drilling.
The ongoing re-log and sampling program evaluates these areas for better geological continuity,
resulting in a more reliable resource model.
Results from ongoing Re-evaluation of Historic Drilling
Results from the ongoing re-evaluation of the historic drill core have: 1) identified new mineralized
intervals, 2) extended known intervals, 3) contributed to a better understanding of the relationship
between gold grades and geology, and 4) provided greater confidence in geological wireframing and
resource modeling. Over 1,300 new validated assay results will be incorporated into the new modeling
for the updated Mineral Resource Estimate and PEA currently underway.
Figure 1 shows a plan map indicating the location of the recently sampled holes, while Figure 2 provides
a cross section with select new assay results in the East Pit area.
Figure 1 - Drill hole plan map with infill sampling results
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1014/102729_b9151663146c68c9_001full.jpg
Figure 2 - Cross section 464,825E (East Pit area)
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1014/102729_b9151663146c68c9_002full.jpg
Table 1 - Gold assay results from previously unsampled core
From
(m)
To
(m)
Intercept
Length
(m)¹
Au
(g/t)
True
Thickness
Factor²
Hole
Length
(m)
Hole
Azimuth
(°)
Drill
Hole
TPW-10-15⁴
254.3
256
1.7
1.62
0.91
452
145
-51
including
254.3
254.8
0.5
4.64
0.91
TPW-10-15
254.3
256
1.7
1.86
0.91
452
145
-51
including
254.3
254.8
0.5
5.48
0.91
TPW-10-15
443.8
447.5
3.7
3.33
0.92
452
145
-51
including
446
447.5
1.5
7.49
0.92
TPW-10-22
311
315
4
4.87
0.92
476
176
-62
including
313
314
1
18.6
0.92
TPW-11-48B⁴
757.2
760.6
3.4
3.36
0.92
988.4
185
-75
including
758.2
760.6
2.4
4.6
0.92
TPW-11-50⁴
616.2
617.5
1.3
4.53
0.88
925.2
170
-70
including
616.2
616.7
0.5
10.1
0.88
TPW-12-86
109.5
111
1.5
9.14
0.87
462
180
-55
TPW-13-106³
312
318
6
4.15
0.92
501
180
-50
including
312
313.5
1.5
2.1
0.92
includes three historic samples; extended interval by 1.5m
TPW-13-106
420
422.51
2.51
2.29
0.94
501
180
-50
including
421.5
422.51
1.01
5.57
0.94
Remaining table includes holes with intercepts greater than 1 g/t
BRS02-23⁴
492.7
494.2
1.5
1.14
0.94
737
177
-59.3
BRS04-24
3,4
286.5
287.5
1
1.69
0.84
786
180
-56
and
424.8
429.3
4.5
1.31
0.87
includes two historic samples; extended interval by 2.5m
TPW-10-09⁴
1089.8
1091
1.2
1.31
0.87
1217
182
-65
and
1097
1099
2
1.95
0.87
TPW-10-19
204.5
207.5
3
1.01
0.97
416
145
-50
TPW-10-23
136.65
138.65
2
1.91
0.87
410
146
-52
and
322.2
324.2
2
2.08
0.94
and
363
365
2
1.7
0.95
TPW-12-84
379.5
381
1.5
2.53
0.84
501
185
-60
and
427
429
2
3.53
0.92
TPW-12-85
389
390
1
1.26
0.94
501
185
-60
and
400
401.2
1.2
1.36
0.94
TPW-12-87
320
322
2
1.03
0.92
501
180
-55
and
351
353
2
1.05
TPW-12-88
304.5
306
1.5
1.37
0.87
522.2
185
-55
and
322
323
1
1.37
0.87
TPW-13-106
202.5
204
1.5
1.65
0.87
501
180
-50
and
206
208
2
1.22
0.87
and
209.5
211
1.5
1.47
0.87
and
217
219
2
1.21
0.87
and
332
334
2
1.62
0.92
¹Intercept length reported is core length; average true thickness of reported intervals is 90%
²True thickness is estimated from logging measurement of mineral lineation to core axis
³Interval includes historic sample(s) and 2021 infill sample(s)
⁴Data recently uncovered from resample program when project was under option in 2015
Technical Content and Qualified Persons
The technical content has been reviewed and approved by West Cache Gold Project Manager Leah
Page, P. Geo. (APGNS #217) and West Cache Gold Resource Geologist, Rochelle Collins, P. Geo
(PGO #1412), both "Qualified Persons" as defined in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
Data Verification
QAQC procedures were executed to ensure all work is conducted in accordance with best practices.
Core selected for infill sampling was sawn in half with one half of the core prepared for shipment and the
other half retained for future verification. Commercially prepared certified reference material ("CRM")
standards, blanks and duplicates were inserted with each shipment at a rate of 1 QAQC sample in every
20 core samples. Samples from Galleon Gold's 2021 re-log program were analyzed at AGAT
Laboratories (Timmins, ON and Mississauga, ON) and Activation Laboratories (Timmins, ON) by 30-
gram fire assay with atomic absorption finish. Any sample assaying greater than 10 g/t was re-assayed
with gravimetric analysis. Samples uncovered from the re-log program in 2015 were analyzed at Bureau
Veritas Laboratories (Timmins ON and Vancouver, BC) using a hybrid 4-acid and aqua regia digestion
ICP-MS multi-element geochemical package.
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. It is situated along the Porcupine - Destor Deformation Zone
in the Timmins Gold 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 over 3,680 ha that hosts the current
Mineral Resource near the center of the property. The Mineral Resource is contained within the
Porcupine Sedimentary Basin, a favorable litho-structural corridor with over 2 km of strike-length on the
Property. Mineralization is open in all directions and at depth.
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. A Preliminary Economic Assessment is currently underway for the
Company's West Cache Gold Project.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.galleongold.com
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 and other plans and
expected timing of PEAs and other reports 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/102729