Galleon Gold's West Cache Project Delivers More Gold Results include 9.97 g/t Au over 5.0 meters
Galleon Gold's West Cache Project Delivers
More Gold
Results include 9.97 g/t Au over 5.0 meters
Toronto, Ontario--(Newsfile Corp. - March 1, 2023) -
Galleon Gold Corp.
(TSXV: GGO) (the
"
Company
") is pleased to report assay results from its 2022/23 exploration and geomechanical drill
programs at its flagship West Cache Gold Project in the prolific Timmins Gold Belt near Timmins,
Ontario.
Drilling Highlights
Geomechanical hole WC-22-219A intersected 5.53 g/t gold over 12.5m in Zone #9,
including 9.97 g/t gold over 5.0 m
Hole WC-22-131EX in South Zone intersected 8.76 g/t gold over 1.8 m
Hole WC-22-216 in South Zone intersected 2.3 g/t gold over 5.5 m
Hole WC-22-214 in South Zone intersected 3.2 g/t gold over 3.2 m
Comment from CEO
David Russell, President and CEO of Galleon Gold commented,
"Today's results continue to confirm
the impressive grade continuity of Zone #9, while also highlighting the growing importance of the
nearby South Area mineralized zones. Our focus over the next several months will be on permitting
and preparation for the Zone #9 Bulk Sample.
In addition, exploration programs to help delineate the
resource potential of the South Area will be designed using both surface and underground drill
programs."
2022 South Area Drilling
The Company completed 3,527 meters of NQ drilling in eight (8) exploration drillholes and/or drillhole
extensions to better define multiple gold-bearing zones located 300 meters south of Zone #9 and only
100 meters south of planned development ramps.
There are two predominant mineralized horizons emerging in the South Area felsic metavolcanic unit, the
"Upper South Zones" just below the contact with metasediments and the "Lower South Zones" nearer
the metavolcanic unit's lower contact with metasediments. The upper zones dip 55° to the north like Zone
#9 while the lower zones dip 80° to vertical. (Figure 2 Cross Section).
Upper South Zone
WC-22-131EX tested the South Area along strike 100 meters west of the 2020 discovery holes
and intersected several mineralized horizons, including
8.76 g/t Au over 1.8 m.
This interval
includes both pyrite-sphalerite-chalcopyrite mineralization and quartz-carbonate-tourmaline
veining.
3.20 g/t Au over 3.2 m in WC-22-214 with up to 15% semi-massive pyrite located 35-meters due
south of the bulk sample decline
1.16 g/t Au over 3.5 m in WC-22-218 with up to 25% sulphide (pyrite-sphalerite-chalcopyrite)
1.07 g/t Au over 6.3 m in WC-22-174EX, including 3.05 g/t Au over 1.0 m located 25-meters south
of the bulk sample development ramp
Lower South Zone
WC-22-215 with
2.85 g/t Au over 35.2 m
, including
79.2 g/t Au
over 0.7 m (reported in press
release dated September 7, 2022) recently underwent multi-element analysis and this zone
returned
140 g/t Ag
in the 79.2 g/t Au sample within semi-massive to massive sulphide
mineralization. This intercept is 50 meters up-dip from WC-20-077 (2020 drillhole) with 1.03 g/t Au
over 41.5 m, including 2.63 g/t Au over 7.5 m.
Hole WC-22-216 intersected
2.30 g/t Au over 5.5 m
, including
6.39 g/t Au over 1.5 m
25-meters
west of the -215 intercept in the lower zones
Broad intercepts of elevated gold have been intersected in the lower zones over 180 meters of dip
extent
The South Area host rocks vary from felsic to intermediate volcanics within an assemblage coarse- to
fine-grained metasediments. Mineralized intervals are generally composed of stringer to semi-massive
pyrite-sphalerite-chalcopyrite-pyrrhotite and strike east-west with a northerly dip from 55° to nearly
vertical.
Visible gold
was observed in two holes during the 2022 exploration drilling program – both
times in quartz-carbonate-tourmaline veins hosted in metavolcanics.
The South Area's proximity to the bulk sample planned workings provides an opportunity to better define
the deeper gold zones with future underground drilling, while surface drilling will target up-dip extensions
known from previous drilling to "daylight" at the bedrock interface.
West Cache Geotechnical Drilling
In late 2022, Galleon Gold completed 876 meters of HQ3 geomechanical drilling in eight (8) holes and
commenced overburden (till) drilling and test pit sampling - all in support of the Zone #9 bulk sample
facilities and underground access detail design. Geomechanical hole WC-22-219A intersected Zone #9
and returned
9.97 g/t Au over 5.0 m
within a broader zone of
5.53 g/t Au over 12.5 m.
Figure 1
provides a plan map identifying the South Area in relation to the Zone #9 bulk sample planned
workings, while
Figure 2
shows the cross-sectional view identifying the intercepts and simplified
geology from the 2022 drill program. Tables 1 and 2 contain assay results and drillhole information from
the 2022 drill program.
Figure 1 – West Cache Plan Map and Bulk Sample Area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/156597_73f94c7934073940_001full.jpg
Figure 2 – Cross-Sectional View of the South Area and Planned Bulk Sample Development
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1014/156597_figuretwo.jpg
Table 1: Drill Hole Intercepts
Hole ID
From (m)
To (m)
Length (m)
True Thickness (m)
Au (g/t)
Zone
WC-22-131EX
308.00
309.80
1.80
1.69
8.76
Upper South
WC-22-174EX
344.30
346.10
1.80
1.56
2.00
Upper South
381.50
387.80
6.30
5.71
1.07
Upper South
532.60
535.00
2.40
2.18
2.21
Lower South
612.20
613.00
0.80
0.69
4.87
Lower South
WC-22-214
110.00
112.00
2.00
1.88
2.12
Zone #9
248.80
250.80
2.00
1.93
1.12
Upper South
287.00
290.20
3.20
3.01
3.20
Upper South
363.50
369.80
6.30
6.09
1.14
Lower South
478.60
479.90
1.30
1.18
4.44
Sediment
WC-22-216
307.00
312.50
5.50
4.51
2.30
Lower South
WC-22-218
55.00
56.00
1.00
0.94
3.12
West Zone
351.30
352.30
1.00
0.94
3.22
Upper South
382.50
386.00
3.50
3.17
1.16
Upper South
412.70
413.60
0.90
0.74
3.16
Upper South
416.80
422.30
5.50
4.76
0.92
Upper South
WC-22-219A
169.00
187.50
18.50
16.77
4.07
Zone #9
incl.
169.00
181.50
12.50
11.33
5.53
incl.
170.00
175.00
5.00
4.53
9.97
Previously Released Results
WC-22-215
260.50
295.70
35.20
30.48
2.85
incl.
260.50
265.00
4.50
3.90
13.29
Upper South
incl.
261.40
262.10
0.70
0.61
79.20
and incl.
290.00
295.70
5.70
4.94
5.23
WC-22-218
249.90
268.00
18.10
17.83
7.41
Zone #9
incl.
251.90
259.50
7.60
7.48
15.55
Au (g/t) is grams of gold per metric tonne.
True thickness range is from 82% to 98%, calculated from mineralization angles.
Table 1: Drill Hole Intercepts
Hole ID
From (m)
To (m)
Length (m)
True Thickness (m)
Au (g/t)
Zone
Table 2: Drillhole Collar Information
Hole ID
Easting
Northing
Azi
Dip
Zone
Meters Drilled
WC-22-131EX
464024.39
5361228.24
180
-48
South
492
WC-22-214
464050.18
5361220.99
180
-48
South
552
WC-22-185EX
464028.39
5360875.75
180
-48
South
213
WC-22-215
464087.00
5361097.00
180
-49
South
462
WC-22-216
464025.00
5361100.00
180
-49
South
456
WC-22-174EX
464050.39
5361331.18
180
-48
South
461
WC-22-217
464092.00
5361371.00
180
-50
South
141
WC-22-218
464095.00
5361379.00
180
-51
#9 / South
750
Geomechanical Holes
WC-22-219A
464184.72
5361229.88
230
-63
Zone #9
222
WC-22-220
463971.13
5361071.91
90
-50
Decline
261
WC-22-221
463888.61
5361131.98
135
-50
Decline
81
WC-22-222
463890.93
5361130.01
305
-45
Decline
75
WC-22-223
463839.45
5361207.53
260
-50
Portal
51
WC-22-224
463817.04
5361205.37
145
-50
Portal
51
WC-22-225
463817.06
5361208.19
10
-50
Portal
51
WC-23-226
464042.80
5361098.64
180
-70
Vent Raise
84
Total
4403
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.
Quality Assurance (QA) / Quality Control (QC)
Quality Control and Assurance procedures and protocols are executed to ensure sampling and analysis
of all exploration work is conducted in accordance with best practices. Core produced at the West
Cache property is delivered to the Company's Timmins logging facility by the drill contractor with all
logging, cutting, labeling, and bagging completed under supervision of Qualified Geologists. NQ sized
core is predominantly sawn in half with one half of the core prepared for shipment, while the other half is
retained for future assay verification. Geomechanical core drilling utilized HQ3 equipment and sampled
intervals were processed in the same manner as NQ core.
Core samples are transported from the Company's Timmins logging facility to AGAT Laboratories
(sample preparation facility in Timmins) by AGAT personnel. Analysis is completed at AGAT
Laboratories in Thunder Bay, Ontario. Commercially prepared certified reference material (CRM)
standards and blanks are inserted and duplicate analysis of pulp and reject material is performed.
QAQC samples are inserted at a frequency of one in every 15 samples. All samples reported have been
checked against Company and Lab standards, duplicates, and blanks.
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 5 to 8, 2023.
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 exploration and development company focused on advancing 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.
Detail engineering design
and baseline studies in support of a permit application for an underground bulk sample are underway.
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/156597