Results include 8.28 g/t Au over 13.04 meters
TORONTO: April 14, 2021. Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to announce additional Zone #9 intercepts from its 100% owned West Cache Gold Project, Timmins, Ontario.
Zone #9 – continued definition of grade and mineralization
- WC-21-174 intersected 8.28 g/t Au over 13.04 m (211 to 224.04 m) including 14.58 g/t Au over 6.04 m (218 to 224.04 m); true thickness of these intervals is estimated at 98% of the reported intercept length
- WC-21-119 intersected 7.93 g/t Au over 2.0 m (358.0 to 360.0 m) and 4.90 g/t Au over 1.5 m (364.5 to 366.0 m); true thickness of these intervals is estimated at 94% of the reported intercept length
Hole WC-21-174, located mid-way between previously announced holes WC-20-42 (7.44 g/t Au over 10.7 m) and WC-20-97 (7.66 g/t Au over 10.0 m), offers a strong confirmation of grade/thickness in a key portion of the Zone #9 mineralized shoot at 160 m below surface (see press releases dated September 29, 2020 and January 26, 2021). Assays and geologic data from Hole 174 will provide additional support for the modeling and resource work now underway as part of the Company’s upcoming Preliminary Economic Assessment (“PEA”).
Hole WC-21-119 was designed to test the dip extent and plunge of the lower portion of the Zone #9 shoot – this deeper intercept, located 258 m below surface, indicates that the mineralized Upper Shoot projects towards the West Deep gold deposit below. In all, this most recent drilling supports the Company’s working model that the Upper Zone #9 Shoot, discovered in 2020, is likely linked to the much deeper West Deep shoot discovered a decade ago (TPW-10-30, 9.21 g/t over 11.0 m). Importantly, there are over 400 meters of untested ground at depth between these upper and lower portions of the Zone #9 shoot.
Note from the CEO-
R. David Russell CEO and President of Galleon Gold comments, “We are very pleased with recent results from Zone #9. Drilling in this area continues to provided ample data and information to make a meaningful contribution to our upcoming PEA. Moreover, these results continue to support our planning for the next phase of development as we identify and design the portal and ramp for our initial bulk sample. This is a very exciting time for the project, and I believe we are well on our way to building the next gold mine in the Timmins camp.”
Comments on all drillhole intercepts noted above-
All WC drillholes are south directed angle holes with initial inclinations of -45 to -60 degrees from horizontal. Most intercepts are near-perpendicular to the mineralized zone such that the drilled intercepts average approximately 95-97% of the true thickness of the interval. Hole WC-21-174 was drilled using the larger HQ core size, while WC-21-119 was drilled using NQ sized equipment. A full copy of the assays and drill hole statistics from the current drill program is available and updated regularly on the Company’s website.
Figure 1 shows a plan view of the 2020-21 drill hole collars with previously released Zone #9 intercepts, while Figure 2 provides a cross sectional view of the newly reported holes. A photo of the core from WC-21-174 can be seen in Figure 3.
The technical content of this 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 with all logging, cutting, labeling, and bagging completed under supervision of Qualified Geologists. NQ sized ore is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification.
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 Mississauga, Ontario. Commercially prepared certified reference material (CRM) standards, blank material, pulp and coarse duplicate material are inserted every 10 samples. All samples reported have been checked against Company and Lab standards, duplicates, and blanks.
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 gold belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine.
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 flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.
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, 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.
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