TORONTO: April 6, 2021. Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to provide an update on the ongoing drill program at its 100% owned West Cache Gold Project, Timmins, Ontario.
East Pit Extension- drilling confirms and extends easterly trend
Eight new core holes, completed to an average depth of 200 meters, were drilled at and beyond the eastern edge of the projected East Pit area with the goal of extending several known gold zones (Figures 1 and 2). This latest drillhole array was particularly successful in confirming lateral and vertical projections with inferred near surface potential. Highlights from some of the East Pit area holes, shown in the following bullets, provide the latest data projecting a 350-meter eastward extension of the East Pit mineralization, while emphasizing the need for additional drilling immediately to the south and east. Importantly, the latest results show strong potential to continue to add incremental gold resources to the eastern end of the Company’s 2013 resource base.
- WC-21-113 intersected 3.75 g/t Au over 4.5 m (117 to 121.5 m), including 8.49 g/t Au over 1.5 m
- WC-21-114 had multiple zones, including: 2.12 g/t Au over 1.5 m (60.0 to 61.5 m), 2.47 g/t Au over 1.5 m (63.0 to 64.5 m), and 2.30 g/t Au over 3.0 m (75.0 to 78.0 m)
- WC-21-125 had multiple zones, including: 2.22 g/t Au over 1.65 m (103.5 to 105.15 m) and 1.11 g/t Au over 6.0 m (124.5 to 130.5 m
- WC-21-126 intersected 6.38 g/t Au over 1.35 m (127.65 to 129.0 m)
- WC-21-128 intersected 5.66 g/t Au over 1.5 m (111.0 to 112.5 m
- WC-21-129 intersected 6.04 g/t Au over 1.5 m (85.5 to 87.0 m)
- WC-21-135 intersected 2.03 g/t Au over 7.0 m (151 to 158 m) including 7.55 g/t Au over 1.15 m
Current Drill Plan-
Because of long lag times at the assay lab, exploration drilling in the Zone-9 and south areas has been suspended pending receipt of backlogged results. Galleon is currently drilling the East Pit area to extend the mineralized zones noted above and to investigate the potential of similar parallel trends to the south (Figure 1). This initial near-surface drilling could potentially provide additional gold resources at the margins of the previously interpreted East Pit Area as noted, but also has the potential to identify more highly mineralized areas with the potential for underground grades and widths.
Note from the CEO-
R. David Russell CEO and President of Galleon Gold comments, “We continue to be pleased with our ability to extend the multiple gold zones to the east and south of our previously modelled East Pit infill drill area. Any time you can add additional mineralization at the margins of an existing resource you have to view that as a high-value proposition for the drill program. Exploration at West Cache over the last nine months has been exceptionally rewarding. We have been faced with the interesting problem of when to cut off data to start the PEA, while continuing to drill and identify open-ended mineralized trends – both as east-west extensions of known gold zones and as newly identified structures to the south.”
Additional Comments on Reported Drillhole Intercepts-
Drillhole information noted in this news release are diamond drillholes producing NQ-sized core.These holes 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% of the true thickness of the interval. A copy of the assays and drill hole statistics from the current drill program is available and updated regularly on the Company’s website.
Qualified Person and Quality Control:
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 Control and Assurance procedures and protocol include the insertion of one blank or standard for every 10 samples submitted for assay in addition to the insertion of standards, duplicates, and blanks inserted by AGAT Laboratories using the prep facility in Timmins, ON and analytical lab in Mississauga, ON. All gold values utilize common fire assay procedures with an AA finish, although assays over 10 g/t are re-analyzed by fire assay with a gravimetric finish. All samples reported have been checked against Company and Lab standards, duplicates and blanks. Sample prep includes all sample material crushed to 75% passing 2 mm with a 300 g split pulverized to 90% passing 200 mesh to create the 30 gram sample for fire assay. All core logging and sampling were completed in-house at the Company core facility in Timmins, ON. Core produced in the field is delivered to the Company’s Timmins warehouse every morning with all logging, cutting, labeling and bagging completed by supervised personnel. Bagged core samples for assay are picked up twice a week by AGAT personnel for delivery to their prep facility across town.
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. Drilling is currently underway at 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.
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.