TORONTO: May 19, 2021. Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to provide an update on the baseline studies and permitting plans underway at its 100% owned West Cache Gold Project, Timmins, Ontario (“West Cache” or the “Project”).
Note from the CEO-
R. David Russell CEO and President of Galleon Gold commented, “It has been an extremely active twelve months at West Cache, in addition to drilling over 45,000 meters, there have been numerous specialists involved in designing and carrying out baseline and permitting initiatives. Commencing these activities early ensures that the permitting process is well underway as we move the Project into the advanced exploration stage with a planned underground portal and ramp for the collection of a bulk sample. Galleon Gold is committed to transparency and working with all stakeholders to ensure that development of the Project proceeds in a timely and responsible manner.”
Project Definition Document-
The Company has commenced drafting the initial Project Definition Scope document that will be utilized to communicate the proposed Project activities to the regulators responsible for permitting mine development activities. This document will eventually evolve to form part of the advanced exploration closure plan required for the collection of a bulk sample and eventual full scale mining operation.
Hydrogeology and Groundwater Quality Monitoring-
Groundwater monitoring wells were installed this past winter. Groundwater quality samples are being collected quarterly (spring, summer, fall and winter) to establish a comprehensive groundwater quality database. In addition, level transducers have been installed in the monitoring wells to determine the range in static water levels. These wells will also be used to monitor groundwater elevations during the hydrogeological studies which are planned for later this year. The hydrogeological studies will provide data to support the Permit to Take Water.
Representative core samples from a select number of 2020-2021 drillholes have been delivered to SGS Laboratories. Testing will focus on determining the acid rock drainage and metal leaching potential of waste rock and ore materials. This early characterization of the waste and ore materials will help with future mine planning and design of waste rock management plans, contact water management requirements, and economic assessments.
Surface Water Quality Monitoring and Hydrology-
Water quality samples are being collected to capture natural environmental and seasonal variability information. Sampling this past fall and winter has been completed and the spring sampling program is currently underway. In addition, two hydrometric stations on two streams on the property have been established to measure baseline streamflows. This data will be used to support the preparation of the Assimilative Capacity Study which in turn will support the Industrial Sewage Works ECA.
Terrestrial and Aquatic Environmental Studies-
Desktop and field studies are being conducted to identify habitat for species at risk or significant wetland considerations. Terrestrial field investigations will predominately occur in the spring during the breeding bird season (approximately between May 24 to July 10) with follow-up in the summer and fall. Aquatic baseline studies have taken place this spring and will be followed up with summer and fall visits.
A Stage 1 Archeological Assessment for the Project to determine if there is potential for archeological sites within the Project has been completed and submitted to the Ministry of Heritage, Sport, Tourism, and Culture Industries for their consideration and review.
About Story Environmental and Blue Heron Environmental-
Story Environmental Inc. (“Story”) in collaboration with Blue Heron Environmental Services (“Blue Heron”) have been engaged by the Company to conduct environmental baseline studies and assist with the permitting process. Story is an environmental and engineering firm located in northeastern Ontario providing consulting services including baseline studies, environmental assessments and permitting, monitoring, and reporting. Blue Heron is an environmental consulting company based in Timmins, Ontario, it provides a wide range of environmental services to mining, forestry and municipal sectors.
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.
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.