Business
Galleon Gold Acquires Additional Ground in Timmins Camp - West Cache Land Position Now 10,350 Hectares
Toronto, Ontario--(Newsfile Corp. - March 3, 2022) - Galleon Gold Corp. (TSXV: GGO) (the "Comp...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Acquires Additional Ground in Timmins Camp - West Cache Land Position Now 10,350 HectaresToronto, Ontario--(Newsfile Corp. - March 3, 2022) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce it has entered into an agreement (the \"Agreement\") to acquire 129 mineral claims totaling 2,760 hectares (the \"Mineral Claims\") contiguous to the Company's existing property position at its West Cache Gold Project in Timmins, Ontario. The addition of the Mineral Claims located in Price Township adds to the Company's land position 13 kilometers west of Timmins and expands the total claim package to 10,350 hectares. Figure 1 provides the location of the new ground in relation to the existing West Cache Project and adjacent operators in the Timmins Camp. Figure 1 - Galleon Gold's Land Position in the Timmins Gold CampTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/1014/115450_52cb508ed48f8bd9_001full.jpg Comments from the CEOR. David Russell, President and CEO of Galleon Gold, commented, \"Our success at West Cache has shown the significant potential that exists in the Timmins West Camp; we are very pleased that the owners of the claims adjacent to us have entrusted Galleon Gold with the continued exploration of the newly acquired ground and we welcome them as shareholders.\" Terms of the AgreementPursuant to the terms of the Agreement with Delford Investments Inc. (\"PrivateCo\"), the Company will issue PrivateCo 250,000 common shares of Galleon Gold (the \"Galleon Shares\") and grant a 2% Net Smelter Royalty (\"Royalty\") to obtain a 100% interest in the Mineral Claims. The Company may at any time purchase 1% of the Royalty for a cash payment in the amount of one million dollars. The transaction is expected to close by the end of March and is subject to the approval of the TSX Venture Exchange. The Galleon Shares will be subject to a hold period of four months and a day under applicable Canadian securities laws.About the Price PropertyThe Price Property is located approximately 10 km SSW of the West Cache Gold Project's resource and is underlain by Archean metavolcanic rocks, metasedimentary rocks, quartz feldspar porphyry and syenite dikes. The Destor-Porcupine Fault Zone trends east into the western part of the Property and the Matta...