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Galleon Gold Provides Update on West Cache Gold Project
Toronto, Ontario--(Newsfile Corp. - October 7, 2021) - Galleon Gold Corp. (TSXV: GGO) (the "Co...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Provides Update on West Cache Gold ProjectToronto, Ontario--(Newsfile Corp. - October 7, 2021) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to provide an update on its 100% owned West Cache Gold Project, Timmins, Ontario (\"West Cache\" or the \"Project\").Converting Mining Claims to Mining Lease StatusThe Company is pleased to announce that the land and perimeter survey required to convert the West Cache mining claims to land lease status is completed. Under a lease the Company will be granted both surface and mineral rights to the project area and can proceed with mine development once applicable mining permits are granted. Registration of the lease is expected early 2022. Update on Preliminary Economic Assessment (\"PEA\")The Company announced an updated Mineral Resource Estimate (\"MRE\") on September 8, 2021, outlining that the West Cache resource (indicated & inferred) had increased approximately 20% from the historic 2012 resource. A Technical Report to support the updated MRE, prepared in accordance with NI 43-101, will be filed on SEDAR (www.sedar.com) before October 22, 2021. The main goals of the 2020-2021 drill program were to infill drill the known mineralization, provide confidence in historic drilling and convert near surface inferred resources to indicated resources in mineable areas, for inclusion in the detailed work that informs the PEA. With this as a backdrop, the recent updated MRE was in line with expectations. Moreover, the discovery of Zone #9 added a high grade, near surface zone, with some of the widest zone thicknesses on the property to add to the underground resource. A significant part of the drill program was focused on the newly discovered South Area and the East Pit Extension. Results from these areas (see press releases dated July 13 and 21, 2021 respectively), while impressive in their grades and widths, were not numerous enough to be included in the wireframes for the modelled resource. The Company is confident that additional infill drilling in these areas will provide the additional intercepts required to bring these zones into the next mineral resource update. Based on the Company's third-party consultant's proposed pit and underground resource block models for the MRE, the preliminary mine design considered two open pits and four disti...