Business
Galleon Gold Receives Approval for Conversion of West Cache Gold Project Mining Claims to Land Lease Status
Toronto, Ontario--(Newsfile Corp. - December 21, 2021) - Galleon Gold Corp. (TSXV: GGO) (the "...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Receives Approval for Conversion of West Cache Gold Project Mining Claims to Land Lease StatusToronto, Ontario--(Newsfile Corp. - December 21, 2021) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") provides the following corporate and project update on its West Cache Gold Project (the \"Project\" or the \"Property\"), Timmins Ontario. West Cache Gold Project - Granted Land Lease Status The Company is very pleased to report that the survey plan for converting the West Cache Gold Project mining claims to land lease status (\"Lease\") has been approved by the Ministry of Northern Development and Mines and is being submitted to the Land Registry Office for filing. This is an important step in the advancement of the Project. A Lease grants its owner title and ownership to the land and permits the extracting and sale of extracted resources. The Company can now proceed with applications for permits to commence a bulk sample and plan for mine development, including infrastructure development, ramp construction and ore extraction. The Lease expires every 21 years unless it is renewed. Figure 1 provides an overview of the Lease and the Project's location in relation to other mines in the Timmins camp.Comments from the CEOR. David Russell, President and CEO of Galleon Gold, commented, \"I am extremely happy to be closing out 2021 with the West Cache Project being approved for Lease status. While our drill results have been the 'stars of the show', the work undertaken on the conversion of the mining claims to a Lease was a significant endeavour and is an important milestone for us. This past year has been an exciting time for Galleon Gold. We completed 22,000 meters of drilling on the West Cache Gold Project and were very successful in advancing the Project's resource and identifying new mineralized areas that hold great promise for future drill programs. Importantly, the fundamentals of the Project remain unchanged; we are located in a premiere gold camp and mining jurisdiction and have increased the Project's combined gold resource. Since Galleon Gold took custody of the Project 24 months ago, our objective has been to complete the work required to provide the market with the Project's first economic valuation in a Preliminary Economic Study (PEA). As we close in on that goal, we continue to advance our ...