Galleon Gold Reports 6.1 g/t Gold Over 15 Meters at West Cache Project

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Galleon Gold Corp. [TSXV: GGO] (the “Company” or “Galleon Gold”) is pleased to announce additional Zone #9 intercepts from its 100% owned West Cache Gold Project, Timmins, Ontario.

Zone #9 – continued definition of grade and mineralization

  • WC-21-172 intersected 6.1 g/t Au over 15.0 m (230 to 245 m) including 9.89 g/t Au over 7.0 m (231 to 238 m); true thickness of these intervals is estimated at 98% of the reported intercept length
  • WC-21-191 intersected 6.88 g/t Au over 7.0 m (188 to 195 m) including 13.83 g/t Au over 2.0 m (192 to 194 m); true thickness of these intervals is estimated at 94% of the reported intercept length

Hole WC-21-172, located mid-way between previously announced holes WC-20-30 (7.16 g/t Au over 9.7 m) and WC-20-42 (7.44 g/t Au over 10.7 m), provides additional confirmation of grade/thickness in a key portion of the Zone #9 mineralized shoot located 150 to 200 m below surface (see press releases dated September 9 and 29, 2020). Assays and geologic data from Hole 172 will be important for the modeling and resource work now underway as part of the Company’s upcoming Preliminary Economic Assessment (“PEA”).

Hole WC-21-191 was designed to test the mineralized grade and geometric projection up-dip from Hole WC-172. Results confirm the continuity of grade and thickness of the Upper Zone #9 Shoot.

Note from the CEO

David Russell CEO and President of Galleon Gold comments, “We are getting a very good picture of the Upper Zone #9 mineralized shoot. Given the spacing of drilling and how recent holes continue to support grade continuity and widths, I am looking forward to seeing the development of the geological model and subsequent resource characterization of this shoot.”

Comments on all drillhole intercepts noted above

All WC drillholes 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 typically average approximately 94-98% of the true thickness of the interval.  Hole WC-21-172 and 191 were drilled using the larger HQ core size. A full copy of the assays and drill hole statistics from the current drill program is available and updated regularly on the Company’s website.

Figure 1 shows a plan view of the 2020-21 drill hole collars with previously released Zone #9 intercepts, while Figure 2 provides a cross sectional view of the newly reported holes. A photo of the core from WC-21-172 can be seen in Figure 3.

For a comprehensive overview of David Russell’s vision for West Cache Project, please read his recent interview in Mining Life Magazine Spring Edition, titled “West Cache Gold Project with a huge Blue Sky” Galleon_Gold_Interview.pdf

Qualified Person

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 Assurance (QA) / Quality Control (QC)

Quality Control and Assurance procedures and protocols are executed to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Core produced at the West Cache property is delivered to the Company’s Timmins logging facility with all logging, cutting, labeling, and bagging completed under supervision of Qualified Geologists. NQ sized ore is predominantly sawn in half with one half of the core prepared for shipment, the other half of core retained for future assay verification.

Core samples are transported from the Company’s Timmins logging facility to AGAT Laboratories (sample preparation facility in Timmins) by AGAT personnel. Analysis is completed at AGAT Laboratories in Mississauga, Ontario. Commercially prepared certified reference material (CRM) standards, blank material, pulp and coarse duplicate material are inserted every 10 samples.  All samples reported have been checked against Company and Lab standards, duplicates, and blanks.

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.

For further information:

Galleon Gold

David Russell
Chairman and CEO

(416) 644-0066
info@galleongold.com
www.galleongold.com

 

Forward-Looking Statements

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.


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