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Galleon Gold Reports Assay Results from West Cache Project, Timmins, Ontario

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Galleon Gold Reports Assay Results from West Cache Project, Timmins, Ontario

 

 

 

 

Galleon Gold Corp. (TSX-V: GGO) is pleased to announce assay results from the Company’s ongoing re-evaluation of historic core at its 100% owned West Cache Gold Project, Timmins, Ontario. This re-evaluation includes selective re-logging and assaying of previously un-sampled core from the 2009-2017 drill programs. Results from this work will provide additional data and support for the gold system currently being evaluated in support of the PEA.

 

Highlights:

  • Hole TPW-10-15 containing 3.33 g/t over 3.7m, including 7.49 g/t over 1.5m
  • Hole TPW-10-22 containing 4.87 g/t over 4.0m, including 18.60 g/t over 1.0m
  • Hole TPW-12-86 containing 9.14 g/t over 1.5m

 

Purpose of Historic Core Re-log and New Sampling Program

 

Historically, core at the Project was selectively sampled and assayed where intervals exhibited obvious quartz veining, strong sulphide mineralization and alteration. During the recent 2020-2021 drill program, the Company analyzed the entire length of the hole to evaluate gold potential and geological continuity in less “visually” altered intervals. Assay results from the 46,384 meters drilled during the 2020-2021 program demonstrated that gold zones at West Cache can be visually subtle and potentially overlooked with an intermittent sampling methodology. Geological modeling undertaken as part of the updated Mineral Resource Estimate (see September 8, 2021 news release) identified un-assayed areas from historic drilling with significant gold potential by projecting known gold zones intersected in recent drilling. The ongoing re-log and sampling program evaluates these areas for better geological continuity, resulting in a more reliable resource model.

 

Results from ongoing Re-evaluation of Historic Drilling

 

Results from the ongoing re-evaluation of the historic drill core have: 1) identified new mineralized intervals, 2) extended known intervals, 3) contributed to a better understanding of the relationship between gold grades and geology, and 4) provided greater confidence in geological wireframing and resource modeling. Over 1,300 new validated assay results will be incorporated into the new modeling for the updated Mineral Resource Estimate and PEA currently underway.

 

Figure 1 shows a plan map indicating the location of the recently sampled holes, while Figure 2 provides a cross section with select new assay results in the East Pit area.

 

 

Figure 1 – Drill hole plan map with infill sampling results

 

 

Figure 2 – Cross section 464,825E (East Pit area)

 

 

Table 1 – Gold assay results from previously unsampled core

 

From
(m)
To
(m)
Intercept Length
(m)¹
Au
(g/t)
True
Thickness
Factor²
Hole
Length
(m)
Hole
Azimuth
(°)
Drill
Hole
TPW-10-15⁴ 254.3 256 1.7 1.62 0.91 452 145 -51
including 254.3 254.8 0.5 4.64 0.91
 
TPW-10-15 254.3 256 1.7 1.86 0.91 452 145 -51
including 254.3 254.8 0.5 5.48 0.91
 
TPW-10-15 443.8 447.5 3.7 3.33 0.92 452 145 -51
including 446 447.5 1.5 7.49 0.92
 
TPW-10-22 311 315 4 4.87 0.92 476 176 -62
including 313 314 1 18.6 0.92
 
TPW-11-48B⁴ 757.2 760.6 3.4 3.36 0.92 988.4 185 -75
including 758.2 760.6 2.4 4.6 0.92
 
TPW-11-50⁴ 616.2 617.5 1.3 4.53 0.88 925.2 170 -70
including 616.2 616.7 0.5 10.1 0.88
 
TPW-12-86 109.5 111 1.5 9.14 0.87 462 180 -55
 
TPW-13-106³ 312 318 6 4.15 0.92 501 180 -50
including 312 313.5 1.5 2.1 0.92
includes three historic samples; extended interval by 1.5m
 
TPW-13-106 420 422.51 2.51 2.29 0.94 501 180 -50
including 421.5 422.51 1.01 5.57 0.94
Remaining table includes holes with intercepts greater than 1 g/t
BRS02-23⁴ 492.7 494.2 1.5 1.14 0.94 737 177 -59.3
 
BRS04-243,4 286.5 287.5 1 1.69 0.84 786 180 -56
and 424.8 429.3 4.5 1.31 0.87
includes two historic samples; extended interval by 2.5m
 
TPW-10-09⁴ 1089.8 1091 1.2 1.31 0.87 1217 182 -65
and 1097 1099 2 1.95 0.87
 
TPW-10-19 204.5 207.5 3 1.01 0.97 416 145 -50
 
TPW-10-23 136.65 138.65 2 1.91 0.87 410 146 -52
and 322.2 324.2 2 2.08 0.94
and 363 365 2 1.7 0.95
 
TPW-12-84 379.5 381 1.5 2.53 0.84 501 185 -60
and 427 429 2 3.53 0.92
 
TPW-12-85 389 390 1 1.26 0.94 501 185 -60
and 400 401.2 1.2 1.36 0.94
 
TPW-12-87 320 322 2 1.03 0.92 501 180 -55
and 351 353 2 1.05
 
TPW-12-88 304.5 306 1.5 1.37 0.87 522.2 185 -55
and 322 323 1 1.37 0.87
 
TPW-13-106 202.5 204 1.5 1.65 0.87 501 180 -50
and 206 208 2 1.22 0.87
and 209.5 211 1.5 1.47 0.87
and 217 219 2 1.21 0.87
and 332 334 2 1.62 0.92
¹Intercept length reported is core length; average true thickness of reported intervals is 90%
²True thickness is estimated from logging measurement of mineral lineation to core axis
³Interval includes historic sample(s) and 2021 infill sample(s)
⁴Data recently uncovered from resample program when project was under option in 2015

 

Technical Content and Qualified Persons

 

The technical content has been reviewed and approved by West Cache Gold Project Manager Leah Page, P. Geo. (APGNS #217) and West Cache Gold Resource Geologist, Rochelle Collins, P. Geo (PGO #1412), both “Qualified Persons” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

Data Verification

 

QAQC procedures were executed to ensure all work is conducted in accordance with best practices. Core selected for infill sampling was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. Commercially prepared certified reference material standards, blanks and duplicates were inserted with each shipment at a rate of 1 QAQC sample in every 20 core samples. Samples from Galleon Gold’s 2021 re-log program were analyzed at AGAT Laboratories (Timmins, ON and Mississauga, ON) and Activation Laboratories (Timmins, ON) by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10 g/t was re-assayed with gravimetric analysis. Samples uncovered from the re-log program in 2015 were analyzed at Bureau Veritas Laboratories (Timmins ON and Vancouver, BC) using a hybrid 4-acid and aqua regia digestion ICP-MS multi-element geochemical package.

 

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 Deformation Zone in the Timmins Gold Belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine.

 

West Cache is an advanced-stage gold exploration project covering over 3,680 ha that hosts the current Mineral Resource near the center of the property. The Mineral Resource is contained within the Porcupine Sedimentary Basin, a favorable litho-structural corridor with over 2 km of strike-length on the Property. Mineralization is open in all directions and at depth.

 

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 West Cache Gold Project.

 

Posted November 10, 2021

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