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Galleon Gold adds 2nd drill rig at West Cache and starts Phase 2 program

Nov 17, 2020

"We are fortunate to be fully funded for the addition of a second drill, we are looking forward to accelerating the program, and fleshing out the potential of Zone #9," said R. David Russell, President and CEO of Galleon. 

"To date, we have been able to predict the orientation and location of the structure and continue to be impressed by its continuity of grade and widths."

Galleon Gold Corp. is pleased to report it has added a second drill rig to its ongoing drill program at the Company's 100%-owned West Cache Gold Project, Timmins.

The company has completed 15,000 meters of its initial infill core drilling program and has commenced a Phase Two drilling program for an additional 15,000 meters. The current two drill program is fully funded from the oversubscribed financing of $8.0 million completed on October 14, 2020. Drilling is expected to continue through 2021. 

With two drill rigs concurrently operating, the Phase Two drill program will include one drill focused on the newly discovered high-grade gold Zone #9 and the other drill will continue to infill drill the mineable open pit and underground areas previously identified. Once the infill drilling has been completed, both drills will be core drilling exclusively on Zone #9. 

The Company plans to initiate the transfer of the drill hole database and assays to P & E Mining Consultants Inc. in January and February 2021 in preparation for Preliminary Economic Assessment ("PEA") work. Modeling of the West Cache Gold open pit and underground workings, as well as an estimation of a new gold resource with projected economics will be developed. The PEA is targeted to be published by early April 2021. 

2020 High Grade Discovery Zone #9 

Figure 1 provides an updated cross-sectional view on the Zone #9 mineralized intervals. The Company has traced the mineralized zone up dip from the discovery hole WC-20-30 (9.7 m over 7.16 g/t Au), to the bedrock surface in hole WC-20-75. Assays are pending. 

High grade discovery zone


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