Galleon Gold Advances West Cache Gold Project Towards Bulk Sampling
Galleon Gold’s President and CEO, David Russell, presented an exciting update on the West Cache Gold Project at the Canadian Mining Expo in Timmins, highlighting the company’s steady progress towards building a full-scale mining operation. With the project located just minutes from downtown Timmins, Galleon Gold is positioning itself for rapid development in one of Canada’s most established gold mining regions.
“We’re on the far end of town,” Russell said with a smile, referring to the West Cache Gold Project’s proximity to Timmins. “In just ten minutes, you can go from grabbing a coffee at Tim Horton’s to standing on our property, where we’re ready to make big moves.”
A Rich History in Timmins
Having previously led the development of the Black Fox mine near Timmins in the early 2000s, Russell is no stranger to the area’s rich mining history. His experience, coupled with the impressive results from the West Cache Gold Project, positions Galleon Gold for long-term success. The project has a robust drilling history, with over 550 core holes totaling 260,000 meters drilled, and the results have been nothing short of remarkable.
“I believe this is the best camp in the world; you could not ask for a better place to find gold and to find the people to help build a project.”
The West Cache Vision
The West Cache Gold Project currently boasts a resource of 1.56 million ounces of gold. Pending permits, Galleon Gold is aiming to start bulk sampling and progressing towards pre-feasibility studies, with the goal of proving the project’s economic viability and moving it into production. The company’s strategic approach, informed by experience and strong technical expertise, is aimed at minimizing risk and maximizing the project’s potential.
“The Bulk Sample is about de-risking the project. We’re taking the steps to show that we can mine the gold, understand the costs, and move towards full-scale production,” said Russell. “In two to three years, you should hear about this project advancing into production.”
Strategic Partnerships & Strong Backing
Galleon Gold’s progress is supported by a solid management team and key investors, including prominent names such as Eric Sprott. The company maintains a tight share structure, with only 65 million shares outstanding, giving it a market capitalization of approximately $17 million. This solid financial foundation, coupled with the company’s successful exploration and development efforts, has set the stage for significant growth.
The project is also benefiting from its prime location within the legendary Timmins gold camp, which hosts world-class deposits like Bell Creek, Hollinger, and McIntyre. West Cache’s proximity to these sites underscores its geological potential.
Bulk Sampling to Prove Viability
Galleon Gold is taking a methodical approach to development, with bulk sampling as a crucial next step. The company plans to extract 86,500 tons of ore from the West Cache site, targeting an average grade of 8 grams per ton for a total of 22,000 ounces of gold. While the goal of this phase is not to generate significant profits, the bulk sample will provide essential data on mining conditions, costs, and ore quality.
“We’re not doing this to make money right away; we’re doing it to get answers,” Russell explained. “We need to know what it will take to mine this orebody effectively, and this bulk sample will give us the data we need to move towards feasibility studies.”
Pre-Feasibility & Environmental Focus
With a preliminary economic assessment (PEA) already completed, Galleon Gold is focused on advancing to pre-feasibility. The PEA demonstrated strong project economics, including a projected production rate of 85,000 ounces per year and cash costs under $1,000 per ounce. The next steps involve refining these estimates and continuing environmental work, which began three years ago in anticipation of the project’s development timeline.
“We knew it would take three years to get all the environmental documentation together,” Russell said, referencing his experience with the Black Fox mine. “We’re on track to have the closure plan approved within the next few weeks, allowing us to move forward with construction.”
Collaboration with
First Nations
Galleon Gold has prioritized building strong relationships with local First Nations communities, working with groups such as Flying Post and Mattagami. The company is committed to ensuring that its development aligns with the interests and values of these communities, fostering long-term partnerships that benefit all stakeholders.
“We’ve had a great working relationships with the Aboriginal Communities so far,” Russell said. “We’re committed to being a good environmental steward in the Timmins camp.”
A Bright Future
As Galleon Gold moves closer to mine development at West Cache, the company’s management team, led by Russell and supported by industry veterans, is poised to turn this promising project into a reality. With a clear plan, strong partnerships, and a wealth of experience, Galleon Gold is set to make a significant impact in Northern Ontario’s gold mining industry.
“We’ve just started,” Russell concluded. “But in the next 8 to 12 weeks, we’ll be rocking and rolling, and you’ll be hearing a lot more about Galleon Gold and the West Cache Gold Project.”
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