Galleon Gold announces new discovery at West Cache Gold Project

“Results from our 2020-21 exploration program have exceeded our expectations," said R. David Russell CEO and President of Galleon Gold. 

Galleon Gold Corp. has announced the discovery of a new mineralized area with multiple gold zones at its 100% owned West Cache Gold Project in Timmins. 

South Area Discovery - multiple gold zones with significant grades and widths 

• Located in previously undrilled area 50-250 meters south of Zone #9 
• Higher grade intercepts, include: 

              o    WC-21-198 with 2.0 m at 14.54 g/t Au
              o    WC-21-192 with 2.0 m at 7.96 g/t Au 
              o    WC-21-188 with 1.5 m at 8.90 g/t Au

• Significant thicker intervals, include: 

              o    WC-20-077 with 41.5 m at 1.03 g/t Au
              o    WC-21-162 with 10.0 m at 1.28 g/t Au 
              o    WC-21-192 with 9.0 m of 2.53 g/t Au 

• Mineralization remains open along strike and down dip 
• Portions of the South Area display mineralogic profiles that are similar to the Zone #9 and the West Deep area just to the north 
• South Area geology, including mineralogy, structure, and host rock characteristics, suggests similar potential for future discovery of new zones even further to the south in unexplored terrain

Note from the CEO

"We started with an infill drill program to improve and gain an understanding of the economic potential of the existing mineralization at West Cache and in the process discovered the high-grade Zone #9 shoot. Building on our model for Zone #9 mineral controls, we extended three holes to the south at the end of 2020 and had our first indication that something new and very significant might exist there. We confirmed those early results with a follow-up program in 2021 and made the discovery of the South Area official. It feels like we are just starting to understand the blue-sky potential on this project. I expect as we continue to build on our growing understanding of the mineral controls’ property wide – additional pit and underground targets will emerge.  We are also pleased to report that we have now received all assays needed to complete the modelling of the main mineralized areas on the Project as required for completion of the PEA. Progressively longer turnaround times at the labs – typical of the mining industry over the past year or so – have delayed completion of the gold results portion of the West Cache database. Moving forward, the Company has been advised that work over the next 7-8 weeks will be required by P&E Consultants in order to complete the required analysis and write-up to produce preliminary PEA results now due in early September.”

South Zone Discovery Holes
Definition drilling in near-surface portions of the Zone #9 area in late 2020, provided strategic locations to extend 3 core holes into a previously undrilled area to the south. All three drillholes – WC-21-075, 077 and 078 – intersected multiple sulfide zones with significant gold grades. Once Zone #9 drilling was completed, the Company grid-drilled a select area with an additional 20 holes to provide initial definition of the newly discovered “South Area”. Results from this dedicated South Area program have initially defined portions of 11 new gold zones over a vertical range of approximately 300 meters. Drillhole locations are shown in Figures 1-3.

Geologic Summary
South Area geologic characteristics that are similar to other mineralized areas discovered to date at West Cache, include:

• A bedded overall geometry to the sulfide bodies that conforms to the sediment-dominant greywacke and argillite host rocks (grey); Figures 3-4
• Areas of undifferentiated volcanic/intrusive units (pink) with mineralized margins are prominent and display similar composition and textures to the East Pit Area; Figure 3 cross sectional view
• Multiple styles of pyrite mineralization provide the best direct correlation to gold grade, while distinctive zones of highly visual sphalerite plus lesser chalcopyrite and galena also are significant indicators of important gold mineralization; to date only the South Area and Zone #9/West Deep have this distinctive mix of sulfides; photos in Figure 4
• A post-mineral diabase dike system with the typical NNW orientation is present, although mapped with only limited drilling to date; Figures 2 and 3

The South Area also has geologic characteristics that are somewhat different than known gold zones to the north, including:

• Increased shear texture that appears to be mostly post-mineral, but may have re-mobilized some of the sulfides into stringers locally; Figure 4 photos
• Late shearing and brittle faulting producing localized gouge and fracture zones
• Increased pyrrhotite and possibly galena in the sulfide zones

The location and style of sulfide mineralization in the South Area may indicate a direct link to the Zone #9 area – this could suggest similar target potential in unexplored terrain to the south.  

Figures and Tables
The Figure 1 overview map shows a plan view covering most of the recent and historic drilling, along with the more significant current resource target areas.  Figure 2 is a generalized geologic plan map focused on the South Zone, but includes the southern portion of Zone #9.  In the Figure 3 cross section, some of the more prominent mineralized zones can be seen in this view looking due east.  A close-up of various sulfide textures and corresponding grades can be seen in Figure 4. Table #1 includes a select summary of South Area gold intercepts.

 

 

 

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