Galleon Gold Drills 100th Hole at West Cache Gold

Galleon Gold Corp. has drilled its 100th core drill hole, and has completed approximately 24,000 meters of drilling to date on its 100% owned West Cache Gold Project, Timmins, Ontario ("West Cache"). As previously reported, excellent grades have been encountered in both the East and West Pit infill drill holes, and the new discovery high-grade gold Zone #9 is poised to continue returning exciting assay results in 2021. The plan map in Figure 1 shows the 2020 drill hole locations.

Figure #1 - Plan Map 2020 Drill Hole Locations

"I am very proud of what the team has accomplished in 2020. Developing Galleon Gold, with Eric Sprott's continued support, has enabled us to embark on an aggressive drill program culminating in a significant new gold discovery, Zone #9. We expect Zone #9 to be the target for the first underground test stope area around the 120 - 160 meter level. We also suspect that Zone #9 is just the first of several ore shoots we will discover at West Cache. We are looking forward to 2021 and continuing our drill program and publishing a PEA early this spring," commented R. David Russell, President and CEO of Galleon Gold.

One of the goals at the commencement of the drilling program in June 2020 was to infill drill known areas of mineralization in the East and West pit areas, and to test the ground between the pits (the "Gap Zone") where there had been little historic drilling. Results emerging from the infill drill program indicate that in addition to widespread gold mineralization throughout the pits, the Gap Zone area is also well mineralized, and the Company is starting to gather sufficient data to tie the pits together. Gap Zone hole WC-20-50 intersected 8.93 g/t Au over 3m from 156 m to 159 m including a subinterval of 26.5 g/t Au over 1m. The Gap Zone becomes important for the economics of the project as the resource becomes better defined and grades in the pits start to increase. A full compilation of assay results over 1 g/t Au are published on the Company's website.

Chester Property Update 

The Company announces that it has received a payment of $100,000 from Puma Exploration ("Puma") in relation to the second anniversary date of an Option and Sale Agreement on the Chester Property, New Brunswick dated January 17, 2019. Due to delays caused by COVID-19 restrictions, the Company has granted a three-month extension to Puma to complete $350,000 exploration expenditures. If Puma fails to complete the exploration expenditures before April 17, 2021, it can pay $50,000 to obtain an additional three-month extension (the "Additional Extension") until July 17, 2021. Requirements to complete the third-year exploration expenditures of $500,000 and payment of $100,000 by January 17, 2022 remain unchanged unless Puma requests the Additional Extension, in which case third-year exploration expenses are accelerated and must be completed by July 17, 2021.

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