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Galleon Gold expands High Grade discovery zone at Timmins with 5.87 g/t gold over 8.5m

Nov 11, 2020

Galleon Gold continues to outline its promising west Timmins property as a near-term open pit operation.  

The company is reporting continued expansion of the recently discovered Zone #9 high-grade gold system on its 100% owned West Cache Gold Project, just west of Timmins.

  •     WC-20-31 intersected 5.87 g/t Au over 8.5 m, from 274.5 to 283 m including sub-interval of 2.0 m at 10.1g/t Au. 
  •     WC-20-53 intersected 3.06 g/t Au over 8.0 m, from 148 to 156 m including a sub-interval of 1.0 m at 7.53 g/t Au.
  •     WC-20-54 intersected 2.63 g/t over 8.0 m, from 190 to 198 m including a sub-interval of 2.0 m at 4.64 g/t Au. 

Galleon Gold President and CEO, R. David Russell, comments, “It is very exciting to see the drilling and assay data confirming and infilling the minable open pit structures as expected. The latest excitement and news at the West Cache Gold project has been the continued expansion of the sediment hosted gold target called Zone #9 - a gold zone notable for its thickness, grade, and proximity to the surface.  Although we are still working with limited drill and assay data, this zone could have a very positive impact on the project economics in the upcoming PEA.  As we conclude the 15,000 meter infill drill program originally planned when we commenced drilling in July, our focus will shift to drillhole definition of Zone #9. We plan on drilling off as much of this newer trend as possible by early 2021, while targeting potential new shoots along strike.”

Figure 1 provides an updated cross-sectional view on the Zone #9 mineralized intervals. Hole 31 was drilled 26 meters down-dip from discovery hole WC-20-30 (9.7 m over 7.16 g/t Au), while Holes 53 and 54 were drilled 67 and 36 meters respectively up-dip from Hole 30.  To date the width and grade continuity on confirmed Zone #9 intercepts continue to indicate the presence of a significant mineralized gold zone. 

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Infill Program

The Company’s 15,000 meter infill drilling program with full assays to be completed by year end will provide detailed drill data for an updated gold resource and Preliminary Economic Assessment (PEA) due early in 2021.  This program provides closer spacing of the intercepts, as well as additional step-out extensions.  A typical infill drillhole averages 230 meters in length, but with the low angle of the uniformly south-directed drilling the average vertical depth of exploration is about 165 meters.  Much of the infill program targets potential open pit gold mineralization, with additional targeting of near surface underground potential.  Deeper targeting of adjacent mineralization has resulted in the recent recognition of Zone #9 - the best near surface (underground) gold zone discovered on the Property to date.  Table 1 provides a summary of the recent drilling in the West Area with intervals exceeding 1.00 g/t Au. Table 2 provides drillhole statistics. Figure 2 provides an overview of drill holes in the West Area.

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