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Galleon Gold making bold near-term predictions

Nov 30, 2023

Is west Timmins on the verge of another gold producer? Galleon Gold has both oars in the water as the company makes the leap to advanced stage exploration.
If the impending bulk sample goes as planned, the company expects to put money in the bank to help self-finance the next stage of development.
Critical permit applications are in motion and the company expects to bring contractors on site to kickstart Timmins newest gold mine in 2024. 
“We are entering the final stretch for completion of the detailed engineering design and documentation required for submission of our bulk sample permit application,” said David Russell, President and CEO in a late summer statement.
Galleon sits in the shadow of Pan America’s West Timmins gold mine, on trend with the region’s historic gold mineralization and has benefitted from Eric Sprott’s support since 2019. 

What’s next for the project? 
“The underground sample is designed to produce 86,500 tonnes @ 8.13 g/t Au for 22,600 ounces of gold - prior to recoveries. At gold prices above US$1,900 / ounce, we expect gross revenue of C$50 million for this stage of development,” said Russell. 
“Moreover, work from the test mining will feed into pre-feasibility work and at the same time we will have opened the underground for further development and drilling. The extent of work required to move a project from exploration to advanced stage exploration is significant and the Galleon team has been steadfast in their support of this strategy. We look forward to receiving permits, awarding construction contracts and breaking ground.” 
Earlier this year, Galleon continued to shine a spotlight on Zone #9 with impressive gold showings. “Results continue to confirm the impressive grade continuity of Zone #9, while also highlighting the growing importance of the nearby South Area mineralized zones,” said Russell. “Our focus over the next several months will be on permitting and preparation for the Zone #9 Bulk Sample. In addition, exploration programs to help delineate the resource potential of the South Area will be designed using both surface and underground drill programs.”

Galleon Gold making bold near-term predictions

The bulk of the Galleon’s detailed design work is nearing completion. The final plans are being readied for inclusion in the permit application documents, and contract bidding process for site preparation, underground ramp construction and ore extraction.
The company has been working with Hydro One to outline the power needs for the project. Hydro One has completed their initial assessment and have commenced detailed engineering for a planned connection in 2024.
Area residents and stakeholders can expect to be invited to public meetings any day where Galleon will outline the company’s closure plan.
The Closure Plan is one of the key permit applications that must be approved by the Ontario Ministry of Mines before advanced exploration can commence. The Closure Plan contains an outline of how Galleon will remediate the site once it has completed mining activities. Much of the detailed engineering work being completed is feeding into the Closure Plan. Plans to rehabilitate any site disturbances from the bulk sample are specifically being addressed in the Closure Plan. The company is targeting a fall submission of the Plan, followed by a 45-day consultation period before formal approval.
In addition to the Closure Plan, the company is also compiling its permit applications for Environmental Compliance Approval (ECA) for industrial sewage works and air and noise and Permits to Take Water (PTTW) for surface water and dewatering underground workings - as well as the various construction permits for the development of the property.
The company has been providing regular updates to nearby First Nations communities and public consultations and inter-ministerial meetings will be conducted in advance of the submission of the Closure Plan.

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Tags: Northern Ontario / Operational Updates / Gold / All Articles