Major milestone as Galleon Gold granted registration for Land Lease at West Cache
“Converting the mining claims to lease status has been a high priority for us and we are very pleased to have received the formal registration from the Province of Ontario," R. David Russell, President and CEO of Galleon Gold said.
"With this step completed we are on track to advance the project to the test mining phase.”
Galleon Gold Corp. reported today it has received the final documentation related to the registration of the mining lease for the West Cache Gold Project (“West Cache” or the “Project”).
The granting of the new 21- year mining lease, #110033, is an important milestone for the Project. Lease status is required before mining activities such as infrastructure development and ore extraction can be conducted on the property. With the lease in hand, the Company will continue to complete the detailed engineering design work and baseline studies required for the bulk sample permit application.
Figure 1 shows the outline of the new mining lease in relation to the overall contiguous ground the Company holds in the Timmins mining camp.
Figure 1 – West Cache Gold Project Land Map
About the West Cache Gold Project
The West Cache Gold Project is located 13 km west of Timmins Ontario and is serviced by Provincial Highway 101 and secondary access roads. It is situated in the Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone (“DPFZ”) within the Abitibi greenstone belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine.
West Cache is an advanced-stage gold exploration project covering approximately 10,370 ha. The mining lease area hosts the current Mineral Resource Estimate near the center, with additional exploration targets to the north and south. The Mineral Resource Estimate is contained within the Porcupine Sedimentary Basin, a favourable litho-structural corridor with over 5 km of strike-length on the Property. Mineralization is open in all directions and at depth.
About Galleon Gold
Galleon Gold is an exploration and development company focused on advancing the West Cache Gold Project in Timmins, Ontario. The project is situated approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine. Since acquiring the Project the Company has demonstrated significant resource growth while providing a strong valuation in its maiden Preliminary Economic Assessment. Permitting and baseline studies in support of a bulk sample are currently underway. Eric Sprott holds approximately 21% of the Company’s outstanding common shares.
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