Galloper Gold Drills Into Emerging New Discovery on Glover Island

Rhea-AI Summary

Galloper Gold Corp (CSE:BOOM)(OTC:GGDCF) has reported significant drill results from its Lucky Smoke occurrence on Glover Island in Western Newfoundland. Key intersections include 15m @ 2.62 g/t Au (including 1m @ 18.79 g/t Au), 3.80m @ 6.92 g/t Au, and 4m @ 4.59 g/t Au within broader mineralized zones.

The six shallow drill holes have defined mineralization over a strike length of approximately 400 meters, with gold carried in pyrite within silicified felsic volcanics in the Kettle Pond Formation. The drilling supports potential for a second deposit along an under-explored contact zone traced for at least 12 kilometers. The company plans a larger Phase 2 program in 2025.

Positive

• Multiple high-grade gold intersections discovered near surface
• Mineralization defined over 400m strike length
• Potential for second deposit along 12km contact zone
• Project located in favorable terrane near major producing mines

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / December 17, 2024 / Galloper Gold Corp. (CSE:BOOM)(OTC PINK:GGDCF) (the "Company" or "Galloper") has drilled multiple mineralized intervals near-surface to depths of 200 meters in a series of test holes at the Lucky Smoke occurrence on Glover Island in Western Newfoundland, supporting the potential for a second deposit on the Island along a promising under-explored contact zone traced for a minimum of 12 kilometers.

Highlights:

• 15 m @ 2.62 g/t Au, including 1 m @ 18.79 g/t Au, starting at a downhole length of 137 m in LS-24-02;

• 3.80 m @ 6.92 g/t Au starting 146.5 m downhole in LS-24-04, above 23.5 m @ 0.72 g/t Au beginning just 32.5 m from surface;

• 4 m @ 4.59 g/t Au within 21.50 m @ 1.26 g/t Au from 117 m to 144.5 m in LS-24-06.

Mr. Hratch Jabrayan, Galloper CEO, commented: "These holes were designed to broaden our understanding of Glover Island's geology and mineralization characteristics ahead of a bigger Phase 2 program in 2025, since no drilling has occurred at Glover Island in more than a dozen years and was focused primarily on the Lunch Pond deposit 6.5 km to the south of Lucky Smoke.

"What we have discovered points to the distinct possibility of multiple shallow deposits lined up along a contact zone that may continue well beyond its original 12 km estimate. In addition, we continue to evaluate a parallel trend to the west prospective for copper mineralization, with more details to follow early in the New Year."

The six shallow drill holes completed by Galloper have defined mineralization at Lucky Smoke over a strike length of approximately 400 meters. Gold is carried in pyrite (no arsenopyrite noted in logging) found within silicified felsic volcanics in the Kettle Pond Formation, the same unit that hosts the Lunch Pond deposit.

3D modeling sections are being completed to allow interpretations as to the continuity of the mineralization and geology at Lucky Smoke.

Glover Island Geological Setting

Glover Island is situated in very favorable terrane along the regional Baie-Verte Brompton Line-Cabot Fault Zone (BCZ), a major boundary between the Humber and Dunnage Zones.

Glover Island in a Broader Regional Context

• 62 km south is Caliber Gold's multi-million ounce Valentine Gold mine slated for production beginning in 2025;

• 55 km due west is the prolific past producing Buchans mine (1928-1984), one of the richest base metal mines in Canadian history, in an area that includes recently defined resources and a number of prospects;

• 82 km southwest is Atlas Salt's world class Great Atlantic Salt Project advancing toward the construction phase.

Figure 1 - "Four Corners" Region of Western Newfoundland

Investors are cautioned that mineralization on adjacent properties is not necessarily indicative of the mineralization at Glover Island or the potential for a resource.

CEO Hratch Jabrayan Video Profile

Click on the following link to learn more about Hratch, Galloper Gold's new CEO.

https://vimeo.com/1007433600/031f977268

Glover Island Property Map

Qualified Person

The technical information in this news release has been reviewed and approved by Mr. Peter Lauder, P.Geo., Director and Senior Geologist for Galloper Gold. Mr. Lauder is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

Quality Assurance/Quality Control

The core was logged and sampled following current industry standards and was split by contractor personnel and supervised by a geologist. Samples, along with the standards and blanks that were included for quality assurance and quality control, were shipped to Eastern Analytical Laboratories in Springdale, Newfoundland, for analysis. The analytical method utilized was Fire Assay (30g) for gold and with AA Finish and four acid ICP 34 for other elements. Two types of certified standard reference material samples, OREAS211 (768 ppb) and OREAS236 (1850 ppb), were alternately inserted into the sample sequence every 40 samples. Blank material was inserted every 40 samples, alternating with the standards. Quarter split duplicates of the samples were taken every 50 samples. All standard results fell within two standard deviations of the acceptable value, other than one, which was mislabeled. All the blank results reported were below the minimum detectable value. Eastern Analytical Lab also included their own inhouse QA/QC program.

Acknowledgment - Newfoundland & Labrador Junior Exploration Assistance Program

Galloper Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

About Galloper Gold Corp.

Galloper is focused on mineral exploration in the Central Newfoundland Gold Belt with its Glover Island and Mint Pond properties, each prospective for gold and base metals. The Glover Island Property consists of 532 mining claims totaling 13,300 hectares while Mint Pond consists of 499 claims totaling 12,475 hectares.

For more information please visit www.GalloperGold.com and the Company's profile on SEDAR+ at www.sedarplus.ca.

On behalf of the Board of Directors,

Mr. Hratch Jabrayan
CEO and Director
Galloper Gold Corp.

Company Contact:

info@gallopergold.com
Tel: 778-655-9266

Investor Relations:
MarketSmart Communications
Tel: 877-261-4466

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with mineral exploration generally, risks related to capital markets, risks related to the state of financial markets or future metals prices and the other risks described in the Company's publicly filed disclosure.

Management has provided the above summary of risks and assumptions related to forward-looking statements in this news release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this news release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Galloper Gold Corp.

View the original press release on accesswire.com

FAQ

What are the key drill results from Galloper Gold's (GGDCF) Lucky Smoke discovery?

The key drill results include 15m @ 2.62 g/t Au (including 1m @ 18.79 g/t Au), 3.80m @ 6.92 g/t Au, and 4m @ 4.59 g/t Au within broader mineralized zones.

How long is the mineralized strike length at GGDCF's Lucky Smoke occurrence?

The six shallow drill holes have defined mineralization over a strike length of approximately 400 meters.

What is the potential size of the contact zone at GGDCF's Glover Island project?

The contact zone has been traced for a minimum of 12 kilometers, suggesting significant exploration potential.

When is Galloper Gold (GGDCF) planning its Phase 2 drilling program at Glover Island?

Galloper Gold is planning a bigger Phase 2 drilling program in 2025.

What is the geological setting of GGDCF's gold mineralization at Lucky Smoke?

The gold is carried in pyrite within silicified felsic volcanics in the Kettle Pond Formation, the same unit that hosts the Lunch Pond deposit.