Galloper Gold Submits Proposal to Acquire Glover Island "Exempt Mineral Land" Historic Gold Deposit

Rhea-AI Summary

Galloper Gold Corp (CSE:BOOM)(OTC:GGDCF) has submitted a proposal to acquire the Glover Island Exempt Mineral Land (EML) in Newfoundland and Labrador. The EML, created in 2012, spans 1,925 hectares with 8.85 kilometers of potential strike length and contains a historic gold resource estimate of 58,200 oz indicated and 120,600 oz inferred.

The property includes 19 mineral prospects and showings, primarily for gold, along with copper and zinc prospects. The EML is surrounded by Galloper's existing exploration licenses on Glover Island. The proposal was submitted in response to the province's request issued on November 7, 2024, with a deadline of January 22, 2025.

Additionally, the company announced the appointment of Jan Urata as Corporate Secretary, effective January 1, 2025, replacing Rav Mlait.

Positive

• Historic gold resource estimate of 58,200 oz indicated and 120,600 oz inferred
• Strategic acquisition potential expanding existing Glover Island property
• Property contains 19 mineral prospects, primarily gold with additional base metals

Negative

• Resource estimate is historical and not independently verified by the company
• Acquisition not guaranteed as proposal is under competitive review

VANCOUVER, BC / ACCESS Newswire / January 23, 2025 / Galloper Gold Corp. (CSE:BOOM)(OTC PINK:GGDCF) (the "Company" or "Galloper") is pleased to announce that it has submitted a detailed proposal to the Newfoundland and Labrador Minister of Industry, Technology and Energy in response to the province's "Request for Proposals for Glover Island Exempt Mineral Land", which the province issued on November 7, 2024.

The Exempt Mineral Land ("EML") on Glover Island created on March 11, 2012, covers former Mining Lease 170-A and is surrounded by Galloper's existing exploration licenses on Glover Island. The EML overlaps a southwest-to-northeast trend of known gold mineralization with multiple prospects and consists of 1,925 hectares of surface area along 8.85 kilometres of potential strike length. Historic exploration on the EML advanced to include trenching and drilling resulting in a 43-101 National Instrument compliant gold resource estimate of 58,200 oz indicated and 120,600 oz inferred. The EML consists of 19 mineral prospects and showings, the majority of which are for gold, along with several prospects for base metals copper and zinc. The Company is relying upon historic assessment reports and government publications and has not performed sufficient work to independently verify the details of the historic resource estimate.

As per the Newfoundland and Labrador Ministry of Industry, Technology and Energy, the deadline for receipt of proposals is January 22, 2025. The successful proponent will be granted exclusive mineral rights with project commitments incorporated as terms and conditions of an Extended Map Staked Licence including special attention to the provisional protected status of the island.

Galloper's CEO, Mr. Hratch Jabrayan, commented: "We are delighted to have submitted to the Minister a robust proposal for the acquisition, exploration and development of the EML on Glover Island. As we continue the process of building a leading junior gold company in Newfoundland with our flagship Glover Island asset, the known and upside potential the EML ground offers is of significant value and importance to the overall development of our Glover Island Project and Galloper Gold as a whole. We look forward to sharing further progress reports with our valued shareholders as details become available."

Galloper Appoints New Corporate Secretary
Galloper Gold is pleased to announce the appointment of Jan Urata as Corporate Secretary, effective January 1, 2025. Mr. Rav Mlait resigned as Corporate Secretary of the Company on December 31, 2024 to facilitate Ms. Urata's appointment. Jan Urata is the Founder and President of Take It Public Services Inc., a highly motivated legal support service for top tier junior issuers in a variety of industry sectors. Ms. Urata has more than 30 years' experience in the industry providing corporate secretarial services covering regulatory filings, taking corporate entities from initial seed capital stage to publicly listed status and supporting complex transactions. Ms. Urata's career began with years of experience as a legal secretary/paralegal for top Vancouver law firms before establishing Take It Public Services Inc. in 2011.

Figure 1 - Glover Island Property Map

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 flagship Glover Island Property, 24 km southeast of Corner Brook, and its Mint Pond prospect in the Gander area. Galloper recently completed the first diamond drilling program at Glover Island since 2012, completing six holes with results pending.

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

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 ACCESS Newswire

FAQ

What is the size and potential of the Glover Island EML property GGDCF is trying to acquire?

The Glover Island EML property covers 1,925 hectares with 8.85 kilometers of strike length, containing a historic gold resource of 58,200 oz indicated and 120,600 oz inferred, along with 19 mineral prospects primarily for gold, copper, and zinc.

When did GGDCF submit their proposal for the Glover Island EML acquisition?

Galloper Gold submitted their proposal before January 22, 2025, which was the deadline set by the Newfoundland and Labrador Ministry of Industry, Technology and Energy.

How would the EML acquisition integrate with GGDCF's existing properties?

The EML is surrounded by Galloper's existing exploration licenses on Glover Island, making it a strategic addition to their flagship Glover Island Project.

Who is the new Corporate Secretary appointed by GGDCF in January 2025?

Jan Urata, founder and President of Take It Public Services Inc., was appointed as Corporate Secretary effective January 1, 2025, replacing Rav Mlait.