Galleon Gold Receives Invitation to Submit Closure Plan for West Cache Project Bulk Sample Program
Galleon Gold (TSXV: GGO) has received an invitation from the Ministry of Mines to submit a Closure Plan for a bulk sample program at its 100% owned West Cache Gold Project in Timmins, Ontario. The plan requires a financial assurance of $1,390,978 for property restoration.
The bulk sample program is designed to extract approximately 86,500 tonnes grading 8.13 g/t gold, containing an estimated 22,600 ounces of gold before recoveries. The sample will be taken from Zone #9, a high-grade metasedimentary-hosted gold zone extending from bedrock to 350 meters depth, with gold recoveries up to 98%.
The company must wait 45 days for MINES to accept the Closure Plan before beginning surface work. Additional permits being processed include Environmental Compliance Approval and Permit to Take Water for underground mine workings.
Galleon Gold (TSXV: GGO) ha ricevuto un invito dal Ministero delle Miniere per presentare un Piano di Chiusura per un programma di campionamento di massa presso il suo progetto West Cache Gold, di cui detiene il 100% nella zona di Timmins, Ontario. Il piano richiede un assicurazione finanziaria di $1,390,978 per la ripristino della proprietà.
Il programma di campionamento di massa è progettato per estrarre circa 86.500 tonnellate con una grade di 8,13 g/t di oro, contenente un stimato di 22.600 once d'oro prima dei recuperi. Il campione sarà prelevato dalla Zona #9, una zona aurifera ad alto grado ospitata in metasedimentari che si estende dal substrato fino a una profondità di 350 metri, con recuperi d'oro fino al 98%.
L'azienda deve attendere 45 giorni per l'accettazione del Piano di Chiusura da parte del MINES prima di iniziare i lavori in superficie. I permessi aggiuntivi in fase di elaborazione includono l'Approvazione della Conformità Ambientale e il Permesso per Prelevare Acqua per i lavori minerari sotterranei.
Galleon Gold (TSXV: GGO) ha recibido una invitación del Ministerio de Minas para presentar un Plan de Cierre para un programa de muestreo a granel en su Proyecto West Cache Gold, del cual posee el 100% en Timmins, Ontario. El plan requiere una garantía financiera de $1,390,978 para la restauración de la propiedad.
El programa de muestreo a granel está diseñado para extraer aproximadamente 86,500 toneladas con un grado de 8.13 g/t de oro, que contiene un estimado de 22,600 onzas de oro antes de los recuperos. La muestra se tomará de la Zona #9, una zona de oro de alta ley hospedada en metasedimentos que se extiende desde la roca madre hasta una profundidad de 350 metros, con recuperos de oro de hasta el 98%.
La empresa debe esperar 45 días para que MINAS acepte el Plan de Cierre antes de comenzar los trabajos en superficie. Los permisos adicionales que se están procesando incluyen la Aprobación de Cumplimiento Ambiental y el Permiso para Tomar Agua para los trabajos mineros subterráneos.
갈레온 골드 (TSXV: GGO)는 온타리오 주 팀mins에 위치한 100% 소유의 웨스트 캐시 골드 프로젝트에 대한 대량 샘플 프로그램을 위한 폐쇄 계획을 제출하라는 초대를 광업부로부터 받았습니다. 이 계획은 자산 복원을 위한 139만 978달러의 재정 보증이 필요합니다.
대량 샘플 프로그램은 약 86,500톤을 8.13g/t 금의 등급으로 추출하도록 설계되어 있으며, 회수 전에 22,600온스의 금이 포함될 것으로 예상됩니다. 샘플은 모암에서 350미터 깊이까지 확장된 고급 관성암 쿼츠 영역인 #9 구역에서 채취됩니다. 금 회수율은 최대 98%입니다.
회사는 표면 작업을 시작하기 전에 MINES가 폐쇄 계획을 수락할 때까지 45일을 기다려야 합니다. 추가로 처리 중인 허가는 환경 준수 승인 및 지하 채굴 작업을 위한 물 취득 허가가 포함됩니다.
Galleon Gold (TSXV: GGO) a reçu une invitation du ministère des Mines pour soumettre un plan de fermeture pour un programme d'échantillonnage en vrac au sein de son projet West Cache Gold, dont il détient 100% à Timmins, Ontario. Le plan nécessite une garantie financière de 1.390.978 $ pour la restauration de la propriété.
Le programme d'échantillonnage en vrac est conçu pour extraire environ 86.500 tonnes avec une teneur de 8,13 g/t d'or, contenant une estimation de 22.600 onces d'or avant récupération. L'échantillon sera prélevé dans la Zone #9, une zone aurifère à haute teneur hébergée dans les métasédiments, s'étendant de la roche en place à une profondeur de 350 mètres, avec des taux de récupération d'or allant jusqu'à 98%.
L'entreprise doit attendre 45 jours pour que le MINES accepte le plan de fermeture avant de commencer les travaux de surface. Les permis supplémentaires en cours de traitement incluent l'Approvisionnement en conformité environnementale et le permis de prélèvement d'eau pour les travaux miniers souterrains.
Galleon Gold (TSXV: GGO) hat eine Einladung vom Ministerium für Bergbau erhalten, einen Schließungsplan für ein Großprobenprogramm in seinem 100% im Besitz befindlichen West Cache Gold Projekt in Timmins, Ontario, vorzulegen. Der Plan erfordert eine finanzielle Sicherstellung in Höhe von 1.390.978 $ für die Wiederherstellung des Grundstücks.
Das Großprobenprogramm soll ungefähr 86.500 Tonnen mit einer Gehalt von 8,13 g/t Gold entnehmen, was geschätzte 22.600 Unzen Gold vor Rückgewinnung enthält. Die Probe wird aus Zone #9 entnommen, einer hochgradigen metasedimentär gehosteten Goldzone, die sich vom Grundgestein bis in eine Tiefe von 350 Metern erstreckt und Goldrückgewinnungen von bis zu 98% ermöglicht.
Das Unternehmen muss 45 Tage warten, bis das MINES den Schließungsplan akzeptiert, bevor die Oberflächenarbeiten beginnen können. Weitere bearbeitende Genehmigungen umfassen die Genehmigung zur Einhaltung von Umweltstandards und die Genehmigung zur Wasserentnahme für unterirdische Minenarbeiten.
- Bulk sample program contains significant gold content: 86,500 tonnes at 8.13 g/t gold (22,600 ounces)
- High gold recovery rate up to 98% demonstrated
- Project advancing through permitting process with clear timeline (45-day review period)
- Zone #9 shows exploration potential below 350 meters depth
- Required financial assurance of $1,390,978 impacts cash position
- Multiple pending permits still required before operations can begin
Bulk Sample Program to Deliver Pre-feasibility Data and Derisk Mine Development
Toronto, Ontario--(Newsfile Corp. - February 10, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to announce it has been issued a letter from the Ministry of Mines ("MINES") inviting the Company to submit its Closure Plan for a Bulk Sample on its
Financial Assurance in the amount of
Comment from CEO
David Russell, President and CEO of Galleon Gold commented, "Permitting a project is a multi-faceted process, including steps to ensure efficient engineering design, baseline studies to understand the surrounding environment, and robust community consultation. As we embark upon our mission to build Timmins' next gold mine, we are committed to establishing a framework for responsible development and community engagement at all stages of the project's lifecycle."
Next Steps
MINES has within 45 days of receipt of the Closure Plan to accept it for filing. Once the Closure Plan is formally accepted the Company can begin surface work and pre-development activities in preparation for underground development. The Company has also prepared permit applications for Environmental Compliance Approval (ECA), which includes air, noise, waste, and industrial sewage, along with the Permit to Take Water (PTTW), which regulates the usage of surface water and the dewatering of underground mine workings. Other various construction permits for the development of site infrastructure are in-process.
Bulk Sample Details and Figures
The bulk sample has been designed for approximately 86,500 tonnes grading 8.13 g/t gold and contains an estimated 22,600 ounces of gold (prior to recoveries). Figure 1 shows the location of the contiguous 10,370 ha property package in relation to producing and past-producing mines in the West Porcupine Gold Camp. Figure 2 shows an overview of the site plan for the bulk sample while Figure 3 depicts the box cut, portal, ramp and the four stopes planned to be mined from Zone #9 at a depth of 150 - 210 vertical meters below surface. Zone #9 is a high-grade metasedimentary-hosted gold zone that extends from the bedrock interface to a known depth of 350 vertical meters below surface. Gold is associated with semi-massive to massive sulphide mineralization and has shown to be well-liberated and amenable to high recoveries up to
Figure 1 - Location
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Figure 2 - Site Layout for Planned Bulk Sample
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Figure 3 - Planned Portal and Underground Workings for Bulk Sample
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Technical Content and Qualified Persons
The technical content of this news release has been reviewed and approved by West Cache Gold Project Manager Leah Page, P. Geo. (GNS #217) a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Galleon Gold at the PDAC
Galleon Gold invites investors and shareholders to visit booth #2911 at the Investor Exchange in the South Building at the Metro Toronto Convention Center from March 2 to 5, 2025.
About the West Cache Gold Project
The West Cache Gold Project is an advanced-stage gold exploration project covering approximately 10,370 ha located 13 km west of Timmins, Ontario on Provincial Highway 101. It is situated in the Western Porcupine Gold Camp along the Destor-Porcupine Fault corridor within the Abitibi greenstone belt, approximately 7 km northeast of Pan American Silver's Timmins West Mine. 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 advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. A 2022 Preliminary Economic Assessment (PEA) for the Project demonstrates strong economics. The Company is in the process of submitting permit applications for an 86,500-tonne underground bulk sample.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
www.galleongold.com
Forward-Looking Statements
This news release contains certain "forward looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240248
FAQ
What is the expected gold content of Galleon Gold's West Cache bulk sample program?
What is the financial assurance required for Galleon Gold's West Cache project?
What is the timeline for Galleon Gold's Closure Plan approval?
What is the gold recovery rate expected at Galleon Gold's Zone #9?
What additional permits does Galleon Gold need for the West Cache project?
