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TORONTO: January 12, 2021.  Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to announce additional gold intercepts in and around the recently discovered Zone #9 high grade shoot at its 100% owned West Cache Gold Project, Timmins, Ontario. Recent drilling confirms that Zone #9 continues to show favorable grade continuity and widths within the shoot at depth.  Current drilling is expected to provide better near-surface definition and test the shoot to greater depth.

Highlights

  • WC-20-081 intersected 8.68 g/t Au over 10.0 m, from 276 to 286 m including sub-intervals of 12.25 g/t Au over 2.0 m and 12.04 g/t Au over 2.0 m
  • WC-20-080 intersected 8.25 g/t Au over 9.0 m, from 190 to 199 m including a sub-interval of 19.7 g/t Au over 1.0 m
  • WC-20-079 intersected 3.37 g/t over 5.0 m from 161 m to 166 m including a sub interval of 6.43 g/t over 1.0 m

“We are starting to see the emergence of a significant ore shoot, and as we trace it down dip and along strike, the grades and widths continue to be impressive. I am particularly pleased to see the continuity of the mineralized interval in Hole 81 and our growing ability to predict the orientation of the shoot with increasing accuracy. These are the types of grades and thicknesses that add to, and strengthen, the overall results of the gold project as the PEA is being developed by our third-party consultant, P & E Mining Consultants. As we spend more time modelling the geology at West Cache, the blue-sky potential is tremendous,” comments R. David Russell CEO and President of Galleon Gold.

Figures and Tables

Figure 1 provides a cross-sectional view of five newly reported Zone #9 intervals, while Figure 2 shows a plan view of the 2020 Zone # 9 drill hole collar locations.  The Figure 3 plan map indicates holes announced in this press release, while also providing planned hole locations.  Figure 4 illustrates the dip orientation of the Zone #9 ore shoot in relation to previously modelled pit shapes.  Table #1 summarizes assay and drill hole information. A full copy of the assays and drill hole statistics, from the current drill program, is available on the Company’s website.

Table 1  West Cache Zone #9 Drill Intercepts

Hole ID

From (m)

To (m)

Length (m)

Au (g/t)

WC-20-076

107.8

110.0

2.3

1.61

WC-20-077

58.9

61.5

2.6

1.16

WC-20-078

108.0

110.0

2.0

1.19

WC-20-079

161.0

166.0

5.0

3.37

including

162.0

163.0

1.0

6.43

WC-20-080

185.0

199.0

14.0

5.8

including

190.0

199.0

9.0

8.25

including

190.0

195.0

5.0

10.27

WC-20-081

276.0

286.0

10.0

8.68

including

279.0

281.0

2.0

12.04

including

284.0

286.0

2.0

12.25

         

2020 West Cache  # 9 Drill Intercepts previously released

         

WC-20-027

239.7

240.7

1.0

1.40

WC-20-030

234.0

243.7

9.7

7.41

including

234.0

237.0

3.0

14.75

WC-20-031

274.5

283.0

8.5

5.87

including

277.0

279.0

2.0

10.09

WC-20-037

167.7

171.0

3.3

1.23

including

167.7

168.7

1.0

2.80

WC-20-042

237.0

247.7

10.7

7.44

including

239.8

243.1

3.3

8.88

including

244.8

247.7

2.9

10.19

WC-20-045

187.0

194.0

7.0

1.96

including

189.0

193.0

4.0

2.92

WC-20-053

148.0

156.0

8.0

3.06

including

148.0

149.0

1.0

7.53

WC-20-054

184.5

201.0

16.5

1.97

including

190.0

198.0

8.0

2.63

including

190.0

192.0

2.0

4.64

WC-20-075

54.0

58.0

4.0

6.60

including

55.0

57.0

2.0

10.87

Note: all drill intercepts average approximately 90% true thickness.

 

Qualified Person and Quality Control

The technical content of this release has been reviewed and approved by Chris Dupont, P. Eng, a “Qualified Person” as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.  Quality Control and Assurance procedures and protocol include the insertion of one blank or standard for every 10 samples submitted for assay in addition to the insertion of standards, duplicates, and blanks inserted by AGAT Laboratories using the prep facility in Timmins, ON and analytical lab in Mississauga, ON. All gold values utilize common fire assay procedures with an AA finish, although assays over 10 g/t are re-analyzed by fire assay with a gravimetric finish.  All samples reported have been checked against Company and Lab standards, duplicates and blanks.  Sample prep includes all sample material crushed to 75% passing 2 mm with a 300 g split pulverized to 90% passing 200 mesh to create the 30 gram sample for fire assay.  All core logging and sampling were completed in-house at the Company core facility in Timmins, ON.  Core produced in the field is delivered to the Company’s Timmins warehouse every morning with all logging, cutting, labeling and bagging completed by supervised personnel.  Bagged core samples for assay are picked up twice a week by AGAT personnel for delivery to their prep facility across town.

About West Cache Gold Project 

The West Cache Gold Project is located 13 km west of Timmins Ontario, it is serviced by Provincial highway 101 and secondary access roads. It is situated along the Porcupine-Destor gold belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine.

About Galleon Gold 

Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company’s outstanding common shares and is also the Company’s partner on the Neal Gold Project in Idaho. Drilling is currently underway at the Company’s flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.

For further information:
Galleon Gold 
R. David Russell
Chairman and CEO
T. (416) 644-0066
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www.galleongold.com

Forward Looking Statements
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, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. 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.