douginil
2年前
Galleon Gold Initiates Geotechnical Drilling Program at West Cache Project in the Timmins Gold Camp
Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) reports that it has initiated geotechnical drilling in support of permitting initiatives for a planned underground bulk sampling program at its 100% owned West Cache Gold Project (“West Cache” or the “Project”) in Timmins, Ontario.
The Company has identified Zone #9 as the initial target for test mining and will utilize the current layout as outlined in its PEA (published in February 2022), while optimizing the development design as needed. Detailed engineering for the proposed portal and decline, will require the completion of eight geotechnical holes.
R. David Russell, President and CEO of Galleon Gold commented, “We continue to approach the development of West Cache in a systematic manner; completing the necessary steps to submit permit applications for test mining and adding to our knowledge base at the same time. Since the start of 2022, we have effectively identified additional gold resource potential in the vicinity of the bulk sample, advanced the design of the proposed underground development and progressed the permitting process.”
Read more and view graphics at:
https://resourceworld.com/galleon-gold-initiates-geotechnical-drilling-program-at-west-cache-project-in-the-timmins-gold-camp/
douginil
3年前
Galleon Gold Delivers Maiden Preliminary Economic Assessment and Updated Mineral Resource Estimate for West Cache Gold Project
Jan 12, 2022
Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to announce the positive results of an independent maiden Preliminary Economic Assessment (“PEA”), including an updated Mineral Resource Estimate prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) for its West Cache Gold Project (the “Project” or the “Property”), Timmins Ontario. The PEA considers an underground mine utilizing Toll Processing for treatment of mineralized material over an 11-year mine life. All amounts are shown in Canadian dollars unless otherwise stated.
PEA Highlights – West Cache Gold Project
- Pre-Tax Net Present Value at a 5% discount rate (“NPV5%”) of $378 million with Internal Rate of Return (“IRR”) of 33.7%, 3.0 years payback at US$1,700/oz gold price
- After-tax NPV5% of $240 million with IRR of 26.7% and 3.3 years payback
- 11 years Life of Mine (“LOM”) plus two years of ramp-up. Production at 2,400 tpd.
- 940,200 ounces of gold mined over LOM with average annual production of 85,500 ounces. Recovered gold is estimated at 893,200 ounces over the LOM.
- Cash cost of US$814 per ounce and all-in sustaining cost of US$987 per ounce
- Initial capex $150 million
- Alternative scenario for construction of on-site mill demonstrates positive economics (NPV5% $368 million, IRR 24.5%, payback 3.7 years on pre-tax basis)
- Project is now progressing towards bulk sample of Zone #9 and Pre-Feasibility Study, including plans for upgrading and expanding the Mineral Resource
Updated Mineral Resource Estimate Highlights (underground Mineral Resource at 1.6 g/t Au cut-off grade)
- Significant increase in the grade and total ounces in the Indicated and Inferred Mineral Resource classifications
- Indicated Mineral Resource of 472,000 ounces (4,051 kt at an average grade of 3.63 g/t Au)
- Inferred Mineral Resource of 1,088,000 ounces (11,788 kt at an average grade of 2.87 g/t Au)
Comments from the CEO
R. David Russell, President and CEO of Galleon Gold commented, “I am extremely pleased with the first economic valuation for West Cache, as the results from our PEA demonstrate that the project could support a profitable underground mining operation. The PEA incorporates the near-term option of using local toll processing, while also suggesting on-site processing becomes increasingly attractive with further growth in the project’s Mineral Resource.
Based on our geologic model, I believe West Cache has the potential to extend the LOM beyond the initial 11 years by expanding the Mineral Resource downdip and along strike. Moreover, we have explored less than 10% of the Property and recent geological interpretations suggest we should be looking to pursue new exploration targets in untested host rock both north and south of the current Mineral Resource. Our primary exploration goal for 2022 is to add high grade gold ounces and expand the Mineral Resource through surface drilling. In early to mid 2023, pending permits, we plan to commence underground test mining the high-grade Zone #9 area.”
Read more at:
https://resourceworld.com/?na=v&nk=6621-741adf496e&id=1076
douginil
3年前
Galleon Gold Extends Gold Mineralization on Eastern Flank at
West Cache Project
July 21, 2021
Galleon Gold Corp. ]TSXV-GGO] (the “Company” or “Galleon Gold”) is pleased to announce final assay results from the 2021 East Pit extension drill program at the Company’s 100% owned West Cache Gold Project, Timmins, Ontario. With all assays now complete for this area, results continue to confirm the easterly extension of multiple gold zones. This information can now be included in the PEA resource model.
Final East Pit Area Extension Drilling Summary:
Eastward Extension of East Pit - additional 350 meters of mineralization added on strike
East Pit gold system remains open to the east
Potential to add incremental gold resources to the PEA (currently underway)
Multiple near surface intercepts with significant gold grades, including:
o WC-21-195 with 4.5 m at 1.17 g/t (147 to 151.5m)
o WC-21-203 with 2.0 m at 3.61 g/t (44 to 46m) and 5.5 m at 1.13 g/t (117.5 to 123 m)
o WC-21-205 with 4.0 m at 2.32 g/t (53 to 57 m) and 5.5 m at 1.51 g/t (116 to 121.5 m)
o WC-21-208 with 6.0 m at 1.75 g/t (45.5 to 51.5 m)
o WC-21-209 with 4.45 m at 1.23 g/t (36.05 to 40.5 m)
Drilling confirms up-dip projection of historic deeper drilling
Read more at and view graphics at:
https://resourceworld.com/?na=v&nk=6621-741adf496e&id=876
douginil
3年前
Galleon Gold Announces New Discovery at West Cache Gold Project
Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galleon Gold”) is pleased to announce the discovery of a new mineralized area with multiple gold zones at its 100% owned West Cache Gold Project, Timmins, Ontario.
South Area Discovery - multiple gold zones with significant grades and widths
Located in previously undrilled area 50-250 meters south of Zone #9
- Higher grade intercepts, include:
-- WC-21-198 with 2.0 m at 14.54 g/t Au
-- WC-21-192 with 2.0 m at 7.96 g/t Au
-- WC-21-188 with 1.5 m at 8.90 g/t Au
- Significant thicker intervals, include:
-- WC-20-077 with 41.5 m at 1.03 g/t Au
-- WC-21-162 with 10.0 m at 1.28 g/t Au
- WC-21-192 with 9.0 m of 2.53 g/t Au
- Mineralization remains open along strike and down dip
- Portions of the South Area display mineralogic profiles that are similar to the Zone #9 and the West Deep area just to the north
- South Area geology, including mineralogy, structure, and host rock characteristics, suggests similar potential for future discovery of new zones even further to the south in unexplored terrain
Note from the CEO
R. David Russell CEO and President of Galleon Gold comments, “Results from our 2020-21 exploration program have exceeded our expectations. We started with an infill drill program to improve and gain an understanding of the economic potential of the existing mineralization at West Cache and in the process discovered the high-grade Zone #9 shoot. Building on our model for Zone #9 mineral controls, we extended three holes to the south at the end of 2020 and had our first indication that something new and very significant might exist there. We confirmed those early results with a follow-up program in 2021 and made the discovery of the South Area official. It feels like we are just starting to understand the blue-sky potential on this project. I expect as we continue to build on our growing understanding of the mineral controls’ property wide – additional pit and underground targets will emerge. We are also pleased to report that we have now received all assays needed to complete the modelling of the main mineralized areas on the Project as required for completion of the PEA. Progressively longer turnaround times at the labs – typical of the mining industry over the past year or so – have delayed completion of the gold results portion of the West Cache database. Moving forward, the Company has been advised that work over the next 7-8 weeks will be required by P&E Consultants in order to complete the required analysis and write-up to produce preliminary PEA results now due in early September.”
Read more & view tables, maps & graphics at:
https://resourceworld.com/?na=v&nk=6621-741adf496e&id=865
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