Exciting times for Galleon Gold

ground bulk sample,” said David Russell, President and CEO of Galleon Gold.

“Progressing to the test mining stage is an important step for West Cache, as we continue to de-risk the project,” Russell added. “Not only should the gold produced from the bulk sample cover the development costs; but the data collected from the stope development, milling and gold recoveries will support pre-feasibility work.”

Cont’d from pg. 44 exploration drilling program and announced one of the best Zone #9 intercepts to date (determined by grade x thickness) of 15.6 g/t Au over 7.6 m within a broader zone of 7.41 g/t Au over 18.1 meters. The drilling program also discovered additional ounces of gold in the South Area with intercepts of 13.29 g/t Au over 4.5 m (incl. 79.2 g/t Au over 0.7 m) and 5.23 g/t Au over 5.7 m.

The Company received a new 21- year mining lease – an important milestone for the West Cache project. Lease status is required before mining activities such as infrastructure development and ore extraction can be conducted on the property.

Finally, Galleon progressed with the underground bulk sample permitting and baselines studies; and initiated geomechanical and geotechnical drill programs in support of the detailed design of the all in support of the Zone #9 bulk sample facilities and underground access detail design. Geomechanical hole WC-22-219A intersected Zone #9 and returned 9.97 g/t Au over 5.0 m within a broader zone of 5.53 g/t Au over 12.5 m.

The company completed 3,527 meters of NQ drilling in eight exploration drill holes or drill hole extensions to better define multiple gold-bearing zones located 300 meters south of Zone #9 and only 100 meters south of planned development ramps.

There are two predominant mineralized horizons emerging in the South Area felsic metavolcanic unit, the “Upper South Zones” just below the contact with metasediments and the “Lower South Zones” nearer the metavolcanic unit’s lower contact with metasediments. The upper zones dip 55° to the north like Zone #9 while the lower zones dip 80° to vertical.

Drill program nears completion

Galleon is close to completing its geotechnical overburden drill program by the end of the first quarter of 2023. Information from this program, along with third-party detailed engineering work, will be included in the permit application for the mine.

The updated mine plan for the bulk sample

The company updated its mine plan for the bulk sample. The bulk sample is estimated to extract 86,500 tonnes of sulphide mineralization grading 8.13 g/t gold and containing an estimated 22,600 ounces of gold.

1) box cut and portal design,

2) ground support recommendations,

3) stope size and dilution estimates.

In late 2022, Galleon Gold completed 876 meters of HQ3 geomechanically drilling in eight (8) holes and commenced overburden (till) drilling and test pit sampling –

Galleon enters 2023 with an ambitious agenda

“Our permit application work is in full swing and we are well into the detailed engineering of the portal and decline for the under-

Public consultation meetings will be announced in the next few months and pending approval of the permit(s) the company plans to start construction of some of the site infrastructure. Detailed progress reports will be provided as work advances, including power line drop and connections, infrastructure builds, and the progress of the portal and decline.