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Galleon Gold provides West Cache resource update

Eric Sprott-backed Galleon Gold has updated the resource for its flagship West Cache project in Ontario ahead of a preliminary economic assessment.
Galleon Gold provides West Cache resource update Galleon Gold provides West Cache resource update Galleon Gold provides West Cache resource update Galleon Gold provides West Cache resource update Galleon Gold provides West Cache resource update

Galleon Gold’s West Cache project in Ontario

Staff reporter

Galleon acquired the project in June 2020, which had a 2013 resource of 609,000 ounces indicated and 470,000oz inferred. 

Yesterday's update put the indicated component at 13.4 million tonnes grading 1.52g/t for 657,000oz and inferred at 11.7Mt at 1.71g/t for 640,000oz.

"The PEA, which is currently underway, will build upon the West Cache story and outline the design plan for a bulk sample of our Zone #9 high grade mineralised shoot along with stages of development for openpit and additional underground mining," CEO and president David Russell said.

"Our ultimate goal is to stand shoulder to shoulder with other mine operators in the Timmins camp."

Recent metallurgical results on samples from Zone #9 returned up to 96% gold.

Galleon sold its non-core Kidd and Carnegie properties in Ontario last month to a private company and TSXV-listed Noble Mineral Exploration for C$250,000 and 2 million Noble shares.

Sprott holds 23% of Galleon and is its partner on the Neal gold project in Idaho.

Galleon shares (TSXV: GGO) have spanned 6.5-14.5c over the past year and closed down 1c or 11% yesterday to 8c, capitalising it at $37.7 million (US$29.6 million).