- Galleon Gold (TSXV:GGO) has picked up eight more land parcels at its West Cache gold project in Ontario
- The company purchased the properties off the Dwyer family, who have owned the land for over 100 years
- The family will retain a two per cent net smelter fee, which Galleon can purchase off the family for C$2 million
- In related news, the company has agreed to settle a debt incurred by its subsidiary, by issuing 4.5 million shares to a vendor for services rendered
- Galleon Gold (GGO) is down six per cent and is trading 14 cents per share
Galleon Gold (TSXV:GGO) has picked up eight more land parcels at its West Cache gold project in Ontario.
Galleon secured the properties from the Dwyer family, who have held the properties for over 100 years. The family will retain a two per cent net smelter fee, which Galleon can purchase off the family for C$2 million.
The claims are along strike and sit 600 metres from the proposed open pit mine on the West Cache property. Galleon now holds two kilometres of property along the strike zone.
Galleon also revealed it would begin drilling on West Cache project. The company stated prospective areas and drill targets on the Dwyer land will start to be identified and drill tested in the second phase of the drill program.
Galleon also reached a debt settlement for services rendered to its subsidiary Explore Resources. Galleon will issue 4.5 million shares to an unnamed vendor to settle the debt with Explore Resources.
President and CEO R David Russell said he was excited to be adding the land parcel into the company’s holdings.
“We have previously drilled core holes that have intersected mineralization very close to the eastern boundary of the West Cache property and the eastern boundary of the West Cache property and the western Dwyer land boundary.
“This may prove to be a very strategic move by the company. With additional exploration drilling we believe we will be able to demonstrate that the structure that already hosts a gold resource will continue onto this new ground,” he said.
Galleon Gold (GGO) is down six per cent and is trading at 14 cents per share at 2:00 pm EDT.
