- Galleon Gold (GGO) is continuing to hit compelling grades at a newly discovered zone on its West Cache Gold Project in Ontario
- The latest assay from zone nine brought in grades up to 5.87 grams per tonne of gold over 8.5 metres, starting from 274.5 down
- The ongoing 15,000-metre infill program will help feed data to the project’s upcoming preliminary economic assessment, which is expected by early 2021
- Once the company completes the infill program, its focus will shift back to the notable drill hole, in the hopes of further defining the newly discovered zone
- Galleon Gold is up 4.55 per cent and is trading at C$0.12 per share
Galleon Gold (GGO) is continuing to hit compelling grades at a newly discovered zone on its West Cache Gold Project in Ontario.
The latest assay from the freshly dubbed zone nine brought in grades up to 5.87 grams per tonne of gold over 8.5 metres, starting at from 274.5 down. This notable intersect included a two-metre sub-interval at 10.1grams per tonne.
Other results from the recent drilling included 3.06 grams per tonne of gold over eight metres, and 2.63 grams per tonne also over eight metres.
The ongoing 15,000-metre infill program will help feed data to the project’s upcoming preliminary economic assessment, which is expected by early 2021. Once the company completes the infill program its focus will shift back to the notable drill hole, in the hopes of further defining the newly discovered zone.
Galleon Gold President and CEO, R. David Russell, said it was very exciting to see the drilling and assay data that confirmed the minable open pit structures as expected.
“Although we are still working with limited drill and assay data, this zone could have a very positive impact on the project economics in the upcoming PEA. We plan on drilling off as much of this newer trend as possible by early 2021, while targeting potential new shoots along strike,” he said.
The new zone assays come after an $8 million share raise back in October, when notable precious metals billionaire Eric Sprott doubled down his investment into Galleon Gold, bringing his total stake in the company up to 23 per cent.
Galleon Gold is up 4.55 per cent and is trading at C$0.12 per share at 1:46pm EST.