- Galleon Gold Corp (TSXV:GGO) is set to conduct a 19,000-metre drill program at the West Cache Gold Project in Ontario
- The first phase will drill 4,000 metres across 30 holes, further outlining the mineralised gold zones on the property
- The second and third phase will total 15,000 metres of drilling and will dive deeper into the earth looking to define mineralisation at depth
- The company will use the drilling program to build an updated mineral resource, which will then feed into the preliminary economic assessment
- Galleon Gold Corp (GGO) is up 8.3 per cent and is trading at C$0.065 per share
Galleon Gold Corp (TSXV:GGO) has revealed its upcoming drill plans at West Cache Gold Project, situated in the Timmins gold camp in Ontario.
The company has funded a 4000-metre drilling program for phase one, to provide a better definition and confirmation of the mineralised gold zones on the site. The company will drill 30 holes, 50 metres apart, looking to define the continuity of the gold veins on the project.
Following the phase one program, the company has budgeted a second and third phase of drilling for a total of 15,000 metres.
The second phase will explore known zones of deep, high grades mineralization for underground exploration and mine planning. This will follow up on newly identified targets from phase one.
Results from the three-phase drilling program will be used to update the company’s mineral resource estimate for the property, which was developed in 2013.
This updated mineral resource will then feed into a new preliminary economic assessment for the project.
West Cache has had a long history of exploration, sitting in a central location in one of Canada’s longest operating gold camps in the Timmins camp.
West Cache has had a whopping 160 kilometres of drilling conducted on it, with 325 holes sunk into the property.
Chairman and CEO of Galleon Gold, R David Russell, said he was very pleased to kickstart the next phase of development at the project.
“Building upon the existing extensive drill hole database we have been able to design a program that will lead to the completion of a preliminary economic assessment.
“We believe the PEA when completed should set the parameters for the next open put and underground gold mine to be built in the West Timmins gold camp,” he said.
Galleon Gold Corp (GGO) is up 8.3 per cent and is trading at C$0.065 per share at 11:30 am EDT.