Markets

Galleon Gold: New high grade gold discovery at West Cache

That’s the nice thing about exploration: you never know exactly what’s coming up. Routine can suddenly become a new discovery. That is exactly what it seems now Galleon Gold (TSXV: GGO; FRA: 3H9) happened to be. The Company is routinely completing a 15,000 meter infill drilling program on its West Cache project in Timmins this summer.

But instead of just confirming known mineralization, the company announced a veritable new discovery yesterday! At just 153 meters vertical depth, core hole WC-20-030 intersected a wide 9.7 meter long zone grading 7.16 g / t gold including a higher grade subinterval grading 14.75 g / t Au over 3.0 meters. That would be remarkable in itself, but it’s the context that really makes this result special. The geologists suspect a connection to the Discovery borehole TPW-11-30, which was made exactly ten years ago.

Figure 1: Location of West Cache just eight miles outside of Timmins, Ontario.

Figure 2: Geologists speculate about a connection between WC-20-030 near the surface and the mineralization located vertically around 700 meters lower, which was discovered ten years ago, among other things, by the TPW-10-30 well. Are the two high grade zones possibly related? This is currently being tested through further drilling.

Figure 3: There are around 500 meters and ten years between the two drill cores. Because WC 20-030 has now been drilled, while TPW 10.30 was already drilled in 2010. The geologists are encouraged by the fact that the drill cores show the same type of mineralization.

Ongoing drilling and geological work is now focused on determining whether the new discovery is actually related to the depth zone in the West Deep area. West Deep contains the most consistent high grade gold mineralization found on the property to date. The floor of the West Deep Gold mineralization currently being drilled is located 940 meters vertically below the rock surface. The geologists believe they can identify similarities between the two gold zones: both are broader and higher-grade gold zones with pronounced pyrite and sphalerite sulfide mineralogy. In addition, similar sediments dominate the composition of the host rock.

R. David Russell, President and CEO of Galleon Gold, commented, “We are pleased with the ongoing results of definition drilling on the property and are particularly interested in what the discovery hole (WC-20-030) will do in the up dip extension of the high grade Zone West Deep could be. The infill drilling continues to define and expand known gold zones and a more thorough examination of the entire core hole has identified interesting new mineralized shears. When we look at the size of the property and the extent of currently known gold mineralization in the context of the current gold market, it is hard not to be enthusiastic. “

West Cache is ideally located just west of Timmins with excellent motorway and electricity access. If the drilling continues to produce positive results in a timely manner, Galleon shareholders can look forward to updating the resource and completing a PEA.

The West Cache gold project is located eight miles west of Timmins Ontario and is accessed by Provincial Highway 101 and secondary access roads. It is located along the Porcupine-Destor gold belt, approximately 7 km northeast of Pan American Silver’s Timmins West Mine and 14 km southwest of Newmont’s Hollinger Mine.

Risk notice: The content of www.goldinvest.de and all other information platforms used by GOLDINVEST Consulting GmbH are intended solely for the information of the readers and do not represent any kind of call for action. They are neither explicitly nor implicitly to be understood as a guarantee of possible price developments. Furthermore, they are in no way a substitute for individual, expert investment advice, but rather represent advertising / journalistic texts. Readers who make investment decisions or carry out transactions on the basis of the information offered here act entirely at their own risk. The acquisition of securities involves high risks, which can lead to the total loss of the capital invested. GOLDINVEST Consulting GmbH and its authors expressly exclude any liability for financial losses or the content-related guarantee for topicality, correctness, adequacy and completeness of the articles offered here. Please take note of our Terms of Use.

According to §34 WpHG we would like to point out that partners, authors and / or employees of GOLDINVEST Consulting GmbH can or do hold shares in the companies mentioned and thus a conflict of interest may exist. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values ​​we have discussed during the same period. Therefore, symmetrical generation of information and opinions can occur during this period. Furthermore, a consulting or other service contract can exist between the companies mentioned and GOLDINVEST Consulting GmbH, directly or indirectly, which can also result in a conflict of interest.

Note: PERSONAL-FINANCIAL.COM publishes analyzes, columns and news from various sources in this section. PERSONAL-FINANCIAL.COM AG is not responsible for content that is recognizable as being posted by third parties in the “News” area of ​​this website and does not adopt it as its own. This content can be identified in particular by a corresponding “from” mark below the article heading and / or by the link “To read the full article, please click here.”; The named third party is solely responsible for this content.

Tags

Related Articles

Back to top button
Close
Close