Galleon Gold Corp. ]TSXV-GGO] (the “Company” or “Galleon Gold”) is pleased to announce final assay results from the 2021 East Pit extension drill program at the Company’s 100% owned West Cache Gold Project, Timmins, Ontario. With all assays now complete for this area, results continue to confirm the easterly extension of multiple gold zones. This information can now be included in the PEA resource model.
Final East Pit Area Extension Drilling Summary:
- Eastward Extension of East Pit – additional 350 meters of mineralization added on strike
- East Pit gold system remains open to the east
- Potential to add incremental gold resources to the PEA (currently underway)
- Multiple near surface intercepts with significant gold grades, including:
o WC-21-195 with 4.5 m at 1.17 g/t (147 to 151.5m)
o WC-21-203 with 2.0 m at 3.61 g/t (44 to 46m) and 5.5 m at 1.13 g/t (117.5 to 123 m)
o WC-21-205 with 4.0 m at 2.32 g/t (53 to 57 m) and 5.5 m at 1.51 g/t (116 to 121.5 m)
o WC-21-208 with 6.0 m at 1.75 g/t (45.5 to 51.5 m)
o WC-21-209 with 4.45 m at 1.23 g/t (36.05 to 40.5 m)
- Drilling confirms up-dip projection of historic deeper drilling
Note from the CEO
David Russell CEO and President of Galleon Gold comments, “This reported array of drillholes was designed to build on what we have been referring to as the East Pit Extension. This was the second set of holes targeting the eastern margins of our known mineralization, and results confirm the trend is open-ended and our pit and underground potential continues to grow. Although the most recent results provide 350 meters of infill near surface confirmation, we have an additional 2.2 km of strike to the East still to explore – equally important, East Pit mineralization has not been drill tested to the west of the Gap Area, where 300 meters of strike potential offers an immediate target as part of a 2.3 km projection to the property line.”
East Pit “Extension” geology is similar to much of the East Pit area as it represents an eastward extension of the same rock types, structures, and sulfide zones. Some of the more significant of these geologic features, include:
- Multiple gold zones – some on strike with previously drilled mineralization in the East Pit (to the west) – others that represent up-dip near surface extensions from deeper historic drilling
- A lithology largely dominated by volcanic and intrusive rocks that characterize the Bristol Stock area; much of this sequence has historically been labeled a “quartz feldspar porphyry”
- Minor sediment-dominated units composed of interbedded wackes and argillite host rocks
- Simple gold zone sulfide mineralogy consisting of multi-textured pyrite that can occur as bedded bands to remobilized streaks and lenses; minor chalcopyrite is present locally, which is often associated with higher grade intercepts
- Distinctive “bleached” zones of altered volcanics and intrusives with variable fine to coarse grained white mica (sericitic) and/or secondary feldspar associated with mineralized areas; some quartz veining and silicification may be present locally
- Green to grey intervals dominated by a chlorite-carbonate alteration style can also be associated with significant gold zones
Figures and Tables
Figure 1 is a generalized geologic plan map of the West Cache Project area. Figure 2 is a geology plan map focused on the East Pit Extension area while Figures 3 and 4 (cross sections) show the near surface mineralization in relation to deeper historic intercepts. Close-up photos of the East Extension mineralization with corresponding gold grades can be seen in Figure 5. Table 1 contains significant assay results from the East Extension area.
Additional Comments on Reported Drillhole Intercepts
Drillhole information noted in this news release are diamond drillholes producing NQ-sized core. These holes are south-directed angle holes with initial inclinations of -46 to -50 degrees from horizontal. Most intercepts are near perpendicular to the mineralized zone such that the drilled intercepts average approximately 90% of the true thickness of the interval. A copy of the assays and drill hole statistics from the current drill program is available and updated regularly on the Company’s website.
The technical content of this release has been reviewed and approved by West Cache Gold Project Manager Leah Page, P. Geo. (APGNS #217), a “Qualified Person” as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
Quality Assurance (QA) / Quality Control (QC)
Quality Control and Assurance procedures and protocols are executed to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Core produced at the West Cache property is delivered to the Company’s Timmins logging facility by the drill contractor with all logging, cutting, labeling, and bagging completed under supervision of Qualified Geologists. NQ sized core is predominantly sawn in half with one half of the core prepared for shipment, while the other half is retained for future assay verification.
Core samples are transported from the Company’s Timmins logging facility to AGAT Laboratories (sample preparation facility in Timmins) by AGAT personnel. Analysis is completed at AGAT Laboratories in Mississauga, Ontario. Commercially prepared certified reference material (CRM) standards and blanks are inserted every 10 samples. Additionally, samples are selected at a frequency of one for every 10 samples for duplicate analysis of pulp and coarse reject material. All samples reported have been checked against Company and Lab standards, duplicates, and blanks.
About West Cache Gold Project
The West Cache Gold Project is located 13 km west of Timmins Ontario, and is serviced by Provincial highway 101 and secondary access roads. It is situated 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.
About Galleon Gold
Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company’s outstanding common shares and is also the Company’s partner on the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the Company’s flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.
For further information:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.tsx tsxv tsx venture gold diamond tsxv-ggo galleon-gold-corp
Constant Inflation Doubletalk from Fed Erodes Confidence
The summer doldrums in precious metals markets have tested the patience of bulls. The silver market has been hit especially hard…
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
The summer doldrums in precious metals markets have tested the patience of bulls. The silver market has been hit especially hard in recent weeks, but price stayed above the $24 level and avoided dipping to new lows for the year.
Nervous and frustrated investors who bailed out this summer may have made a huge mistake. Gold and silver markets appear to now be catching a break on the upside.
On Thursday, gold gained 2% to record its best close since mid-June. As of this Friday recording, the monetary metal trades at $1,830 an ounce and is up 1.1% for the week.
Turning to silver, prices are advancing by 1.4% this week to check in at $25.62 per ounce. Platinum, which was basically flat through Thursday, now shows a weekly loss of 1.8% to trade at $1,056. And finally, palladium is drifting slightly lower by 0.9% to come in at $2,682 per ounce.
Metals markets stand to benefit from renewed weakness in the dollar.
Since late May, U.S. dollar strength versus foreign currencies had put downward pressure on hard assets. The U.S. Dollar Index rallied from about 89.50 to just over 93 before momentum waned in recent days.
The Index failed to make a new high for the year on its summer rally, setting the stage for a potential bearish reversal. That reversal appears to have taken place this week, with the Dollar Index breaking down below 92 yesterday.
Currency traders were unimpressed by the Federal Reserve’s latest policy briefing. On Wednesday, the Fed announced it would leave its benchmark Funds rate unchanged and continue its $120 billion in monthly asset purchases.
No tapering was on the table, though there was some taper talk. It amounted to vague indications of future tightening after the U.S. economy attains "substantial further progress."
Fed Chairman Jerome Powell tried to quell inflation concerns. He reverted again to his “transitory” claims, but in remarks to the media he seemed confused about what his own definition of transitory inflation means.
Jerome Powell: The increases will happen. We're not saying they will reverse. That's not what transitory means. It means that the increases in prices will happen. So, there will be inflation, but that the process of inflation will stop, so that there won't be ...
When we think of inflation, we really think of inflation going up year, upon year, upon year, upon year. That's inflation. When you have inflation for 12 months, or whatever it might be, I'm just taking an example, I'm not making an estimate, then you have a price increase but you don't have an inflation process. And so, part of that just is that if it doesn't affect longer term inflation expectations, then it's very likely not to affect the process of inflation going forward.
So, what I mean by transitory is just something that doesn't leave a permanent mark on the inflation process. Again, I don't mean that producers are going to take those price increases back; that's not the idea. It's just that they won't go on indefinitely. We have two mandates, maximum employment and price stability. Price stability for us means inflation average of 2% over time. And so, we've got to be very careful about that, but I think it's a good point that it's a term, what it really means is "temporary." But then you've got to understand that it doesn't mean that the increases will be taken back. Some of them will be, but that's not really what it means.
Well, anyone wants to make sense out of all that would need a degree in Fedspeak. We are supposed to believe that stable prices actually means prices rising at a 2% average rate – except when the Fed wants inflation to run higher. But when it does, it’s only transitory – except when it affects the inflation process, which happens when long-term inflation expectations rise, which the Fed says won’t happen but at the same time doesn’t really know what will happen in the future.
Maybe what the Fed says matters less than what economic realities say. Investors would be better served focusing on fundamentals than trying to decipher central bankers’ forecasts.
Unfortunately, investors can’t ignore the Fed entirely. Since its monetary policy decisions can and do drive financial markets, it is necessary to pay attention to what the Fed is actually doing.
Right now it is still stimulating rather than fighting inflation, still holding interest rates artificially low, and still offloading negative real yields upon savers and investors.
That puts both the bond and stock markets in precarious positions. If inflation expectations were to shift to rising prices being a long-term rather than a transitory problem, a dramatic downside readjustment in interest-rate sensitive financial assets would commence.
There would also likely be a dramatic upside revaluation of hard assets including precious metals.
Whether investor psychology shifts suddenly or gradually toward an inflation-protection mindset remains to be seen. Metals markets tend to move slowly at the beginning of bull markets, then rapidly and even violently toward the end.
Market timing is an impossible task given the unpredictable nature of people and circumstances. What is possible is to capitalize on opportunities when markets are over-pricing financial assets and under-pricing hard assets.
The opportunity exists now, but it won’t last forever. There may even come a day when the opposite is true – hard assets are overpriced with inflation expectations running way ahead of actual inflation realities and financial assets offering tremendous value as a result.
Yes, that could happen. It did in the early 1980s.
But the early 2020s look more like the start of a new inflationary cycle rather than the unwinding of one.
Well, that will do it for this week. Be sure to check back next week for our next Weekly Market Wrap Podcast. Until then this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a weekend everybody.
First in Gold Reserves- Russia Plans for Significant Ramp Up of Gold Mining
By Eugene Gerden Russia plans a further major increase of domestic gold mining in years…
By Eugene Gerden
Russia plans a further major increase of domestic gold mining in years to come that will be achieved through the development of new gold mines and accelerating the further development of the already existing gold mines, according to recent statements made by representatives of some leading Russian gold mining companies and local media reports.
In terms of gold reserves, Russia currently ranks first in the world with a share of about 13%, while ranking 3rd in terms of production with a share of about 9%. Last year, gold production in Russia amounted to 340.17 tons, slightly less than in 2019 with a reduction of 0.98%. There is a possibility that gold production in Russia may have already significantly increased this year.
The majority of gold produced in Russia in 2020 was sold for exports, the volume of which amounted to about 320 tons. While a few years ago, exports were insignificant, as the bulk of domestic gold was purchased by the Bank of Russia, the situation has changed in recent years.
Alexey Kalachev, a senior analyst at FINAM Group, one of Russia’s leading analyst agencies in the field of mining and finance, said in an interview with the local Regnum newswire, “active gold purchases by the Central Bank supported the domestic gold mining industry during the period of low prices and allowed the state to form significant gold reserves.”
According to recent statements made by the Minister of Natural Resources of Russia, Alexander Kozlov, “at the current rate of production, gold reserves in Russia will be enough to ensure stable production for the next 40 years.”
Mr. Kozlov goes on to say, “Russia regularly increases its resource base for gold.” This is reflected by official data, since 2010 the country has increased its gold reserves by about 6,000 tonnes.
Over the past decade, three large area plays have been further explored, among them are the Natalkinskoye and Pavlik gold deposits in the Magadan region, the Gross gold deposit in Yakutia and the Verninskoye in the Irkutsk region. Kozlov added, “the Sukhoi Log field in the Irkutsk region and several large areas in the Far East are also being prepared for development.”
According to local analysts, a significant increase in gold production in Russia can be expected from 2026, when production will start at the Polyus owned Sukhoi Log field, one of the largest gold fields in Russia and the world with 40 million ounces proven and probable gold reserves and 67 million ounces measured, indicated and inferred mineral resources.
In recent years, Polyus has significantly strengthened its position in the domestic market as one of the largest gold producers in Russia, which accounts for approximately every fourth ounce of gold mined in Russia at present.
With Sukhoi Log reaching full capacity, the company will increase its production by about 80% and will be one of the top three gold mining companies in the world.
In general, with the commissioning of Sukhoi Log in 2026 total gold production in Russia could grow by about 20%.
According to Deputy Prime Minister and Plenipotentiary of the President of Russia in the Far Eastern Federal District Yuri Trutnev, hopes are also put on the intensification of geological exploration in the Magadan Region, the least populated region of Russia, which could become a new center of gold mining in Russia in years to come. In 2020, the region’s mining enterprises extracted 49.14 tons of gold from ore and placer deposits. That became a record result over the past 45 years, when 49 tons and 600 kg of gold were mined within a territory of the region in 1974.
In addition, a further increase of production is planned for Kamchatka, where a new underground mine and a new stage of processing complex will be established on the basis of the Ametistovoe region in the Kamchatka priority development area, which is the largest gold mining enterprise in Kamchatka.
In general, the authorities of Kamchatka plan to increase gold production to 10 tons by 2022 by commissioning new mining and processing plants. These include an enterprise at the Kumroch gold deposit with a capacity of up to 500,000 tons of ore per year and a processing complex with a capacity of 600,000 tons of ore per year at the Ozernovskoye gold deposit.
For 30 years after the collapse of the USSR, Russia has been developing its gold mining industry. During this time, the country produced more than 6,000 tonnes (194 million ounces) of gold, including associated, secondary and gold in concentrates, providing about 10% of the annual world production.
Mineral resource expansion at one of the largest precious metal and polymetallic deposits in British Columbia
Rokmaster Resources Corp. [RKR-TSXV, RKMSF-OTCQB, IRRI-FSE] is focused on developing the Revel Ridge project, one…
Rokmaster is headed by President and CEO John Mirko, a 40-year veteran of the mineral exploration sector. He is recognized for permitting, constructing, and operating mines, including through receipt of the E.A. Scholtz Medal for Excellence in Mine Development from the Association for Mineral Exploration of British Columbia, and the Mining and Sustainability Award from the Mining Association of British Columbia. Mr. Mirko was the founder & President of Canam Alpine Resources Ltd. prior to its recent sale to Vizsla Silver Corp. in September 2019.
Mineral resource expansion at Revel Ridge is top of mind for Mr. Mirko and Rokmaster, who expect an updated resource estimate by year’s end. The project has an existing measured and indicated resource in the Main Zone of 1.1 million ounces of AuEq at a grade of 8.07 g/t AuEq, and an inferred resource of 961,000 ounces of AuEq grading 6.55 AuEq (excluding Hanging Wall and Footwall Zone resources).
The separate Yellowjacket Zone is a stacked series of subparallel carbonate hosted silver-zinc-lead zones. It contains an indicated resource of 771,000 tonnes of grade 9.93% zinc, 2.61% lead, 0.09 g/t gold and 62.8 g/t silver. The mineral resource estimate does not include results from the company’s recent and ongoing drill program.
Rokmaster’s underground drill program saw an exceptional 85% of drill holes with completed assays intercept above-threshold net smelter return gold equivalent grades. The company also identified visible, particulate gold grains in deeper drillholes. This is important for mineral economics as potentially free milling particulate gold that isn’t locked into a sulphide phase has a high probability of being recovered by standard and lower cost metallurgical processes, including gravity.
In a June 2021 update, the company said exploration data suggests that the volume of mineralized rock outside of the 2020 resource area may be significantly larger than the volume of rock within the 2020 resource domain.
With an active surface drill program currently underway, results continue to confirm and expand on the exceptional continuity of the gold-rich Main Zone mineralization and the silver-zinc rich Yellowjacket style mineralization. Recently returned assays cored 3.9 m of 1,093 g/t AgEq within 14.38 m of 482.4 g/t AgEq. Drilling and geochemical sampling are demonstrating that the Revel Ridge orogenic gold system extends for kilometers beyond historical diamond drill holes.
“Every successful drillhole in this greenfields exploration environment further expands the larger scale potential of the Revel Ridge camp, and in these drill holes we are effectively looking for a new mine,” Mr. Mirko said in a July 16, 2021 news release. “Results from the first seven surface diamond drill holes (RR21-41 to RR21-47) document the significant contribution that the expanded silver-rich, carbonate hosted Yellowjacket Zone will provide to the net resource at Revel Ridge. “
In recent media, Mr. Mirko said the company hopes to release a revised 43-101 Gold equivalent resource once the drilling is complete. Drilling is still underway with assay results pending.
“A welcome challenge for our team is seizing on the impressive size and growing number of tier-one targets,” Mr. Mirko said, adding “This is an enviable position for any junior explorer and a position which is likely unique for many projects in the Western Cordillera.’’
Targeting mine development, Rokmaster released a preliminary economic assessment (PEA) in December, 2020 demonstrating that Revel Ridge has the potential to become a long life, low-cost, robust polymetallic gold-silver mine with strong project economics with a base case price of US$1,561 an ounce gold. Preproduction capital expenditures are forecast to be $396 million.
The PEA leverages Revel Ridge’s extensive infrastructure, including all-weather access roads, local hydroelectric facilities, 3.0 kilometres of underground development, permitted waste rock storage facility, full camp facility, and proximity to the City of Revelstoke.
Key project infrastructure would include a 2,300 tonne per day mill comprising crushing-sorting-grinding-gravity-flotation-POX plant, producing gold/silver doré and saleable zinc and lead concentrates. See a conceptual video of Rokmaster’s mine site and process plant for more.
On July 30, 2021, Rokmaster shares were trading at 51 cents in a 52-week range of 76 cents and 20.5 cents, leaving the company with a market cap of $54 million, based on 104.9 million shares outstanding.tsxv otcqb gold silver zinc diamond
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