202616 releases
Galleon Gold Extends Zone #9 Corridor at West Cache to Over 500 Metres of Vertical Extent
Drilling at the 100%-owned West Cache Gold Project near Timmins, Ontario extended Zone #9 mineralization 360 metres down-plunge (350 metres down-dip) from the planned bulk sample stopes to a vertical depth of 500 metres. WC-26-238 returned 2.03 g/t Au over 23.25 m, including 6.01 g/t Au over 4.05 m; WC-26-240 returned 2.61 g/t Au over 12.0 m, including 3.32 g/t Au over 9.0 m; WC-26-236 returned 0.59 g/t Au over 11.3 m, extending strike beyond 125 m. Continuity with the West Deep zone has not been demonstrated.
Drill resultsGalleon Gold Awards Underground Development to Aki-Dumas, Advancing West Cache Bulk Sample Program
A Limited Notice to Proceed and Letter of Award for underground development at the West Cache Gold Project near Timmins, Ontario have been issued to Aki-Dumas Limited Partnership, a partnership between Mattagami First Nation and Dumas Contracting Ltd., a subsidiary of STRACON Group Holding Inc. Initial work covers detailed engineering, development planning, procurement of long-lead items and mobilization, with a definitive underground development agreement to be finalized later. The underground development will provide access for a planned 86,500-tonne bulk sample program.
CorporateGalleon Gold Announces Retirement of Director
Mario Colantonio has retired as a director of Galleon Gold Corp., effective immediately. The company is advancing the West Cache Gold Project, including an upcoming 86,500-tonne bulk sample program.
ManagementGalleon Gold Hits 16.07 g/t Au Over 9.25 m in Major Down-Dip Extension of Zone #9 at West Cache
Drill hole WC-26-237 at the 100%-owned West Cache Gold Project near Timmins, Ontario returned 4.07 g/t Au over 40.9 m, including 12.69 g/t Au over 12.35 m and 16.07 g/t Au over 9.25 m. The intercept lies about 295 m down-plunge (275 m down-dip) from the planned bulk sample stopes and 440 vertical metres below surface, with roughly 200 m of projected plunge untested. Assays from WC-26-236, WC-26-238 and WC-26-240 are pending. The fully financed 86,500-tonne bulk sample program targets Zone #9 between the 150 m and 210 m levels, with access roads, hydro line and box cut excavation complete.
Drill resultsGalleon Gold’s 2026 Drilling Confirms Down-Dip Continuity at Zone #9 and Expands South Zone Footprint
First results from an 18,000-metre 2026 drill program at the 100%-owned West Cache Gold Project near Timmins, Ontario returned 5.13 g/t Au over 9.97 m, including 8.81 g/t Au over 4.10 m, within 3.00 g/t Au over 18.75 m in hole WC-26-235, and 5.04 g/t Au over 5.91 m within 2.10 g/t Au over 22 m in WC-26-234. Hole WC-26-227 cut 5.16 g/t Au over 3.00 m 25 m below surface and 7.77 g/t Au over 1.00 m in the South Zone. Drilling continues about 450 vertical metres below surface, with assays pending.
Drill resultsGalleon Gold Announces Results of Annual and Special Meeting of Shareholders
All resolutions at Galleon Gold's Annual and Special Meeting held May 20, 2026 were approved, with R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Michael Hobart and Richard F. Nanna elected as directors; Gerhard Merkel did not stand for re-election and will move to an advisory role. Disinterested shareholders voted 99.8% in favour of a resolution permitting issuance of up to 27,152,777 common shares on exercise or conversion of warrants and a convertible debenture held by Pan American Silver Corp., creating a new Control Person. Grant Thornton LLP was re-appointed auditor and the stock option plan continued.
CorporateGalleon Gold Announces Issuance of Shares for Interest Payment on Convertible Debentures
An aggregate of $114,398.23 in accrued interest on convertible debentures issued April 12, 19 and 29, 2024 has been satisfied through the issuance of 110,866 common shares to debenture holders. The shares are subject to a four month and one day hold period ending September 13, 2026, and the Company has received final acceptance of the TSXV.
FinancingGalleon Gold Announces Interest Payment on Convertible Debentures
Interest accrued on convertible debentures will be satisfied through the issuance of common shares rather than cash. For the debentures issued April 12 and April 19, 2024, $86,537 of interest due April 12 and April 19, 2026 will be settled with 83,551 common shares; for the April 29, 2024 debentures, $27,861 due April 29, 2026 will be settled with 27,315 shares. The issuance requires TSX Venture Exchange approval and the shares carry a four-month hold period.
FinancingGalleon Gold Completes Box Cut Excavation at West Cache Project
Box cut excavation has been completed at the 100%-owned West Cache Gold Project near Timmins, Ontario, with bedrock now fully exposed and excavation walls built at a 4:1 slope ratio, and armoring of the walls underway. Geologists have begun mapping and sampling the exposed bedrock to assess the westward extension of mineralized zones in the current Mineral Resource Estimate. Preparation for construction and blasting of the box cut, required to start the decline into the planned 86,500-tonne bulk sampling area, is proceeding.
CorporateGalleon Gold Amends Credit Agreement with Pan American Silver
An amendment to the credit agreement with Pan American Silver removes provisions that allowed interest payments and standby fees to be settled in common shares, so all interest and standby fee obligations are now payable exclusively in cash, with all other material terms unchanged. Pan American is a related party under MI 61-101, and the Company relied on exemptions from formal valuation and minority approval requirements. Galleon also granted 875,000 stock options at $0.98, vesting immediately and expiring March 31, 2031.
FinancingGalleon Gold Provides Corporate and Operational Update
Surface development at the West Cache Gold Project near Timmins, Ontario is on schedule, with the Category 2 Permit to Take Water received following the Category 3 PTTW earlier in March, hydro line installation substantially complete and energization expected in early April, box cut overburden removal progressing, the temporary water treatment system commissioning underway, and an RFP issued for underground mine development and stoping services. Exploration drilling has begun targeting extensions of known high-grade zones. Leah Page was appointed VP, Exploration and Lisa Buchan promoted to EVP, Strategy and Corporate Development.
CorporateGalleon Gold Receives Key Water Permit and Initiates Box Cut at its West Cache Gold Project in Timmins, Ontario
A Category 3 Permit to Take Water has been issued by the Ontario Ministry of the Environment, Conservation and Parks for the 100%-owned West Cache Gold Project in Timmins, Ontario, allowing Galleon Gold to begin primary box cut excavation toward underground portal and ramp access for a planned 86,500-tonne bulk sample program. The company also received MECP compliance approval for air and noise. Site clearing, erosion controls, road upgrades and earthworks are complete, with hydro pole and line installation about 60% done.
CorporateGalleon Gold Announces Start Date for Exploration Drill Program at West Cache Project
Phase one of the 2026 exploration diamond drill program at the wholly owned West Cache Gold Project near Timmins, Ontario is scheduled to begin on February 23, 2026. NPLH Drilling of Timmins has been contracted for the 18,000-metre program, which is expected to continue through the winter and spring, with results released as assays are received and validated. The drilling targets extensions of known high-grade zones within and adjacent to the current resource envelope.
Drill resultsGalleon Gold Begins Trading on the OTCQX Under Symbol “GGOXF”
Galleon Gold has qualified to trade on the OTCQX Best Market, graduating from the OTCID Basic Market, and begins trading today under the symbol GGOXF. The company remains listed on the TSXV as GGO and the FSE as 3H90. Galleon Gold is focused on the West Cache Gold Project in Timmins, Ontario, located 7 km northeast of Pan American Silver's Timmins West Mine, and is planning an 86,500-tonne bulk sample program.
CorporateGalleon Gold Moves West Cache into Execution Phase with Surface Development Underway
Surface site development has begun at the wholly owned West Cache Gold Project near Timmins, Ontario, supporting extraction of an approved 86,500-tonne bulk sample. The initial construction phase was awarded following an RFP to Aki-Caron, a joint venture between Caron Equipment Inc. and Mattagami First Nation, covering the mine area pad, access and haul roads, overburden boxcut excavation, stockpiles and initial water management infrastructure. Clearing for the 27.6 kV distribution line is complete and high-voltage line installation is approximately 60% complete.
CorporateGalleon Gold's 2025 Year in Review and Execution Roadmap for 2026
A total of $91.5 million was raised in 2025 — $15.5 million in convertible debentures, $30 million in equity and a $46 million senior secured debt facility — funding a planned 86,500-tonne bulk sample at the West Cache Gold Project in Timmins, Ontario, for which Ontario accepted the Closure Plan in April 2025. Pan American Silver invested $8 million in convertible debt and $11.25 million in equity, and a 3% NSR royalty was repurchased from a Newmont subsidiary. 2026 plans include surface infrastructure, underground decline development and infill and exploration drilling.
Corporate
202522 releases
Galleon Gold Completes Repurchase of Royalty on the West Cache Project
A 3% net smelter return royalty on the West Cache Gold Project in Ontario has been repurchased from a wholly-owned subsidiary of Newmont Corporation, completing a transaction first announced October 16, 2025. Galleon Gold exercised its right to buy back 1% of the royalty for $1,000,000 and paid $10,000,000 for the remaining 2%, in Canadian dollars. The royalty is fully extinguished, leaving West Cache's principal resource unencumbered by NSR royalties. An 86,500-tonne bulk sample program is planned.
AcquisitionGalleon Gold Completes $46 Million Senior Secured Debt Financing with Pan American Silver Corp
A credit facility of up to $46 million has been entered into with Pan American Silver Corp., with a 24-month maturity, interest at the 12-month prime reference rate plus 7.00%, a 2.5% arrangement fee, a 1.6% annual standby fee, and first-ranking security over substantially all assets, including the West Cache Gold Project in Ontario. Funds will advance underground development and infrastructure for the bulk sample program, with an initial $11 million draw repurchasing the existing 3% net smelter return royalty. Pan American will take its $1,150,000 arrangement fee in 1,074,766 common shares at $1.07 per share.
FinancingGalleon Gold Announces Grant of Stock Options
A total of 4,530,000 stock options have been granted to directors, officers, employees and consultants under Galleon Gold's stock option plan. Each option is exercisable into one common share at $0.73, vests immediately and expires on December 8, 2030. The company is advancing the West Cache Gold Project through resource expansion and an upcoming 86,500 tonne bulk sample program.
CorporateGalleon Gold Announces Closing of Oversubscribed $30M Financing with Lead Orders from Pan American Silver and Eric Sprott
Closing of equity financings totalling $30,000,000 through the issue of 50,000,000 units at $0.60 per unit, comprising 31,250,000 units under a brokered offering including full exercise of the over-allotment option and 18,750,000 units in a non-brokered private placement with Pan American Silver Corp., which subscribed for $11,250,000; Eric Sprott subscribed for $3,000,000 and insiders for 5,550,000 units ($3,330,000). Each unit includes a half warrant exercisable at $0.75 until December 4, 2027. Proceeds will fund exploration and bulk sample infrastructure at the West Cache Gold Project, Ontario.
FinancingGalleon Gold Receives Indicative Term Sheet for a $46 Million Debt Facility from Pan American Silver and Announces $25 Million in Equity Financings
An indicative term sheet has been executed for a $46 million debt facility from Pan American Silver Corp., alongside a $10,250,000 non-brokered private placement to Pan American and a $14,750,000 best-efforts LIFE offering of 24,583,333 units, both priced at $0.60 per unit with half-warrants exercisable at $0.75 for 24 months. Proceeds will fund surface infrastructure and underground development for the bulk sample program at the West Cache Gold Project in Timmins, Ontario, and repurchase of a 3% net smelter royalty. The debt facility is expected before December 31, 2025, with the offerings closing on or about December 4, 2025.
FinancingGalleon Gold Announces Increase in the Aggregate Size of Equity Financings to up to C$30 Million
The size of two concurrent equity financings has been increased: a non-brokered private placement of units to Pan American Silver Corp. for gross proceeds of $11,250,000, and a best efforts LIFE offering of 26,667,000 units for approximately $16,000,200, both priced at $0.60 per unit, with each unit including half a warrant exercisable at $0.75 for 24 months. Total gross proceeds would reach approximately $30,000,000 if the 4,583,000-unit over-allotment option is fully exercised. Closing is expected on or about December 4, 2025.
FinancingGalleon Gold Announces Issuance of Shares for Interest Payment on Convertible Debentures
An aggregate of $132,224.38 in accrued interest on convertible debentures issued April 12, 19 and 29, 2024 has been satisfied through the issuance of 202,635 common shares to debenture holders. The shares are subject to a four month and one day hold period ending March 25, 2026, and final TSXV acceptance has been received. Galleon Gold is focused on the West Cache Gold Project in Timmins, Ontario.
FinancingGalleon Gold Announces Interest Payment on Convertible Debentures
Interest accrued on convertible debentures issued in April 2024 will be settled in common shares rather than cash. For the debentures issued April 12 and April 19, 2024, $87,012.74 of interest due April 12 and April 19, 2025 will be paid with 134,998 common shares; for those issued April 29, 2024, $45,211.64 due April 29, 2025 will be paid with 67,637 shares. The issuance requires TSX Venture Exchange approval and carries a four-month hold period.
FinancingGalleon Gold Enters into Agreement to Repurchase Royalty on the West Cache Project
An agreement with a wholly-owned subsidiary of Newmont Corporation will allow Galleon Gold to reacquire the 3% net smelter return royalty on its West Cache Gold Project in Timmins, Ontario. The company will first exercise its existing right to repurchase 1% for C$1,000,000, then pay C$10,000,000 for the remaining 2%, subject to raising sufficient funds, with closing expected on or before December 31, 2025. Galleon Gold also retained North Star Investor Relations for $10,000 monthly over 12 months from October 15, 2025.
AcquisitionGalleon Gold Initiates Soil Sampling Program at West Cache Gold Project
A soil sampling program has begun at the 100%-owned West Cache Gold Project near Timmins, Ontario, with approximately 1,000 samples planned for MMI analysis to refine drill targets in four areas (A1–A4) outside the Mineral Resource Area. The program follows roughly 2,200 soil samples collected from 2021 to 2024; Anomaly A1 returned MMI response ratios up to 50X background for gold (2.5 ppb) and 42X for zinc. The Company is also advancing an 86,500-tonne underground bulk sample.
Drill resultsGalleon Gold Welcomes Strategic Investment by Pan American Silver and Signs an MOU for Toll Processing at the Bell Creek Mill
Pan American Silver has agreed to a non-brokered private placement of an unsecured convertible debenture for gross proceeds of C$8,000,000, with a 36-month term, 10.0% annual interest and a conversion price of $0.45 per share, which post-conversion would give Pan American 19.59% of shares on a partially diluted basis. Galleon also signed an MOU with Pan American subsidiary Lake Shore Gold for toll processing of an 86,500-tonne bulk sample from the West Cache Gold Project in Timmins, Ontario at the Bell Creek Mill, about 40 km away. Proceeds will fund surface development for the bulk sample.
FinancingGalleon Gold Completes $7.5M Oversubscribed Private Placement of Convertible Debentures
The second and final tranche of a non-brokered convertible debenture private placement has closed, with 20 debentures issued for gross proceeds of $1,000,000, bringing total Offering proceeds to $7,500,000. The debentures carry a 36-month term, 8.0% annual interest, and convert at $0.30 per common share; finders received $60,000 cash and 200,000 warrants exercisable at $0.36 over two years. Proceeds will fund the West Cache Gold Project in Timmins, Ontario, and general working capital.
FinancingGalleon Gold Closes the First Tranche of a $7.5M Oversubscribed Private Placement of Convertible Debentures
The first tranche of a non-brokered private placement closed with 130 convertible debentures issued for gross proceeds of $6,500,000, with the remaining $1,000,000 of the $7.5M offering expected to close shortly. The debentures carry a 36-month term, 8.0% annual interest and a $0.30 per share conversion price; finders received $369,000 cash and 1,230,000 warrants exercisable at $0.36 over two years. Proceeds are earmarked for the West Cache Gold Project in Timmins, Ontario and working capital.
FinancingGalleon Gold Upsizes Financing
A non-brokered private placement of unsecured convertible debentures has been upsized and capped at C$7,500,000 gross proceeds. The debentures carry a 36-month term, 8.0% annual interest payable in cash or common shares at the investor's option, and convert at $0.30 per share. Proceeds will fund exploration and advancement of the West Cache Gold Project in Timmins, Ontario and general working capital; insiders are participating, finders' fees of 6% cash and 6% warrants at $0.36 apply, and closing is expected by July 9.
FinancingGalleon Gold Announces Private Placement of Convertible Debentures
A non-brokered private placement of unsecured convertible debentures priced at $50,000 per Debenture has been initiated for gross proceeds of up to C$7,000,000, with Eric Sprott and management subscribing. The Debentures have a 36-month term, bear 8.0% annual interest and convert at $0.30 per share; finders' fees of 6% cash and 6% warrants exercisable at $0.36 for two years apply. Closing is expected by July 9, 2025, with proceeds going to the West Cache Gold Project in Timmins, Ontario and working capital.
FinancingGalleon Gold Announces Results of Annual Meeting of Shareholders and Interest Payment on Convertible Debentures
All resolutions at the Annual and Special Meeting of Shareholders held May 27, 2025 were approved, including the election of directors R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Gerhard Merkel, Michael Hobart and Richard F. Nanna, re-appointment of Doane Grant Thornton LLP as auditors, and continuation of the stock option plan. Galleon Gold also settled $154,204.65 of accrued interest on its convertible debentures by issuing 601,207 common shares, subject to a hold period ending September 30, 2025.
CorporateGalleon Gold Sells Non-Core Utah Asset for US$700,000
A royalty on the Milford Copper Property in Utah has been sold to ETM UT Inc. for US$700,000, under an agreement effective April 28, 2025; the net smelter royalty was capped at US$5,000,000 and had paid Galleon Gold US$690,439 to date. The company also elected to settle interest on convertible debentures in shares, issuing 390,286 common shares for $101,475 of interest due April 12 and 19, 2025, and 210,921 shares for $52,730 due April 29, 2025, subject to TSXV approval.
AcquisitionGalleon Gold Commences Site Preparation for West Cache Bulk Sample Project
Surface site preparations have begun for an advanced exploration bulk sample at the 100%-owned West Cache Gold Project in Timmins, Ontario, following receipt of a Permit to Remove Forest Resources, with timber harvesting contracted to Caron Equipment Ltd. Knight Piésold Ltd. will complete Issued for Construction drawings and RFPs for the box cut, pond and water management systems, anticipated for release in June 2025, while J.L. Richards and Associates Ltd. handles electrical distribution design. Applications for Environmental Compliance Approval and a Permit to Take Water are in progress. The accepted Closure Plan covers an 86,500-tonne underground bulk sample.
CorporateGalleon Gold Receives Closure Plan Approval for West Cache Gold Project
Ontario's Ministry of Energy and Mines has accepted and filed the closure plan for the 100%-owned West Cache Gold Project in Timmins, Ontario, confirmed on April 9, 2025. The approval allows an advanced exploration program including extraction of an 86,500-tonne bulk sample, expected to grade 8.13 g/t gold and contain an estimated 22,600 ounces of gold before recoveries. Data from the underground work will feed into pre-feasibility studies, and site preparation and pre-development activities can now begin.
CorporateGalleon Gold Expands Timmins Land Position
An agreement has been signed to acquire 66 mineral claims totaling 1,409 hectares in Godfrey and Bristol Townships, contiguous to the West Cache Gold Project 13 kilometres west of Timmins, Ontario, consolidating the claim block to 11,570 hectares. Galleon Gold will issue 100,000 common shares to 2205730 Ontario Inc. for a 100% interest, with closing expected by the end of March 2025 subject to TSX Venture Exchange approval. The company is submitting permit applications for an 86,500-tonne underground bulk sample.
CorporateGalleon Gold Corporate Update
The West Cache Project Closure Plan, supporting documentation and Financial Assurance of $1,390,978 have been submitted to the Ministry of Mines, which has up to 45 days from receipt to accept the plan for filing. A total of 1,260,000 stock options were granted to directors, officers, employees and consultants at an exercise price of $0.28, vesting immediately and expiring February 21, 2030. The company will exhibit at booth #2911 at PDAC in Toronto from March 2 to 5, 2025.
CorporateGalleon Gold Receives Invitation to Submit Closure Plan for West Cache Project Bulk Sample Program
Ontario's Ministry of Mines has invited Galleon Gold to submit a Closure Plan for a bulk sample at its 100%-owned West Cache Gold Project near Timmins, Ontario, along with Financial Assurance of $1,390,978. MINES has 45 days from receipt to accept the plan for filing, after which surface work and pre-development activities can begin. The bulk sample is designed for approximately 86,500 tonnes grading 8.13 g/t gold, containing an estimated 22,600 ounces from four stopes in Zone #9.
Corporate
202412 releases
Galleon Gold Issues Shares for Interest Payment on Convertible Debentures
Interest of $163,742.47 accrued on convertible debentures issued April 12, 19 and 29, 2024 has been settled through the issuance of 564,796 common shares to debenture holders, with final TSXV acceptance received. The shares carry a four month and one day hold period ending March 19, 2025. Certain insiders and officers hold debentures, making the issuance a related party transaction exempt from minority approval and formal valuation requirements under MI 61-101.
FinancingGalleon Gold Announces Interest Payment on Convertible Debentures
Interest accrued on convertible debentures issued in April 2024 will be satisfied through the issuance of common shares rather than cash. For the C$3.0 million debentures issued April 12 and April 19, 2024, $110,722.61 of interest due October 12 and 19, 2024 will be paid with 377,588 shares; for the C$1.41 million debentures issued April 29, 2024, $53,019.86 due October 29, 2024 will be paid with 187,208 shares. Issuances require TSX Venture Exchange approval and carry a four-month hold period.
FinancingGalleon Gold Announces the Passing of Timothy G. Smith, Chief Operating Officer
Chief Operating Officer Timothy G. Smith has died. Smith, who had over 30 years of mining industry experience, had served with Galleon Gold since 2021, previously holding roles including Vice President – U.S. & Canadian Operations at Apollo Gold, General Manager of the Montana Tunnels mine and COO of Fire River Gold. Galleon Gold is focused on the West Cache Gold Project in Timmins, Ontario, and is planning and permitting an 86,500-tonne underground bulk sample.
ManagementGalleon Gold Announces Results of Annual Meeting of Shareholders
All resolutions at the Annual and Special Meeting of Shareholders held on May 28, 2024 were approved, with shareholders electing R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Gerhard Merkel, Michael Hobart and Richard F. Nanna as directors for the ensuing year. Shareholders also re-appointed Grant Thornton LLP as auditors and approved continuation of the stock option plan. The company will attend the Canadian Mining Expo in Timmins, Ontario from June 5 to June 6, 2024.
CorporateGalleon Gold Closes $1.41M Private Placement of Convertible Debentures with Participation from Eric Sprott
A non-brokered private placement of 1,410 convertible debenture units at $1,000 per unit closed for gross proceeds of C$1,410,000. Each unit comprises $1,000 principal of debentures bearing 7.5% interest over a three-year term, convertible at $0.185 per share, plus 3,030 warrants exercisable at $0.25 for three years, secured by an interest in 0.333 ounces of contained gold per $1,000 debenture in a stockpile at the Golden Trove property. Eric Sprott took 250 units for C$250,000 and officers 185 units for C$185,000; proceeds are for the West Cache Gold Project in Timmins, Ontario.
FinancingGalleon Gold Completes $3M Private Placement of Convertible Debentures with Lead Order from Eric Sprott
A non-brokered private placement of convertible debenture units closed with a second and final tranche of 1,968 units for C$1,968,000, bringing aggregate gross proceeds to C$3,000,000 from 3,000 units priced at $1,000 each. Each unit comprises $1,000 principal of 7.5% three-year debentures convertible at $0.165 per share plus 3,030 warrants exercisable at $0.25 for three years, secured by an interest in gold in an ore stockpile at the Golden Trove property. Eric Sprott acquired 750 units for C$750,000. Proceeds are for the West Cache Gold Project in Timmins, Ontario and working capital.
FinancingGalleon Gold Announces Current Financing is Fully Subscribed and Initiates New Offering for up to $1.5M
The non-brokered private placement of convertible debentures disclosed on April 12, 2024 is fully subscribed, with the second and final tranche expected to close on or around April 19, 2024. A new offering for gross proceeds of up to C$1,500,000 has been initiated, comprising units of $1,000 principal of 7.5% three-year debentures convertible at $0.185 plus 3,030 warrants exercisable at $0.25 for three years, secured by 0.333 ounces of contained gold per $1,000 from a Golden Trove stockpile. Proceeds are for the West Cache Gold Project in Timmins, Ontario and working capital.
FinancingGalleon Gold Announces Closing of First Tranche of Private Placement of Convertible Debentures
A first tranche of a non-brokered private placement of 1,032 convertible debenture units at $1,000 per unit closed for gross proceeds of C$1,032,000, with each unit comprising $1,000 principal of 7.5% three-year debentures convertible at $0.165 per share plus 3,030 warrants exercisable at $0.25 for three years. The debentures are secured by an interest in 0.333 ounces of contained gold per $1,000 principal in an ore stockpile at the Golden Trove property. Proceeds will fund the West Cache Gold Project in Timmins, Ontario; the Offering may total up to C$3 million.
FinancingGalleon Gold Announces up to 98% Gold Recoveries from Metallurgical Studies at West Cache Project
Metallurgical test work by SGS Canada's Lakefield, Ontario laboratory on a composite sample representing the planned 86,500-tonne exploration bulk sample at the West Cache Gold Project near Timmins, Ontario returned up to 98.5% gold recovery from rougher flotation and up to 97.1% from gravity tailings flotation. The composite, made up of 29 drill core samples from three holes into the Zone #9 area, had an average fire assay head grade of 8.90 g/t Au and a reconciled head grade of 9.35 g/t Au.
Study resultsGalleon Gold Receives Exploration Drilling Permit for West Cache Gold Project
A new Exploration Drilling Permit has been granted by the Ontario Ministry of Mines, Mineral Development Branch for the 100%-owned West Cache Gold Project near Timmins, Ontario, increasing the exploration area to approximately 3,200 hectares and covering all of Mining Lease No. 110033. From 2020 to 2023 under the prior permit, 227 drill holes totalling 50,885 metres were completed. Separately, permitting continues for an 86,500-tonne bulk sample, with a Notice of Project Status filed in November 2023.
CorporateGalleon Gold Engages ICP Securities Inc. for Automated Market Making Services
ICP Securities Inc. has been engaged, subject to regulatory approval, to provide automated market making services using its ICP Premium algorithm, in compliance with TSX Venture Exchange policies. ICP will be paid C$7,500 plus applicable taxes per month, payable monthly in advance, for an initial three-month term with automatic one-month renewals unless 30 days' written notice is given. There are no performance factors and no stock options or other compensation; ICP is an arm's length party.
CorporateGalleon Gold Announces 2024 Development Plans
Plans for 2024 at the West Cache Gold Project near Timmins, Ontario centre on an underground bulk sample designed for approximately 86,500 tonnes grading 8.13 g/t gold, containing an estimated 22,600 ounces of gold before recoveries, with 2,525 metres of underground development and four stopes on two production levels. Work supporting the Closure Plan application, Environmental Compliance Approvals and Permit to Take Water is complete, and SGS Canada has been contracted for further metallurgical studies on a composite grading approximately 8.25 g/t Au. The company also granted 1,800,000 stock options at $0.19, expiring January 10, 2029.
Corporate
20239 releases
Galleon Gold Announces Closing of Private Placement
A non-brokered private placement closed for gross proceeds of C$275,000 through the issuance of 1,833,333 flow-through units at C$0.15 per unit, each unit comprising one common share and one-half warrant exercisable at C$0.20 until December 29, 2025. Proceeds will fund exploration and advancement of the West Cache Gold Project in Timmins, Ontario, and will be renounced to subscribers with an effective date no later than December 31, 2023. The offering remains subject to final TSX Venture Exchange acceptance.
FinancingGalleon Gold Files Notice of Project Status with Ministry of Mines – Moving the West Cache Gold Project to Advanced Stage Exploration
A Notice of Project Status – Form 1 – Mining Act was submitted to the Ontario Ministry of Mines on November 16, 2023, moving the 100%-owned West Cache Gold Project near Timmins, Ontario from exploration to advanced exploration status and starting formal permitting. The Company also filed the Project Definition and will provide a draft Closure Plan, and will begin public consultation. The planned bulk sample is approximately 86,500 tonnes grading 8.13 g/t gold, containing an estimated 22,600 ounces from Zone #9.
CorporateGalleon Gold Provides Update on Permitting at the West Cache Gold Project
Detailed engineering and permitting are advancing for an underground bulk sample at the 100%-owned West Cache Gold Project near Timmins, Ontario, designed to produce approximately 86,500 tonnes grading 8.13 g/t gold containing an estimated 22,600 ounces, prior to recoveries, with ore to be shipped to a local mill. Ramp design is complete, totalling 2,525 metres of underground development, and Hydro One has begun detailed engineering for a connection planned in Q1 2024. The Closure Plan is targeted for fall submission, followed by a 45-day consultation period.
CorporateGalleon Gold Converts Neal Project Lease Agreement to Purchase Agreement
A purchase agreement with Daisy Mining & Land LLP will see Galleon Gold acquire seven patented lode claims in Idaho, five of which form the nucleus of the Neal Gold Project, through new Idaho subsidiary Golden Trove, LLC. Golden Trove will make five yearly payments of US$250,000 starting May 1, 2024 and ending May 1, 2028, totalling US$1,250,000, with Daisy receiving $3.00 per ton of material removed and a 3% NSR until fully paid. The existing May 2019 lease will be terminated and the project renamed the Golden Trove Project.
AcquisitionGalleon Gold Completes Neal Project Acquisition with Eric Sprott and Announces Results of AGSM
Galleon Gold has closed its acquisition from 2176423 Ontario Ltd., owned by Eric Sprott, of a 13,900-ton mineralized stockpile and a 20% interest in the Neal Project, 27 km southeast of Boise, Idaho, issuing 2,000,000 common shares and giving it a 100% leasehold interest; Sprott's ownership rises to 21.45%. Sampling of the stockpile indicated a grade of 0.132 opt (4.54 gpt Au), about 1,835 in-situ gold ounces, treated as a historical estimate. All resolutions at the June 14, 2023 annual meeting were approved, and 100,000 options at $0.22 were granted to a consultant.
AcquisitionGalleon Gold Acquires Eric Sprott’s Remaining Interest in the Neal Idaho Gold Project
Galleon Gold has agreed to acquire 2176423 Ontario Ltd.'s (beneficially owned by Eric Sprott) 100% interest in a stockpile of mineralized material and its 20% interest in the Neal Idaho Gold Project, 27 km southeast of Boise, Idaho, for 2,000,000 common shares. On closing, Galleon will hold a 100% leasehold interest in the project and Sprott's ownership of the company will rise to 21.45%. The 13,900-ton bulk sample stockpile graded 0.132 opt (4.54 gpt Au), about 1,835 ounces of gold in-situ. The transaction requires final TSX Venture Exchange approval.
AcquisitionGalleon Gold Engages Independent Trading Group as its Market Maker
Independent Trading Group has been engaged to provide market-making services for Galleon Gold on the TSX Venture Exchange and other trading venues, subject to regulatory approval. ITG will be paid $5,000 per month in advance under an initial three-month term that renews monthly unless terminated on 30 days' notice, with no performance factors and no shares or options as compensation. Galleon Gold is advancing the West Cache Gold Project in Timmins, Ontario.
CorporateGalleon Gold’s West Cache Project Delivers More Gold
Assay results from the 2022/23 exploration and geomechanical drilling at the West Cache Gold Project near Timmins, Ontario include geomechanical hole WC-22-219A, which cut 5.53 g/t gold over 12.5 m in Zone #9, including 9.97 g/t gold over 5.0 m. South Zone holes returned 8.76 g/t gold over 1.8 m (WC-22-131EX), 2.30 g/t over 5.5 m (WC-22-216) and 3.20 g/t over 3.2 m (WC-22-214). The programs totalled 3,527 m of NQ exploration drilling in eight holes plus 876 m of HQ3 geomechanical drilling. Next steps are permitting and preparation for a Zone #9 bulk sample.
Drill resultsGalleon Gold Outlines Development Plans for 2023
Plans for 2023 at the West Cache Gold Project near Timmins, Ontario include completing a geotechnical overburden drill program, filing a permit application for an underground bulk sample, public consultation meetings and, pending permit approval, construction of a portal and decline. The bulk sample is estimated at 86,500 tonnes grading 8.13 g/t gold, containing an estimated 22,600 ounces. A total of 815,000 stock options were granted at $0.23, vesting immediately and expiring January 27, 2028.
Corporate
202221 releases
Galleon Gold Closes Second Tranche of Private Placement
A second tranche of Galleon Gold's private placement closed with the issuance of 80,000 flow-through units, bringing aggregate gross proceeds from both tranches to C$1,849,661 from 583,334 Units at C$0.24 and 6,575,620 FT Units at C$0.26. Each unit includes one-half warrant exercisable at C$0.45 for 24 months. Proceeds will fund exploration at the West Cache Gold Project in Timmins, Ontario, and working capital; additional tranches may bring the Offering to a maximum C$3 million.
FinancingGalleon Gold Announces Closing of First Tranche of Private Placement
A first tranche of a non-brokered private placement closed for gross proceeds of C$1,828,861, comprising 583,334 units at C$0.24 and 6,495,620 flow-through units at C$0.26, each with one-half warrant exercisable at C$0.45 until December 14, 2024. Proceeds will fund exploration at the West Cache Gold Project in Timmins, Ontario, and working capital; additional tranches may bring the total to C$3 million. A previously proposed warrant term extension was cancelled and 3,194,317 warrants expired December 12, 2022.
FinancingGalleon Gold Announces Progress on Underground Bulk Sample Permitting at West Cache Gold Project
Permitting and detailed engineering are advancing for an underground bulk sample at the 100%-owned West Cache Gold Project near Timmins, Ontario, with the bulk sample estimated at 86,500 tonnes at 8.13 g/t for 22,600 ounces of gold from a two-production-level, four-stope longhole plan. A nine-hole, roughly 900 m geomechanical drill program for crown pillar assessment and the hydrogeology assessment are complete. About 22 geotechnical overburden holes and 20 test pits begin in early December, ahead of a Closure Plan submission.
CorporateGalleon Gold Announces Warrant Extension
The exercise period of 3,194,317 share purchase warrants, each exercisable at $0.75 per share, will be extended by one year to a new expiry date of December 12, 2023. The warrants were issued under a share for debt agreement that closed on June 12, 2020. All other terms remain unchanged, and the extension is subject to acceptance by the TSX Venture Exchange.
CorporateGalleon Gold Continues to Intersect High Grade at West Cache Project - 15.6 g/t Au over 7.6 m
Drill hole WC-22-218 at the 100%-owned West Cache Gold Project near Timmins, Ontario returned 15.55 g/t gold over 7.6 m within a broader interval of 7.41 g/t gold over 18.1 m from 249.9 m, described as the best grade-thickness intercept to date in Zone #9, at approximately 98.5% true thickness. The intercept will be incorporated into the block model for detailed design of the planned underground bulk sample program. Deeper South Area mineralization in the hole may extend known zones by roughly 90 to 120 metres.
Drill resultsGalleon Gold Initiates Geotechnical Drilling Program at West Cache Project in the Timmins Gold Camp
Geotechnical drilling has begun at the 100%-owned West Cache Gold Project near Timmins, Ontario, in support of permitting for a planned underground bulk sampling program. Zone #9 is the initial test mining target, using the layout from the February 2022 PEA, and eight geotechnical holes totalling approximately 1,000 metres will be drilled for detailed engineering of the proposed portal and decline, with Knight Piesold overseeing the program. Assays from the 2022 exploration drilling remain pending.
Drill resultsGalleon Gold Hits High-Grade in the South Area at West Cache Gold Project
Drill hole WC-22-215 in the South Area of the 100%-owned West Cache Gold Project near Timmins, Ontario returned 13.29 g/t Au over 4.5 m (260.5–265.0 m), including 79.2 g/t Au over 0.7 m, and 5.23 g/t Au over 5.7 m (290.0–295.7 m), including 13.68 g/t Au over 1.7 m, within a broader interval averaging 2.85 g/t Au over 35.2 m. The intercepts correlate with zones in holes WC-20-77 and 78, giving over 100 m of dip continuity. Assays from hole WC-22-218 are pending.
Drill resultsGalleon Gold Provides Update on Permitting for Underground Bulk Sample at West Cache Gold Project
Nordmin Engineering Ltd. has been awarded the Detailed Engineering Design contract for the proposed West Cache Advanced Exploration Program near Timmins, Ontario, with work beginning immediately. The program includes development of a ramp and portal to access the Zone 9 deposit, collection of a bulk sample of up to 100,000 tonnes, and exploration drilling at depth. Baseline studies begun in 2020 for the Advanced Exploration permit application continue, with the archeological assessment complete.
CorporateGalleon Gold Corp. to Present at Investor Summit Group’s Q3 Virtual Conference
CEO David Russell will present on the West Cache Gold Project in Timmins, Ontario at the Q3 Investor Summit, a virtual conference running August 16-17, 2022, with the presentation scheduled for August 16 at 11:45 a.m. ET. Complimentary qualified investor registration is available via the event link. The Q3 Investor Summit features 90+ companies and over 500 investors.
CorporateGalleon Gold Receives Final Registration for the Mining Land Lease at its West Cache Project
Final documentation has been received for registration of a new 21-year mining lease, #110033, at the West Cache Gold Project near Timmins, Ontario. Lease status is required before mining activities such as infrastructure development and ore extraction can be conducted on the property. Galleon Gold will continue detailed engineering design work and baseline studies required for a bulk sample permit application. West Cache covers approximately 10,370 ha, with the current Mineral Resource Estimate near the centre of the lease area.
CorporateGalleon Gold Completes Fourth Hole of 2022 Drill Program at West Cache Gold Project
The fourth hole of the 2022 drill program at the West Cache Gold Project in Timmins, Ontario, WC-22-215, was drilled to a total depth of 465 metres in the South Area, encountering multiple sulphide zones including a massive sulphide intercept from 261.5 m to 262 m with over 30% combined pyrite, sphalerite and chalcopyrite. The hole targeted a 120-metre untested gap between earlier intercepts of 2.53 g/t Au over 9.0 m and 2.63 g/t over 7.5 m. The fifth hole is underway, with logging and sampling ongoing.
Drill resultsGalleon Gold Completes First Two Drill Holes of 2022 Drill Program at West Cache Gold Project
The first two diamond drill holes of the 2022 program at the West Cache Gold Project in Timmins, Ontario have been completed, targeting the South Area zones along strike to the west. Hole WC-22-131EX, an extension of WC-21-131, reached 633 metres, extending the 2021 hole by 492 metres and intersecting multiple mineralized horizons including a sulphide zone at 563.5 m down-hole; hole WC-22-214 totalled 552 metres and intersected Zone #9 at 110 metres. Visible gold was found in both holes; assays are pending and a fourth hole is underway.
Drill resultsGalleon Gold Announces Results of Annual Meeting of Shareholders
All resolutions at Galleon Gold's Annual and Special Meeting of Shareholders, held June 21, 2022, were approved. Shareholders elected R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Gerhard Merkel, Michael Hobart and Richard F. Nanna as directors for the ensuing year, re-appointed Grant Thornton LLP as independent auditors, and approved continuation of the stock option plan. The company is advancing the West Cache Gold Project in Timmins, Ontario.
CorporateGalleon Gold Sells Non-Core Nickel Project for $1.0 Million Plus Shares and Options
The 100% interest in the William Lake nickel project in Manitoba has been sold to Leeuwin Metals PTY Ltd. for CAD$1,000,000 in cash, 2,500,000 Leeuwin common shares and 2,500,000 consideration options exercisable at AUD$0.50 for five years. Leeuwin is a private Australian company aiming to list on the ASX by the end of 2022, with William Lake as its cornerstone project. Galleon Gold's focus remains the West Cache Gold Project in Timmins, Ontario.
AcquisitionGalleon Gold Commences Drill Program at the West Cache Gold Project
A 5,000-metre exploration drill program has begun at the 100%-owned West Cache Gold Project in Timmins, Ontario, targeting high-priority areas identified in the 2020-2021 drilling, including sediment-dominant stratigraphy near Zone #9 and the South Area. The February 2022 resource estimate reported 472,000 indicated ounces (4,051 kt at 3.63 g/t Au) and 1,088,000 inferred ounces (11,788 kt at 2.87 g/t Au) at a 1.6 g/t Au cut-off, with a maiden PEA pre-tax NPV5% of $378 million and 33.7% IRR at US$1,700/oz.
Drill resultsGalleon Gold Contracts Drill-Rig and Provides 2022 Exploration Outlook for West Cache Gold Project
An initial 5,000-metre drill program will begin in May 2022 at the 100%-owned West Cache Gold Project in Timmins, Ontario, targeting metasediment units near Zone #9 and the South Area, with NPLH Drilling of Timmins contracted. Permitting and baseline studies continue for a bulk sample, with applications planned for approximately 100,000 tonnes of Zone #9 material from four levels within 200 metres of surface. A soil sampling survey is also planned for the 2022 field season.
Drill resultsGalleon Gold Engages Investor Relations Advisor and Grants Stock Options
Harbor Access LLC has been engaged to provide external investor relations activities for an initial six-month term, then month to month, for US$7,000 monthly plus reasonable out-of-pocket expenses, subject to TSX Venture Exchange approval. Harbor Access acts at arm's length and holds no securities of the company. A total of 785,000 stock options were also granted to directors, officers, employees and consultants, exercisable at $0.60, vesting immediately and expiring April 20, 2027.
CorporateGalleon Gold Announces Closing of C$3.5 Million Brokered Private Placement, including a Lead Order from Eric Sprott
A brokered private placement closed for gross proceeds of C$3,500,000, comprising 2,462,437 units at C$0.50, 3,306,821 flow-through units at C$0.55 and 642,900 charity flow-through units at C$0.70, each with a half warrant exercisable at C$0.75 until March 25, 2024. Insiders, directors and officers, including Eric Sprott, took 1,152,437 units. Proceeds will fund exploration and advancement of the West Cache Gold Project in Timmins, Ontario, and general working capital. Agents received C$201,000 in units plus 366,729 broker warrants.
FinancingGalleon Gold Acquires Additional Ground in Timmins Camp – West Cache Land Position now 10,350 Hectares
An agreement has been signed to acquire 129 mineral claims totaling 2,760 hectares in Price Township, contiguous to the West Cache Gold Project near Timmins, Ontario, expanding the claim package to 10,350 hectares. Galleon Gold will issue 250,000 common shares to Delford Investments Inc. and grant a 2% net smelter royalty for a 100% interest, with the option to buy back 1% of the royalty for $1 million. Closing is expected by the end of March, subject to TSX Venture Exchange approval.
AcquisitionGalleon Gold Files PEA Technical Report for West Cache Gold Project
A NI 43-101 technical report covering the Preliminary Economic Assessment and updated mineral resource estimate for the West Cache Gold Project near Timmins, Ontario has been filed on SEDAR, prepared by P&E Mining Consultants with an effective date of January 10, 2022. The PEA shows an after-tax NPV5% of $240 million, 26.7% IRR and 3.3 year payback at US$1,700/oz gold, with 893,200 recovered ounces over an 11 year life at 2,400 tpd and $150 million initial capital. Underground resources total 472,000 indicated ounces (4,051 kt at 3.63 g/t Au) and 1,088,000 inferred ounces (11,788 kt at 2.87 g/t Au).
Study resultsGalleon Gold Announces Effective Date for Consolidation
The TSX Venture Exchange has approved a share consolidation on the basis of one post-consolidation common share for every ten pre-consolidation shares, with the shares to begin trading on a consolidated basis at the opening of market on February 24, 2022 under the existing name and symbol GGO, with a new CUSIP (36381N409) and ISIN (CA36381N4093). Galleon Gold will have approximately 47,091,565 common shares outstanding, with warrants and options adjusted accordingly.
Corporate