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  • Pages
  • Editions
01 Cover
02 Welcome Letter / Sections
03 Article & Interview Directory
04 Section 1: Introduction
05 Introduction to Mining in Ontario
06 Government of Ontario Interview
07 Ontario Mining Association (OMA) Interview
08 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Interview
09 Navigating Uncertainty
10 Ormston List Frawley LLP Interview
11 PDAC Interview
12 Section 2: Production and Development in Ontario
13 Production in Ontario
14 Map of Ontario Mines
15 Newmont Interview
16 Barrick Gold Interview
17 Wesdome Gold Mines Interview
18 Alamos Gold Interview
19 Evolution Mining Interview
20 A New Wave of Ontario Gold Mines
21 Argonaut Gold Interview
22 Equinox Gold Interview
23 Industry Thoughts: Production and Development in Ontario
24 Section 3: Mining Finance
25 Mining Finance and Investment
26 Insights from the Toronto Stock Exchange
27 PearTree Securities Interview
28 Triple Flag Interview
29 Red Cloud Securities Interview
30 IBK Capital Interview
31 Stifel Interview
32 Roth Canada Interview
33 Industry Thoughts: Mining Finance Trends
34 Section 4: Toronto's Global Reach
35 Toronto’s Global Reach
36 Toronto's Global Reach Map
37 Rupert Resources Interview
38 Eloro Resources Interview
39 Industry Thoughts: Global Operations Based in Ontario
40 Eyes on Latin America
41 Torex Gold Resources Interview
42 Minera Alamos Interview
43 Sable Resources Interview
44 Section 5: Junior Exploration
45 Junior Exploration
46 Great Bear Resources Interview
47 Exploring Across Canada
48 O3 Mining Interview
49 Purepoint Uranium Group Interview
50 ALX Resources Interview
51 Industry Thoughts: Gold Juniors Have Their Say
52 Gold Juniors Replacing Depleting Resources
53 Moneta Gold Interview
54 Goldshore Resources Interview
55 Galleon Gold Interview
56 Element79 Gold Interview
57 Signature Resources Interview
58 Section 6: ESG and the Battery Materials Supply Chain
59 Transition Metals on the Rise
60 Conquest Resources Interview
61 Generation Mining Interview
62 Inventus Mining Interview
63 Noble Mineral Exploration Interview
64 The Move to Combat Climate Change Gathers Pace
65 Insights from Onyen Corporation
66 Thorn Associates Interview
67 Leading the Charge
68 Electra Battery Materials Interview
69 Frontier Lithium Interview
70 Industry Thoughts: Entering The Transition Economy
71 The Battery Material Supply Chain
72 ION Energy Interview
73 Clean Air Metals Interview
74 Section 7: Services, Technology and Innovation
75 Engineering, Construction & Consultancies
76 Ausenco Interview
77 Cementation Americas Interview
78 PCL Construction Interview
79 Redpath Mining Interview
80 Technological Advancements & Innovation
81 Industry Thoughts: Canadian Associations
82 EY Interview
83 Maestro Digital Mine Interview
84 Centric Mining Systems Interview
85 Industry Thoughts: OEMs Have Their Say
86 Drone Delivery Canada Interview
87 Sofvie Interview
88 Novamera Interview
89 Industry Thoughts: Paving the Way for ESG Reporting
90 Section 8: Company Profiles
91 Wesdome Company Profile
92 ION Energy Company Profile
93 PearTree Securities Company Profile
94 Ormston List Frawley Company Profile
95 Maestro Digital Mine Company Profile
96 Sofvie Company Profile
97 Credits

David Russell, President, CEO & Chairman of the Board,

GALLEON GOLD CORP.

"Galleon Gold has a significant land package in a great district that has amazing infrastructure for mining."

Can you give an overview of recent developments at the West Cache gold project?

Galleon Gold acquired the West Cache project in 2020, and since that time we completed 46,000 m of drilling, commenced baseline and metallurgical studies and initiated permitting activities. Our drilling was very successful at infilling and expanding known mineralization, as well as discovering the high-grade Zone #9 ore shoot. We recently announced an update for the Mineral Resource Estimate and the first Preliminary Economic Assessment (PEA) for the project.

The PEA considers an underground mine utilizing toll processing with annual gold production of 85,000 oz/y Au over an 11-year mine life. The economics are robust with pretax NPV (5%) and IRR of C$378 million and 33.7% respectively. We have significantly increased the resource and now have an Indicated Mineral Resource of 472,000 oz Au and an Inferred Mineral Resource of 1,088,000 oz Au. What is really exciting for the project is the fact that this PEA is an initial valuation, with more drilling the resource and economics will continue to increase.

Can you elaborate on the location of the project and how it is relevant?

Having developed several mines in the area, I am familiar with the Timmins camp and know that the opportunity exists where there might be big ounces at stake at West Cache. The project is located on the Porcupine – Destor Deformation Zone, only 13 km west of the town of Timmins. Provincial Highway 101 bisects the property. Our neighbor to the west is Pan American Silver’s Timmins West mine and Newmont’s Hollinger mine is only 14 km to the northeast. Galleon Gold has a significant land package in a great district which has amazing infrastructure for mining.

Given the larger companies operating near the project, is there an opportunity to partner with any of them?

Many juniors are able to successfully partner with larger companies. Now that we have completed the initial mine plan that proves out the economics for the project, we will definitely speak with all of the operators in the camp. There could be some opportunities with respect to milling arrangements for toll processing the initial ores produced in the early years. Majors are looking for projects that can produce between 2 million to 4 million oz Au, and if your project is fitting that profile, there will be some buying interest as well. Our strategy is to add high quality ounces to the books while we advance the project to production. My past experience has taught me not to look over my shoulder for takeovers or mergers; as we build the mine they will come. So, we drive forward to put the mine into production and eventually build a mill onsite, and along the way we will look at any interest from the majors to give as much value to shareholders as possible.

What are some key milestones Galleon Gold would like to achieve over the next two years?

Galleon Gold aims to work with the Ministry on permitting the underground ramp system for test mining the Zone #9 mineralization, targeting early 2023 to begin construction. Having been successful at identifying high-grade mineralization we will also embark on new drill programs to extend the high-grade zones and explore untested areas; only 8% of the property has been drilled and we expect the current deposit extends along strike and dip and other deposits on the property are still to be discovered. The company has been engaging with our First Nations partners and is committed to the consultation and impact benefit agreement process. We are also cognizant of the importance placed on ESG; we initiated baseline studies early and fully expect that our mine designs will incorporate best practices. It is an exciting time for West Cache. I believe we are in the early stages of developing the next significant mine in the Timmins Camp.

Next:

Interview: Element79 Gold