Galleon Gold Awards Underground Development to Aki-Dumas, Advancing West Cache Bulk Sample Program
Rhea-AI Summary
Galleon Gold (OTCQX:GGOXF) issued a Limited Notice to Proceed and Letter of Award to Aki-Dumas for underground development at the West Cache Gold Project near Timmins, Ontario.
The LNTP covers early engineering, planning, procurement, mobilization, and box cut preparation for the planned bulk sample program.
The parties expect to finalize a definitive underground development agreement. Initial work will create underground access and infrastructure for the bulk sample. The technical information was reviewed and approved by Qualified Person David Young, PE, under NI 43-101 standards.
Positive
- Limited Notice to Proceed awarded to Aki-Dumas for West Cache underground work
- Early-stage engineering, planning, and procurement for bulk sample can now begin
- Partnership leverages Dumas’ Timmins underground mining experience and Mattagami First Nation involvement
- Underground access and infrastructure will be established for the planned bulk sample program
Negative
- Definitive underground development agreement with Aki-Dumas is not yet finalized
News Market Reaction – GGOXF
In the Jul 7 session, GGOXF declined 6.80%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - July 7, 2026) - Galleon Gold Corp. (TSXV: GGO) (OTXQX: GGOXF) (FSE: 3H90) ("Galleon Gold" or the "Company") is pleased to announce that it has issued a Limited Notice to Proceed ("LNTP") and Letter of Award ("LOA") to Aki-Dumas Limited Partnership ("Aki-Dumas"), a partnership between Mattagami First Nation and Dumas Contracting Ltd. ("Dumas"), a subsidiary of STRACON Group Holding Inc. ("STRACON"), for underground development activities at its West Cache Gold Project located in Timmins, Ontario. The award represents a significant milestone as the Company advances preparations for its planned bulk sample program.
Under the terms of the LNTP, Aki-Dumas will commence early-stage planning, mobilization, procurement, and other preparatory activities required to support the underground development program and planned bulk sample. The parties are expected to finalize a definitive underground development agreement in due course.
"Awarding the Limited Notice to Proceed to Aki-Dumas represents an important milestone as we move West Cache toward underground development and the planned bulk sample program," said David Russell, Chairman & CEO. "Aki-Dumas combines Dumas' extensive underground mining expertise and strong track record in the Timmins mining district with Mattagami First Nation's deep connection to the region. Their early involvement allows us to advance box cut preparation and project execution activities while the definitive agreement is finalized."
Initial activities under the LNTP are expected to include detailed engineering, development planning, procurement of long-lead items, and mobilization activities required to support the commencement of underground development. The underground development will establish access to the planned bulk sample area and the infrastructure necessary to support mining activities.
Technical Content and Qualified Person
The technical content of this news release has been reviewed and approved by David Young, PE, an independent mining engineer and Qualified Person (QP) as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Dumas & STRACON Group
Dumas, the underground mining business of STRACON Group Holding Inc., is a leading, full-service mining contractor specializing in underground mine construction, lateral and vertical mine development, shaft sinking, production mining, and engineering services. STRACON is an engineering-led mining infrastructure and industrial solutions platform supporting clients across the full mining asset lifecycle, from early-stage project definition and design through construction, operations and long-term maintenance.
About the West Cache Gold Project
The West Cache Gold Project is an advanced-stage gold exploration project covering approximately 11,600 ha located 13 km west of Timmins, Ontario on Provincial Highway 101. It is situated in the Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone within the Abitibi greenstone belt, approximately 7 km northeast of Pan American Silver's Timmins West Mine. The mining lease area hosts the current Mineral Resource Estimate near the center, with additional exploration targets to the north and south. The Mineral Resource Estimate is contained within the Porcupine Sedimentary Basin, a favourable litho-structural corridor with over 5 km of strike-length on the Property. Mineralization is open in all directions and at depth.
About Galleon Gold
Galleon Gold is advancing the West Cache Gold Project with a disciplined, de-risking strategy centered on resource growth and an upcoming 86,500-tonne bulk sample program, positioning the Company to unlock long-term shareholder value.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
Graham Farrell
Investor Relations
T. (416) 842-9003
grahamfarrell@galleongold.com
Forward-Looking Statements
This news release contains certain "forward looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, financing plans, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding the LNTP, LOA and the completion of the final Aki-Dumas contract, potential mineralization and resources, exploration results, expectations, bulk sample program, construction 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 and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304138