Initiating Coverage
We are launching coverage on Galleon Gold Corp (TSXV:GGO) with a BUY rating and C$0.40 price target. Galleon is advancing its 100%-owned West Cache Gold property located ~15 Km south west of Timmins Ontario. With a 2013 pit constrained resource of 290k oz of Au grading 1.67 g/t (indicated + Inferred) and underground resource of 789k oz of Au at 2.56 g/t (indicated + inferred) the project already has solid legs to stand on. We firmly believe the current drill program can add significant ounces to the both the open pit and underground resources and potentially increase the resource grade due to much tighter drill density. With funding already in hand and a 15,000m infill drill program well underway, GGO is well-positioned to update its resources and complete a PEA on the West Cache Au property.
