Galloper Gold Retains P&E for LPSE MRE Revision Reflecting Higher Gold Price
Galloper Gold has engaged P&E Mining Consultants to deliver an updated NI 43-101 compliant Mineral Resource Estimate for its 100%-owned Lunch Pond South Extension deposit, last assessed in 2017 at US$1,210/oz gold. Results, leveraging significantly higher current gold valuations, are anticipated in Q2 2026.
1. Engagement of P&E Mining Consultants
Galloper Gold has retained P&E Mining Consultants, the firm behind the 2017 resource estimate, to produce a new NI 43-101 compliant Mineral Resource Estimate for the LPSE deposit. The update will re-interpret the economic ore zone with revised grade constraints, estimation parameters and pit-shell geometry.
2. Historical LPSE Resource Context
The 2017 LPSE estimate was prepared using a gold price of US$1,210/oz and delineated indicated and inferred resources under open-pit and underground cut-off grades of 0.5 g/t and 2.0 g/t Au respectively. No exploration has occurred on the deposit since that assessment and historical data will be verified through drill-hole twinning and statistical analysis.
3. Glover Island Project Overview
The LPSE deposit lies at the southwest end of the 11 km Glover Island Trend, a mineralized corridor hosting 17 prospects for gold, base metals and polymetallic mineralization. The property spans 116.6 km2 on Glover Island and sits along the major Cabot Fault structure that also hosts several historic mines on the Baie Verte peninsula.
4. Timeline and Next Steps
P&E will complete the updated MRE under NI 43-101 standards, incorporating significantly higher gold valuations than those used in 2017. Galloper Gold expects to receive and review the new resource estimate in Q2 2026, which will inform further technical development and project valuation efforts.