VANCOUVER, British Columbia, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Galileo Exploration Ltd. (TSX Venture:GXL) (the "Company) is pleased to release results of its recently completed 3-line 9,000 metre Induced Polarization (IP) survey on its Majuba Hill Copper/Silver/Gold porphyry project in Pershing County, North Central Nevada, USA.
The IP survey targeted the southern extension of strong copper-silver mineralization intersected in drill hole MMX-24 which cut 222m of 0.27% copper and 10 g/t silver including 117 m grading 0.43% copper and 12 g/t silver at the bottom of the hole open to depth. No drilling has been conducted previously in this area.
The Company's President and CEO Ron Rieder comments: "When we planned the IP survey, we discussed our intent of confirming past anomalies, and went about it from a parallel angle to the past IP survey which was vectored at approximately 45 degrees to the same line. We were significantly more successful than originally anticipated."
Ron Rieder states further: "Upon initial interpretation of results, it was immediately decided to extend the IP by 1 km to the east on all three lines. The unanticipated result was what could best be described as the longest and strongest of all anomalies recorded on the Majuba Hill Copper project to date. The Company is highly encouraged that similar copper mineralization may be associated with the outlined large IP chargeability anomaly extending south of hole MMX-24."
The survey was successful in outlining an IP chargeability anomaly above 8-10 msec, over a width of 400 to 800m+, and along a strike length in excess of 1,200 meters interpreted to be open to the south and east. The depth to the potential sulphide target varies from surface on the north to 150-200 metres on the south.
Mineralization intersected in drill hole MMX-24 was the longest copper-silver intersection to date at Majuba, and is associated with disseminated chalcocite-chalcopyrite-arsenopyrite-pyrite sulphides in a quartz-sericite altered porphyritic intrusive with disseminated tourmaline and quartz — tourmaline — sulphide stockworks.
Galileo has applied for, and received permits for diamond drill hole drill platform locations from the State of Nevada’s Bureau of Land Management. When final arrangements have been determined, a more detailed review of the company's plans for further delineation of the IP anomaly along the 1200 metre strike length will be announced.
Gary Nordin, B.Sc. (Geol Hons) is the Qualified Person of Galileo Exploration Ltd. and has supervised the preparation of all exploration data contained in the news release. Gary is a member of the company's Technical Advisory team.
In conjunction with future property exploration and expenditures, and corporate G+A, Galileo Exploration Ltd. (TSX Venture Exchange—Symbol: GXL) (the "Company') has arranged a non-brokered private placement for gross proceeds of $400,000. The non-brokered private placement will consist of 5,000,000 units ("Units") at a price of $0.08 per Unit, for gross proceeds of $400,000 (the "Private Placement"). Each Unit will consist of one common share of the Company and one common share purchase warrant. Each full warrant will be exercisable by the holder to purchase one common share of the Company at a price of $0.12 for 18 months from the date of issuance.
Subject to regulatory approvals, the Company may pay to arm's length finders a finder's fee consisting of up to 7% of the amount raised by Finders in cash, and finder's warrants up to 7% of the number of units sold by Finders under the Private Placement. Each finder's warrant ("Finder's Warrant") will entitle the holder thereof to acquire one common share of the Company at an exercise price of $0.12 for 18 months from the closing date.
The Warrants and Finder's Warrants are both subject to the following acceleration clause: if the closing trading price of the shares on the TSX Venture Exchange (the "Exchange") (or such other stock exchange on which the shares may be listed) is at or greater than $0.35 per common share for 10 consecutive trading days at any time commencing four (4) months after the Closing Date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will expire on the earlier of (a) the 60th day after the date on which such notice is given by the Company and (b) the original expiry date of the Warrants. Any notice to be given by the Company to the Subscriber hereunder may be given to the Subscriber at the facsimile number or email address of the Subscriber indicated on the cover page of the Subscription Agreement.
Galileo Exploration Ltd recently announced the TSX Venture Exchange accepted for filing a mining lease and option to purchase agreement for the Majuba Hill Copper project. The Majuba Hill Copper is located approximately 12 miles northwest of Rye Patch Gold's Florida Canyon Mine in Pershing County, Nevada.
The original Majuba Hill Mine produced 2.8 million lbs of oxide copper grading from four to twelve percent (4 t012%) copper during the period 1907 through 1947 from the top of the porphyry system.
ON BEHALF OF GALILEO EXPLORATION LTD.
"Ron Rieder"
Ronald A. Rieder CEO/President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
Ronald A. Rieder President/CEO Galileo Exploration Ltd. 604 727 4653 RRieder@GalileoExplorationLtd.com www.GalileoExplorationLtd.com
