VANCOUVER, BC – September 14th, 2017 - Galileo Exploration Ltd. (TSX Venture Exchange: GXL) (the “Company”) is pleased to announce that it has acquired an option to purchase a 100% interest in the Signal Gold Property along with the large (8GB) property/district database. The property is subject to underlying royalties.
The Company’s President and CEO Ron Rieder comments,” it was determined that the Signal Gold Property falls nicely into corporate philosophy of affordable yearly maintenance costs, investment time and threshold to possible discovery, and annual property expenditure commitments to keep the option in good standing. “
The Signal Gold Property consists of 79 lode mining claims on the west edge of the Eureka District, Nevada. The Property lies adjacent the Ruby Hill Mine, formerly operated by Barrick Gold, and enjoys excellent access and logistics, with no identified environmental or operational issues. Synergies with the adjacent Ruby Hill Mine/Leach might bring any economic orebodies to production in quick progression.
Exposures on the Property are marked by a section of Silurian through Mississippian sediments that includes several regionally proven host rocks, and is cut by at least three distinct intrusive suites. The structural setting is somewhat complex, with compressive faulting, including the Roberts Mt. thrust, overprinted by high and low-angle extensional faults. The Property lies atop a large gold cell, within a local, 12km zone of gold mineralization, aligned along the regional Battle Mtn-Eureka Gold Trend.
The Signal Gold Property hosts outcropping Carlin type gold mineralization of several distinct styles. Gold mineralization includes “classic” dissemination and jasperoid at the Devonian-Mississippian contact; as pods and lenses within both high and low angle structures; and poorly understood, “Long Canyon” style solution/collapse breccias. Some gold has been found in property-scale stratigraphies not described elsewhere.
Exploration by a number of qualified firms since the 1980’s has included mapping, geochemistry, trenching, and drilling of both RC and core holes totaling 50,000 feet (15250meters). This exploration has identified three separate zones of gold mineralization, each more than 2km apart.
Each zone is open to expansion, including the Signal Zone, which hosts an in-house calculated mineral inventory of non-compliant Au at leach grades.
While any of the known mineralization styles could host significant orebodies, it appears the recently discovered breccia bodies host the best potential for economic ore grades. These targets are focused on the complex intersections of often subtle structural features with receptive stratigraphic intervals, and rely on careful detailed work for their discovery. These targets are usually developed as high-grade underground mines, and current geologic understanding suggests several such targets remain untested on the Signal Gold Property. A NW trending corridor hosting near-surface, low grade gold mineralization detailed by the last operator defines an area with potential for deeper, “feeder” zones of higher grade gold. A phased program of detailed, integrated exploration is in planning.
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.
Galileo Exploration Ltd will pay the vendor $5,000 USD within 30 days of signing, and has paid the BLM cost for the next 12 months of just over $13,000 Usd. This gives the company a one-year option to enter into a further 3-year option to purchase 100% ownership of the Signal Gold property. During the one-year option period, no work commitments are required to keep the property in good standing. Galileo may purchase the Signal Gold Property from the vendor at any time, provided the option is in good standing, for $250,000 USD.
The future 3-year extension of the current one-year option is as follows –
- Pay vendor $10,000 USD on signing. Issue 100,000 common shares to the vendor on signing.
- Pay $10,000 USD on the first anniversary of signing. Issue 200,000 common shares to the vendor on the first anniversary of the signing.
- Keep the claims in good standing for the ensuing 12-month period if the option agreement is active past May 1st of any year.
- Incur exploration expenditures of $25,000 USD in year one, and $50,000 USD in year two, with no further work commitments past the second year of the extended option obligation.
ON BEHALF OF GALILEO EXPLORATION LTD.
Ronald A. Rieder
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.