VANCOUVER, British Columbia, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Galileo Exploration Ltd. (TSX Venture Exchange:GXL) (the “Company”) is pleased to announce that Durango Geophysical Operations of Durango, Colorado have been contracted to begin on August 11th, 2017, a 3 line, 3-kilometer IP chargeability study of the Majuba Hill Copper Project.
The Company’s President and CEO, Ron Rieder comments - “Majuba is an exciting project, and we’re anxiously awaiting the beginning of the exploration process.
Drill hole MMX-24 indicates an increase in copper grade to the south and west of historic mine workings associated with a strong 500 metre wide Induced Polarization chargeability anomaly and copper soil geochemical anomaly, which is the focus of the proposed drill program.
The company intends to further define the single line Induced Polarization anomaly by 3 east west oriented lines spaced at 300-500 metres along one-kilometer lengths. The intent of this Induced Polarization study is to define the Induced Polarization anomaly associated with higher grade copper mineralization untested by drilling. Drill and road permits for 4 drill holes will be submitted to the BLM shortly for their approval. Upon submission, the Company anticipates the normal 6 to 8-week response and approval to drill time by the BLM.
Previous exploration has outlined the potential of disseminated mineralized zone over a width of 500 meters along a 700 meter plus south-south-west strike. The target outlined by anomalous copper soil geochemistry, and a strong IP chargeability anomaly lies at the base of Majuba Hill. Previous drilling shows oxidized copper oxide mineralization extends from surface to 150 meters and sulphide mineralization below has been intersected to depths of 700 meters on the property.
The strongest mineralization to date was found in hole MMX-24 intersecting 117 metres grading 0.43% copper and 12 g/t silver within a 222 metre section grading 0.27% copper and 10 g/t silver. This hole was drilled in a South-westerly direction, and is thought to have possibly clipped the most north-eastern sector of the massive porphyry to which the Company refers to today.
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 Advisory Board.
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. Terms of the option agreement include work commitments (in USD) of $100,000 in year one and $350,000 in year two.
The Option to acquire the 100% interest in the Property may be exercised at any time upon payment of US two million dollars (US$2,000,000) with all prior cash payments but no share payments being credited towards the Option Exercise price.
The Majuba Hill Copper project is four (4) square miles in size and is located approximately twelve (12) miles northwest of Rye Patch Gold’s Florida Canyon Mine and thirty (30) miles northwest of Coeur Mining’s Rochester Mine.
The original Majuba Hill Mine produced 2.8 million lbs of oxide copper grading from four to twelve percent (4 to 12%) 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.