Galileo Exploration Ltd. (TSX Venture Exchange–Symbol: GXL) (the “Company”) is pleased to announce that it has entered a 20-year option agreement to purchase 100% interest in the Majuba Hills Project of Majuba Hills, Pershing County, Nevada.
The Majuba Hills Project is an advanced stage copper/silver/gold porphyry. The project is located within 12 miles of the Florida Canyon Gold Mine in North Central Nevada.
The copper stock work-disseminated mineralized zone has been defined over a width of 500 meters and is inferred along a 700 meter + south-south-west strike by anomalous copper/silver soil geochemistry, and a strong IP chargeability anomaly at the base of the hill. A total of 50+ drill holes have tested the project and 24 holes totaling 8800 meters have intersected long intervals of copper grading 0.10% + with four holes indicating an increase in copper grade to 0.20%+ to the south. The drill hole data reviewed is 43-101 non-compliant but the work was conducted by reputable mining-exploration companies and is thought to be reliable.
Galileo plans a $500,000 exploration program consisting a 6-kilometer Induced Polarization geophysical program, geological mapping and 1000-1500 meters of diamond drilling in 3-4 holes to test the south- south- west extension of the inferred copper zone- where no drilling has been done.
The Majuba porphyry has produced 2.8 million lbs. of oxide copper from grading 4 – 12% copper during the period 1907 – 1947 at the top of the system. Drilling in 9 diamond drill holes from 2011 – 2015 intercepted long intervals of copper/silver/gold mineralization from 50 – 222 meters grading from 0.15% to 0.49% copper, and 10 – 63 g/t silver, and gold values up to 0.15 g/t.
The strongest mineralization was found in hole MMX24 intersecting 117m grading 0.43% copper and 12 g/t silver within a 222m section grading 0.27% copper and 10 g/t silver. The system is interpreted to be strengthening to the south-south- west toward a large untested IP chargeability anomaly 500 meters to the south.
Ron Rieder writes, “We all saw copper spike recently. This was the spark that caused the management at Galileo Exploration Ltd to option the Majuba Hills Copper/Silver/Gold project, and gain an entry into copper exploration. In addition, Galileo has been researching opportunities explore for gold in the state of Nevada. To date five projects have been signed under CAs, awaiting the snow pack to melt prior to investigation of their merits.”
Gary Nordin, P Geo BC is the Qualified Person of Galileo Exploration Ltd. and has reviewed all exploration data and visited in the project for two days in April 2015.
Terms of the agreement are subject to the following clauses, are a 20-year option to purchase 100% of the properties with a total purchase price of US$2,000,000. The initial payment for the property is US$20,000 plus US$20,000 in GXL’s shares, and the first anniversary is US$25,000 plus US$25,000 in GXL’s shares; 2nd anniversary is US$37,500 plus US$37500 in GXL’s shares; 3rd anniversary: US$50,000 plus US$50,000 in GXL’s shares; 4th anniversary and subsequent anniversaries: US$62,500 plus US$62,500 in GXL’s shares. Committed expenditures are for Year One; US$100,000, Year Two; US$350,000, and no other commitments beyond year two.
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.