Business
Nevada Gold Copper Property Package Consolidated
Nevada Gold Copper Property Package Consolidated.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7961M Galileo Resources PLC 21 July 2014 \n \n\n \n21 July 2014 \n \nGalileo Resources Plc \n(\"Galileo\" or the \"Company\")\n \nNevada Gold Copper Property Package Consolidated at Ferber\n \nGalileo (AIM: GLR), the exploration and development mining company, has executed two Exploration Lease and Option to Purchase Agreements to consolidate its land position at its Ferber project area in Elko County, Nevada, USA, through its wholly owned subsidiary, St Vincent Minerals Inc (SVM). This increases the Company's position from 88 unpatented mining claims covering c1,760 acres to 102 unpatented and 21 patented mining claims which now cover c2,377 contiguous acres at Ferber. \n \nThe Ferber property is a historic producer of gold and copper and hosts widespread gold and copper mineralisation. Galileo is reviewing available data on the property in light of recent major gold discoveries in eastern Nevada at Long Canyon and, more recently, at Kinsley Mountain. Ferber is approximately 12 kilometres (km) east of Kinsley Mountain.\n \nHighlights \n \n· Galileo acquires additional 617 acres at the Ferber property via lease and option to purchase agreement. \n \n· Recent high grade gold discoveries in the nearby region provide strong impetus to explore for a similar gold mineralised system at Ferber. \n \n· SVM geologists, following site visits and on-going review of all data, have identified many geologic similarities with these nearby discoveries and are formulating a near-term exploration programme. \n \nBrian Gavin, CEO of Galileo said: \"Galileo initially acquired St Vincent Minerals Inc on the basis of its flagship gold-copper porphyry deposit at Gabbs, Nevada. Further review of SVM's property portfolio now indicates that Ferber could be a significant gold target in a newly emerging gold trend in eastern Nevada. Recent new gold discoveries in the nearby region provide strong evidence for a mineralised system at Ferber, which makes the property a compelling target for reinterpretation and subsequent exploration.\"\n \nExploration Strategy at Ferber\n \nSVM geologists are currently conducting a thorough review of the newly acquired lands and geologic i...