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Galileo Exploration Acquires Option to Purchase 100% of Signal Gold Property
VANCOUVER, British Columbia, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Galileo Exploration Ltd. (TSXV:GXL) (the “Company”) is pleased to announce that it has acquired
About this update from Visionary Metals Corp
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Galileo Exploration Ltd. (TSXV: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 (15250 meters). 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-...