TIDMGLR
RNS Number : 3334N
Galileo Resources PLC
25 October 2016
For immediate release
25 October 2016
Galileo Resources Plc
("Galileo" or "the Company")
Nevada Projects Update
HIGH-GRADE GOLD MINERALIZATION FROM INITIAL SAMPLING
AT FERBER PROJECT IN NEVADA - DRILLING COMMENCES ON
SILVERTON
Highlights
-- A significant number of rock-chip samples (11 out of 23
samples) return gold values exceeding 0.2 g/t
-- Seven of these 11 samples exceed 1.0 g/t with a high of 10.8g/t
-- Ferber Project mineralization, characteristic of productive
gold skarn deposits, occurs marginal to a Late Eocene intrusion,
with jasperoid mineralization characteristic of Carlin-type gold
deposits occurring distal to the intrusion
-- Our Silverton Project JV partner Orogen Gold plc ("Orogen') commences drilling
Galileo is pleased to announce that initial rock-chip sampling
(23 samples) at its Ferber gold project ("Project') in
north-eastern Nevada has returned significant gold values of up to
10.80 g/t. The Project comprises a land package of over 300
unpatented mining claims and 19 leased patented claims covering
approximately 25 square kilometres. The Company also announces that
Orogen, our farm-in partner on the Silverton gold-silver project,
has commenced drilling on this property.
Colin Bird Chairman and CEO said: "Historical exploration
including drilling encountered both gold and copper at Ferber. We
have approached this Project with a clean sheet and the results of
this preliminary sampling are very encouraging. We intend to follow
this up with more detailed geochemical sampling with a view to
identifying drilling targets. These encouraging results together
with Orogen's announcement of commencement of drilling on Silverton
are exciting for the Company since US exploration companies are
showing much interest in the gold and copper potential in
Nevada."
Galileo's consulting geologist on the project, Dr. Jacob
Margolis, states: "The Ferber intrusion-centered gold system is
broadly similar to productive gold deposits elsewhere in
north-central Nevada, where Carlin-style gold mineralization and
gold skarn mineralization are genetically related to Late Eocene
intrusions similar in age to the Ferber stock. This large district
requires a broad approach aimed at recognizing geochemical zoning,
delineating district-scale structure and understanding the
stratigraphy. Integrating these three components should serve as a
vector to quality exploration targets".
Results
An initial suite of 23 samples collected over an area of 6 km by
2 km yielded significant gold, with assay results on additional
samples pending (Table 1). Seven of the samples exceeded 1 g/t Au,
reaching 10.8 g/t. The highest-grade sample contains greater than
1% Bi and 167 ppm Te, indicative of the mineral hedleyite, a
characteristic mineral in productive gold skarn deposits, such as
those at McCoy and Fortitude in north-central Nevada, which also
flank Late Eocene intrusions. Preliminary analysis of the new data,
together with historic results, indicate a geochemical zoning from
more copper-rich gold mineralization with a high Ag-to-Au ratio
(Ag:Au) marginal to the central stock to distal, copper-poor, gold
mineralization with relatively low silver and a lower Ag:Au. One
sample of jasperoid from this distal setting yielded 9.8 g/t Au
with a Ag:Au of only 1.3; an historic sample from the same area
assayed 11.7 g/t Au with a Ag:Au of 1.5. A sample of jasperoid over
1 km from the central stock yielded 325 ppb Au.
Table 1. Selected gold-mineralised samples
Sample description type Au ppm Ag ppm
gossanous-saprolitic
1 zone in marble outcrop 1.420 0.13
dark brown Fe-ox stained
gossanous jasperoid and
2 marble, pieces to 8" dump 0.229 0.16
gossanous, silicified
jasperoid breccia, pieces
3 to 18in dump 9.760 12.80
marble with local gossanous
silicified zones marginal
4 to altered dike outcrop 2.900 16.15
gossanous silicified
5 jasperoid dump 1.570 14.60
sheared gossanous marble
7 and jasperoid outcrop 0.147 25.00
strongly-limonitic jasperoid,
locally gossanous; surrounded
8 by alluvium dump 0.494 159.00
gossanous jasperoid in
9 marble dump 0.114 62.80
10 gossanous skarn in marble outcrop 0.062 7.71
haematite-goethite stained
11 siliceous skarn, dump 1.265 570.00
siliceous gossan, weak
12 skarn dump 1.275 184.00
18 gossanous siliceous skarn dump 0.603 302.00
gossanous soft to siliceous
13 skarn dump 10.800 136.00
strongly Fe-ox stained
14 jasperoid float 0.095 383.00
Soft haematitic locally
15 siliceous gossan outcrop 0.132 32.60
Iron-stained chalcedonic
16 jasperoid subcrop 0.325 95.40
These initial results indicate that the project offers an
opportunity for the discovery of intrusion-proximal gold skarn
mineralization as well distal Carlin-style gold mineralization. In
addition to mineralization marginal to the stock, silicification
also occurs along district-scale structures at the edge of alluvial
cover distal to the intrusion, offering the potential for concealed
mineralization.
Ferber
The Ferber district contains jasperoids (silicified limestone)
and siliceous skarns marginal to a Late Eocene, multi-phase
intrusive complex. The Kinsley district, 21 km to the southwest and
being explored by Pilot Gold, contains a similar geologic
environment: a similar-aged intrusion with proximal skarn and
distal Carlin-style gold mineralization. New gold mineralization
with an average grade of 6 g/t, was discovered recently at Kinsley
in stratigraphy well below that hosting lower-grade, shallow
mineralization. Historic widely scattered and shallow drilling at
Ferber failed to properly test mineralized structures with angle
drilling or test stratigraphy for additional hosts to
mineralization.
Dr. Jacob Margolis is the qualified person as defined by
National Instrument 43-101 and has reviewed the technical content
of this news release.
Silverton Drilling Programme
As envisaged under the Farm-Out Agreement, Orogen Gold plc has
recently announced a proposed 1200m drilling programme at
Silverton, funded by Orogen, and Galileo looks forward to
announcing results of this programme as and when available.
Further details are available from the Company's website which
details the Company's project portfolio as well as a copy of this
announcement: www.galileoresources.com
You can also follow Galileo on Twitter: @GalileoResource
Approval
Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy
and M.Sc. Engineering, University of Witwatersrand and is a member
of the Institute of Materials, Minerals and Mining, is a "qualified
person" as defined under the AIM Rules for Companies and a
competent person under the reporting standards. He has approved the
release of this announcement.
Glossary
Ag silver
------------- -----------------------------------------------
Au gold
------------- -----------------------------------------------
Bi bismuth
------------- -----------------------------------------------
Pb lead
------------- -----------------------------------------------
Te tellurium
------------- -----------------------------------------------
breccia rock consisting of angular fragments
of stones cemented by finer material.
------------- -----------------------------------------------
Carlin style Carlin-style gold deposits are sediment-hosted
finely disseminated gold deposits.
------------- -----------------------------------------------
chalcedonic relating to chalcedony - an ultrafine
form (crystalline structure visible
only when magnified) of silica
------------- -----------------------------------------------
Eocene a division of the geologic timescale
lasting from 56 to 33.9 million years
ago
------------- -----------------------------------------------
float rock that is not found in situ at an
outcrop i.e not attached to an outcrop
------------- -----------------------------------------------
g/t grams per tonne
------------- -----------------------------------------------
gossan intensely oxidized, weathered or decomposed
rock, usually the upper and exposed
part of an ore deposit or mineral vein
------------- -----------------------------------------------
goethite various forms of hydrated or unhydrated
haematite iron oxide minerals
limonite
------------- -----------------------------------------------
intrusive action or process of forcing magma
between or through existing rock formations,
without reaching the surface
------------- -----------------------------------------------
magmatic relating to molten rock (magma) from
within the earth's mantle
------------- -----------------------------------------------
marble a crystalline metamorphic form of limestone
------------- -----------------------------------------------
metamorphic relating to rock that has undergone
transformation by heat and/or, pressure
------------- -----------------------------------------------
outcrop a rock formation that is visible on
the surface
------------- -----------------------------------------------
ppb parts per billion (1000ppb=1ppm)
------------- -----------------------------------------------
ppm parts per million equivalent to g/t
------------- -----------------------------------------------
saprolitic relating to soft, thoroughly decomposed
and porous rock
------------- -----------------------------------------------
skarn calcium-bearing silicate rocks of any
age most often formed at the contact
zone between magmatic intrusions and
carbonate sedimentary rocks such as
limestone
------------- -----------------------------------------------
stratigraphy in geology - study of rock layers (strata)
and layering (stratification)
------------- -----------------------------------------------
subcrop part of a geological formation that
is close to the surface but not outcropping.
------------- -----------------------------------------------
tonne 1000 kilograms
------------- -----------------------------------------------
For further information, please contact:
For further information,
please contact: Colin Tel +44 (0) 20 7581
Bird, Chairman 4477
Andrew Sarosi, Technical Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited
- Nomad Tel +44 (0) 20 7628
Roland Cornish/ James 3396
Biddle
Beaufort Securities
Limited - Broker Tel +44 (0) 20 7382
Jon Belliss / Elliot 8416
Hance
This information is provided by RNS
The company news service from the London Stock Exchange
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