Galileo Exploration terminates Majuba Hill option agreement
Monday, Mar 26, 2018
Signal Gold Property becomes company focus while seeking to acquire or option other mineral properties

Galileo Exploration Ltd. has elected to terminate the Majuba Hill Lease and Option to Purchase agreement dated February 14, 2017.  While exploration results were promising, drill-testing to confirm the presence of a massive copper porphyry at shallow depths provided limited results.

As a result, the Company will now focus its attention on the Signal Gold Property and will also seek to acquire or option other mineral properties which meet the criteria of management and directors.

On September 14th, 2017 the Company announced that it had acquired an option to acquire a 100% interest in the Signal Gold Property along with the large (8GB) property/district database. The property is subject to underlying royalties.

The Signal Gold Property consists of 79 lode mining claims on the west edge of the Eureka District, Nevada, and lies adjacent the Ruby Hill Mine, formerly operated by Barrick Gold, and enjoys excellent access and logistics, with no identified environmental or operational issues.

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. Each zone is open to expansion, including the Signal Zone, which has historic gold mineralization identified on the property.

Ron Rieder – CEO/President of Galileo Exploration Ltd. comments “it was company mandate from the very beginning to test the IP anomalies at Majuba Hill for the prospect of a massive copper porphyry at shallow depths. Drilling tested this theory to limited results. Hence, company mandate has been refocused to the Signal Gold Property, and to seek other mineral exploration properties which meet our corporate goal of providing shareholders the best possible return for investing in our management team.”

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