21st Jul 2014 10:25
LONDON (Alliance News) - Galileo Resources PLC said Monday that it has executed two exploration lease and option to purchase agreements to consolidate its position at its Ferber project area in Nevada via subsidiary St Vincent Minerals Inc.
It has increased its position to 102 un-patented and 21 patented mining claims covering around 2,377 contiguous acres at the site, it said, up from 88 un-patented mining claims covering around 1,760 acres.
Ferber is a historic product of gold and copper, Galileo said, and hosts widespread gold and copper mineralisation.
It is reviewing data on the property following recent major gold discoveries in eastern Nevada, particularly at Kinsley Mountain, which lies 12 kilometres west of Ferber.
"Further review of St Vincent's property portfolio now indicates that Ferber could be a significant gold target in a newly emerging gold trend in eastern Nevada," said Chief Executive Brian Gavin in a statement.
Shares in Galileo were trading down 1.6% at 7.75 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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