VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) — Galileo Exploration Ltd. (TSX-V:GXL) (the “Company”) is pleased to announce that their planned Phase One 2017 Exploration program on its Majuba Hill property has been completed. Ongoing geologic and geophysical study is revealing other potential targets on the Project.
The Phase One Exploration program consisted of –
- A program of compilation
- Geologic orientation
- Geophysical study
- Core drilling
- A field office and logging facility were established
- Historic data was assembled and synthesized
- Orientation rock geochemistry and geologic mapping were performed.
What Phase One Exploration entailed –
- 6.6 km (4 mi) of Induced Polarization Chargeability study.
- 70 km (43.5 mi) of ground magnetic line were measured.
- Three HQ core holes were drilled at three separate sites, to test IP chargeability anomalies identified.
- Favorable conditions allowed drilling of 898 meters (2947 ft.) – almost double the proposed program.
- Following QA/QC protocols exceeding industry standards, H1 of MG17-01, has been shipped to lab for further evaluation. Results pending.
Ongoing Phase One Completion Agenda –
- Samples from H1 MG17-01, following QA/QC protocols exceeding industry standards, were submitted to American Assay Labs of Reno, Nevada, for multi-element analysis, on November 29th, 2017 with results pending.
- Logging and core sawing for holes 2 and 3 and H2 of hole 1 and sampling are ongoing.
- Logging, sawing, sampling, and shipping, following QA/QC protocols exceeding industry standards to American Assay Labs of Reno, Nevada are anticipated to be completed mid-December 2017. Results will be released when received.
Dave Mough, geologist, is the Qualified Person of Galileo Exploration Ltd. and has reviewed and approved the exploration data contained in this news release. Dave Mough is conducting all field operations regarding the Phase One Exploration program on behalf of Galileo Exploration Ltd.
Ron Rieder, CEO/President of Galileo Exploration Ltd. comments “Thank you Dave Mough for all your hard work and efforts to assist Galileo in the completion of phase one.
We would also like to thank the drilling crew from Marcus and Marcus Drilling, they saved us a lot of money because of their efficiencies, and thus allowed us to drill twice the footage we had originally planned to complete during Phase One Exploration.
Durango Geophysics also deserves applause, as John and Zak Reynolds, went above and beyond our initial contract obligations at virtually no incremental cost to our shareholders. There too, we completed twice the lineage of IP Chargeability study, and kilometers more ground mag.”
ON BEHALF OF GALILEO EXPLORATION LTD.
Ronald A. Rieder CEO/President
Galileo Exploration Ltd.
407 – 325 Howe Street
Tel: (604) 629-1929
Fax: (604) 629-1930
This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company’s exploration and drilling programs on the Majuba Hill property, geological interpretations, mineral estimates and sampling results. Such forward‑looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to exploration and drilling programs; interpretations of mineral estimates; and effects of regulation by governmental agencies.
The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.