No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Galileo Resources said Monday that exploration at its Ferber property in Nevada had significantly expanded the scale of the target area, indicating the presence of a large hydrothermal system with strong mineralisation potential.
As part of the first phase of its target generation programme with Bronco Creek Exploration, a subsidiary of EMX Royalty, Galileo reported multiple intrusive phases and four large fault blocks mapped across a 10-kilometre east-west trend.
The AIM-traded firm said thee western side of the system, where detailed mapping was carried out for the first time, showed intense alteration, skarns and visible copper oxide mineralisation, with assay results pending.
A soil sampling programme had been completed and samples were now with the laboratory, while a gravity survey was planned for later this year.
The company said previous sampling at Ferber had already highlighted strong lead, zinc and silver mineralisation alongside copper and gold.
It added that the system showed geological analogies to Nevada's Battle Mountain Trend, which had produced more than 100 million ounces of gold along with substantial copper and silver.
"I am very pleased to report that, following our announcement regarding commencement of work at Ferber, the property is showing significant potential as was anticipated when we first acquired the claims from St Vincent Minerals in the US," said chairman and chief executive Colin Bird.
"Nevada is a fertile environment for copper and gold and we have identified geological similarities at Ferber with other producing mines in the district.
"Our geological thinking drives us towards a porphyry intrusive/skarn model - benefitting from the knowledge and experience of BCE personnel who are executing our field programmes at an operational level.
"We strongly believe that the current investment climate and geopolitical drive for certain commodities in the US provides impetus not available in previous years.
"We are continuing our work with BCE to move the programme forward at pace, with the aim of delineating drill targets during the fourth quarter of 2025."
The Ferber project covers around 20 square kilometres in Elko County and has a history of small-scale mining dating back to the 1880s.
Historic drilling and sampling returned results including up to 10.8 grams per tonne gold, 674 grams of silver per tonne, 4.19% copper, 8.71% lead and 7.62% zinc, with anomalous levels of critical minerals such as bismuth and arsenic also reported.
At 1238 BST, shares in Galileo Resources were down 6.67% at 0.7p.
Reporting by Josh White for Sharecast.com.