Galileo Resources - Exploration Update from Ferber Property, Nevada

Galileo Resources

04/12/2025 07:00

RNS Number : 0971K

Galileo Resources PLC

04 December 2025

 

4 December 2025

 

Galileo Resources Plc

("Galileo" or the "Company")

 

Exploration Update from Ferber Property, Nevada

 

Galileo Resources Plc ("Galileo") is pleased to report completion of the planned Phase 1 exploration programme aimed at delineating priority drill targets at its' 100% owned Ferber Property ("the Property") under the terms of a Royalty and Exploration Agreement with Bronco Creek Exploration Inc. ("BCE"), a wholly-owned subsidiary of Elemental Royalty Corporation (TSX-V: ELE, NASDAQ: ELE).

 

Highlights

 

·    Work completed as part of the Phase 1 Target Generation programme include:

o Mapping over a total area of approximately 70km2, with collection of 109 rock grab samples for assay.

o Following discovery of mineralised workings and bedrock alteration west of the existing claim holding, a further 89 claims were staked to extend the property.

o Soil sampling programme carried out traversing the property - analytical results to be collated.

o Completion of a ground gravity survey highlighting major structures and potential drill targets.

·    Further historic data was obtained, including full airborne and ground magnetic coverage, IP survey results and additional drill data.

·    New data generated by the Phase 1 Galileo/BCE work will be integrated with the historic exploration information and modelled to develop Phase 2 priority Reconnaissance Drilling targets in line with the agreement between the companies.

·    Once Phase 1 data integration is completed BCE will provide Galileo with a final data compilation and a Targeting Report and in return Galileo will grant a 0.33% perpetual NSR Royalty. 

·    The Phase 2 Reconnaissance Drilling program is anticipated in the first half of 2026, as soon as weather, permitting, and drill availability allow.

 

 

Colin Bird Chairman & CEO said: "We are very pleased with the results of the field work carried out under our agreement with BCE. Exploration has extended the target area, encompassing some 10km of strike extent, with additional results to come. We are working towards identification of initial reconnaissance drill targets and shareholders will be kept up to date as the project advances further."

 

 

 

Galileo/BCE Royalty and Exploration Agreement Summary

 

Please refer to RNS dated 13 May 2025

 

 

Ferber Project Background

 

The Property, located 40 kilometres south of Wendover in Elko County, Nevada, comprises a series of patented and unpatented claims covering an area of about 30 square kilometres.

 

The Ferber District consists of a multi-phase Eocene igneous complex intruding Pennsylvania-Permian age carbonates. The limestone units are domed around the intrusive. Marble and skarn are developed at the margin of the intrusive complex. The sedimentary and intrusive rock is cut by faults of various orientations. Polymetallic mineralisation occurs as contact skarn and replacement in limestone and the intrusive. Possible structurally controlled sediment hosted gold deposits are present, as well as a porphyry base metals/gold target.

 

Copper-lead-silver-gold deposits were discovered in the area in the 1880s. Ore was shipped from the Martha Washington, Big Chief, Regent and other small mines intermittently over the years. Limited production figures for the mines list 97,878 pounds copper, 192,613 pounds lead, 11,851 ounces silver. Cordex Exploration, Royal Gold and FMC Corporation have conducted exploration in the area since 1980s-1990s.

 

Numerous surface samples have been collected during historic exploration along with limited, mostly shallow, drilling. Reported drill intercepts include 2.37g/t Au over 4.6m and 0.59g/t Au over 10.7m as well as 0.83% Cu over 12.0m. Individual grab samples collected by Galileo from old workings and dumps have ranged up to 10.8g/t Au, 674g/t Ag, 4.19% Cu, 8.71% Pb and 7.62% Zn. In addition, assaying for a limited range of other elements has shown anomalous levels of bismuth and arsenic which are on the US list of critical minerals.

 

 

Technical Sign-Off

 

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.

 

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

 

Colin Bird, Chairman
Tel +44 (0) 20 7581 4477
Beaumont Cornish Limited - Nomad
Roland Cornish/James Biddle
Tel +44 (0) 20 7628 3396
Novum Securities Limited - Joint Broker
Colin Rowbury /Jon Belliss
+44 (0) 20 7399 9400
Shard Capital Partners LLP - Joint Broker
Damon Heath
Tel +44 (0) 20 7186 9952

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

 

 

Technical Glossary

 

"Au"
Gold
"Cu"
Copper
"Eocene"
An epoch of the Tertiary period between the Palaeocene and Oligocene epochs
"g/t"
Grammes/ tonne
"igneous"
Applied to rocks that have solidified from a molten state
"intrusive"
A body of igneous rock that invades older rocks
"Pb"
Lead
"Pennsylvanian"
A sub-period of the Carboniferous Period lasting from approximately 323.2 to 298.9 million years ago
"Permian"
Period of Earth's history from 225 to 280 million years ago
"porphyry"
A deposit of disseminated copper minerals in or around a large body of intrusive rock
"skarn"
Metamorphosed rock resulting from the hydrothermal interaction of hot silicate magmas and cooler lime bearing sedimentary rocks
"Zn"
Zinc

 

 

                       

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