REG - Galileo Resources - Update on Drill Targeting at Ferber Property

Galileo ResourcesAnnouncement

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RNS Number : 8117U  Galileo Resources PLC  02 March 2026

2 March 2026

 

Galileo Resources Plc

("Galileo" or the "Company")

 

Update on Drill Targeting at Ferber Property, Nevada

 

Galileo Resources Plc ("Galileo" or "the Company") Phase 1 exploration and
data integration programme has generated a number of priority drill targets at
its' 100% owned Ferber Property ("the Property") under the terms of a Royalty
and Exploration Agreement ("the Agreement") with Bronco Creek Exploration Inc.
("BCE"), a wholly-owned subsidiary of Elemental Royalty Corporation (TSX-V:
ELE, NASDAQ: ELE).

 

Highlights

 

·    The BCE team has compiled a Targeting Report setting out a series of
priority drill targets at the Ferber project as envisaged under the terms of
the Agreement with Galileo and in return Galileo will grant a 0.33% perpetual
NSR Royalty.

·    The targets were generated through new mapping, geochemical and
geophysical programmes on the ground integrated with an extensive historic
database, leveraging BCE's wide experience over mineral deposits in the
Nevada-Utah region.

·    Mapping and rock dating at Ferber has identified Eocene igneous rocks
associated with the mineralising hydrothermal system, analogous in age to the
large historic Battle Mountain deposit complex and the Carlin gold trend
deposits in Nevada.

·    Four target areas have been selected focussed on skarn-hosted and
porphyry-type mineralisation over a 20 square kilometre area, divided into two
priority categories.

·    The proposed Reconnaissance Drilling programme incorporates over
3,000m of core drilling in up to eight holes testing high and medium priority
targets.

·    Historic drill intercepts included 12.2m @ 0.83% Cu and 10.7m @
0.53g/t Au, while periodic mining included the Martha Washington mine where
production was reported to average 6% Cu, 16% Pb and 14 oz/ton Ag.

·    The Company will now initiate the process of permitting, logistical
preparation and obtaining quotes from suitable contractors with the aim of
commencing drilling in the first half of 2026.

 

 

Colin Bird Chairman & CEO said: "The results or our recently completed
exploration programme, assisted by BCE, has been very encouraging, generating
a number of strong drill targets. We intend to pursue these targets in the
coming months on a reconnaissance basis. We will keep the market informed as
work progresses."

 

 

 

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 0.53g/t Au over 10.7m as well as 0.83% Cu over 12.2m.
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           Tel +44 (0) 20 7628 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker    +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker  Tel +44 (0) 20 7186 9952

 Damon Heath

 

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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