Completes Induced Polarization (IP) Survey and Arranges Financing
Galileo
EXPLORATION LTD.
GALILEO EXPLORATION LTD.
Completes Induced Polarization (IP) Survey and Arranges Financing
VANCOUVER, BC - September 28th, 2017
Galileo Exploration Ltd. (TSX Venture Exchange: GXL) (the "Company) is pleased to release results of its
recently completed 3 -line 9,000 m etre Induced Polarization (IP) survey on its Majuba Hill
Copper/Silver/Gold porphyry project in Pershing County, North Central Nevada, USA.
The IP survey targeted the southern extension of strong copper -silver mineralization intersected in drill
hole MMX-24 which cut 222m of 0.27% copper and 10 g/t silver including 117 m grading 0.43% copper
and 12 g/t silver at the bottom of the hole open to depth. No drilling has been conducted previously in
this area.
The Company's President and CEO Ron Rieder comments: "When we planned the IP survey, we discussed
our intent of confirming past anomalies, and went about it from a parallel angle to the past IP survey
which was vectored at approximately 45 degrees to the same line. We were significantly more successful
than originally anticipated. "
Ron Rieder states further: "Upon initial interpretation of results, it was immediately decided to extend
the IP by 1 km to the east on all three lines. The unanticipated result was what could best be described
as the longest and strongest of all anomalies recorded on the Majuba Hill Copper project to date. The
Company is highly encouraged that similar copper mineralization may be associated with the outlined
large IP chargeability anomaly extending south of hole MMX-24."
The survey was successful in outlining an IP chargeability anomaly above 8-10 msec, over a width of 400
to 800m+, and along a strike length in excess of 1,200 meters interpreted to be open to the south and
east. The depth to the potential sulphide target varies from surface on the north to 150 -200 metres on
the south.
Mineralization intersected in drill hole MMX -24 was the longest copper -silver intersection to date at
Majuba, and is associated with disseminated chalcocite-chalcopyrite-arsenopyrite-pyrite sulphides in a
quartz-sericite altered porphyritic intrusive with disseminated tourmaline and quartz — tourmaline —
sulphide stockworks.
Galileo has applied for, and received permits for diamond drill hole drill platform locations from the State
of Nevada’s Bureau of Land Management . When final arrangements have been determined, a more
detailed review of the company's plans for further delineation of the IP anomaly alon g the 1200 metre
strike length will be announced.
Gary Nordin, B.Sc. (Geol Hons) is the Qualified Person of Galileo Exploration Ltd. and has supervised the
preparation of all exploration data contained in the news release. Gary is a member of the company's
Technical Advisory team.
Galileo Exploration Ltd. Page 1 of 2
News Release
Galileo
EXPLORATION LTD,
In conjunction with future property exploration and expenditures, and corporate G+A, Galileo
Exploration Ltd. (TSX Venture Exchange—Symbol: GXL) (the "Company') has arranged a non-brokered
private placement for gross proceeds of $400,000. The non-brokered private placement will consist of
5,000,000 units ("Units") at a price of $0.08 per Unit, for gross proceeds of $400,000 (the "Private
Placement"). Each Unit will consist of one common share of the Company and one common share
purchase warrant. Each full warrant will be exercisable by the holder to purchase one common share of
the Company at a price of $0.12 for 18 months from the date of issuance.
Subject to regulatory approvals, the Company may pay to arm's length finders a finder's fee consisting of
up to 7% of the amount raised by Finders in cash, and finder's warrants up to 7% of the number of units
sold by Finders under the Private Placem ent. Each finder's warrant ("Finder's Warrant") will entitle the
holder thereof to acquire one common share of the Company at an exercise price of $0.12 for 18 months
from the closing date.
The Warrants and Finder's Warrants are both subject to the followi ng acceleration clause: if the closing
trading price of the shares on the TSX Venture Exchange (the "Exchange") (or such other stock exchange
on which the shares may be listed) is at or greater than $0.35 per common share for 10 consecutive trading
days at any time commencing four (4) months after the Closing Date, the Company may accelerate the
expiry date of the Warrants by giving notice to the holders thereof and, in such case, the Warrants will
expire on the earlier of (a) the 60 th day after the date on which such notice is given by the Company and
(b) the original expiry date of the Warrants. Any notice to be given by the Company to the Subscriber
hereunder may be given to the Subscriber at the facsimile number or email address of the Subscriber
indicated on the cover page of the Subscription Agreement.
Galileo Exploration Ltd recently announced the TSX Venture Exchange accepted for filing a mining lease
and option to purchase agreement for the Majuba Hill Copper project. The Majuba Hill Copper is located
approximately 12 miles northwest of Rye Patch Gold's Florida Canyon Mine in Pershing County, Nevada.
The original Majuba Hill Mine produced 2.8 million lbs of oxide copper grading from four to twelve
percent (4 t012%) copper during the period 1907 through 1947 from the top of the porphyry system.
ON BEHALF OF GALILEO EXPLORATION LTD.
"Ron Rieder"
Ronald A. Rieder CEO/President
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. This news release has been prepared by management and no re gulatory
authority has approved or disapproved the information contained herein.
Galileo Exploration Ltd. Page 2 of 2
News Release