Galileo Resources PLC (AIM:GLR) has struck a deal with Bronco Creek Exploration, which will undertake exploration at the Ferber copper-gold property in Nevada.
Bronco Creek will provide exploration services and technical oversight for a two-stage programme, and, in return, will earn a 1% Net Smelter Return royalty interest in the property.
The new partner can buy another 0.5% NSR with a US$1 million payment to Galileo.
“The Ferber project is ideally located in a major copper-gold Province, and the general push towards support for home-based projects in the USA is expected to be of considerable assistance to the project,” Galileo chief executive Colin Bird said.
He added: "We are pleased to have completed this royalty arrangement with Bronco/EMX, a company that we hold in high regard,”
“Their in-country presence, local knowledge and exploration expertise will greatly assist in our initial field programmes.
“We look forward to working with them and, if appropriate, to extending the arrangement based on successful exploration progress.”
Bronco Creek, a subsidiary of EMX Royalty Corporation, will kick off with a programme focused on target generation – including mapping, soil sampling, and ground geophysics work. After that, it will plan a drill programme.