Galileo Resources PLC (LON:GLR) has executed the previously announced earn-in deal with Orogen Gold PLC (LON:ORE) over the Silverton gold-silver property in Nevada.
The latter has the right to earn an initial 51% interest over the 6 sq km claim area through spending US$400,000 on exploration over 18 months.
Galileo executive director: "Andrew Sarosi, executive director, said: "We are pleased to have concluded this agreement with Orogen, which allows for an outside party to fund the exploration of Silverton.
"Orogen's due diligence, which included a site visit with Galileo, has already identified additional targets not only to the shear zone reported previously but also to targets not highlighted in the most recent reports and adds to the company directors' belief in the overall prospectivity of the property.
"Further news will be released as results from initial drill testing become available."
Orogen had already begun focused a re-mapping and sampling programme to confirm sites for an initial diamond drilling phase, Galileo said.
Assays reported by previous explorer Newcrest in 2003 showed intersections of up to 7.62metres (m) at 2.29g/t gold and 10.67m at 1.0g/t.
As reported in April, Orogen can earn 51% by spending US$400,000 on exploration within 18 months and take a further 24% through US$1.5mln of additional exploration in the following 30 months.
Galileo retains the right to participate pro rata after Orogen's initial 51% earn-in.
Read the Galileo Big Picture article here.