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Galena Int’l Resources posts resource evaluation on Chaves project in Portugal

Galena Int’l Resources posts resource evaluation on Chaves project in Portugal Chaves, Portugal (source: flickr/ Rufino Lasaosa, creative commons)
Alexander Richter 3 Jun 2010

Galena International Resources Ltd. reports publication of independent technical report on the Chaves geothermal prospect in Portugal. The report was written by GeothermEx.

In a release by the company, “Galena International Resources Ltd. (TSX VENTURE: GTO) reports that it has posted, to SEDAR the independent technical report, resource evaluation of the Chaves Geothermal prospect. The report was prepared by GeothermEx, Inc. of Richmond, California.

Galena is the holder of a geothermal exploration concession at and surrounding the town of Chaves, Portugal, where historic hot springs indicate the presence of geothermal resource that potentially may be exploited to generate electricity. The concession covers an approximate 200km2 area, which includes a protected zone at the historic hot springs and a few adjacent shallow wells. The area is easily accessed by major and minor roads, population density is moderate, and water is abundant and should be available for the Company’s future drilling programs.

The Chaves geothermal region was extensively studied by academic/scientific interests in the early 1990’s, with funding from the EU, directed towards exploration of the geothermal resource. Only a few shallow wells are present in the area and no deep drilling was done, but the studies indicate that further exploration is warranted.

The Company has a proposed exploration work program, which includes more comprehensive collection and evaluation of existing data, geophysical studies, and drilling to shallow and intermediate depths to define the subsurface temperature distribution. If warranted, further drilling of deep production diameter wells will be needed to confirm the resource.”

Source: Company release via Marketwatch