TIDMGLR
RNS Number : 5418Q
Galileo Resources PLC
30 November 2016
For immediate release
30 November 2016
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Exploration Update
Galileo announces an update on the ongoing exploration programme
being undertaken at the Concordia Copper Project in the Northwest
Cape Province of South Africa (the "Concordia Copper Project"),
specifically the closer-spaced (infill) geophysics survey in the
Homeep East section of the Homeep Trend following the highly
encouraging results of the initial survey (announced 1 November
2016) and on new surveys in the central (Homeep Central) and
western (Homeep West) sections of the Homeep Trend. This is
designed to provide greater insight into the regional prospectivity
and assist in identifying potential drill target locations.
Highlights
-- First phase of distributed array (DA) IP Induced Polarisation
("IP") survey on whole of the Homeep Trend completed
-- 3D (three dimension) modeling of the IP data identifies
bodies (zones) with high chargeability ("hi-ch") - in excess of 11
millivolts/volt - in three contiguous sections across the Homeep
Trend. Chargeability effects are frequently associated with the
presence of sulphide mineralisation and therefore hi-ch zones
represent potential drill targets
-- These results validate the competency of the IP techniques employed
-- The hi-ch bodies range in depth from surface to 500 metres
(m) over an aggregate (non- contiguous) strike length of
approximately 3 kilometres (km).
-- The infill geophysics on the Homeep East section confirms and
extends previously announced hi-ch bodies, to the west-northwest
and identifies further hi-ch zones to the south.
-- IP survey on the Homeep Central section, 3D- models one hi-ch
body from 200m to 400 m depth and on Homeep West section one km E-W
striking hi-ch body from near surface to approximately 500m depth
and width generally ranging between 30m to 300m
-- Second phase geophysics survey commences on two highly
prospective blocks on the 7 km- striking Shirley Trend, on which
previous copper occurrences coincident with historical high
aeromagnetics anomaly are known. The Shirley Trend is some 12 km
west-northwest of the Homeep Trend. This phase will complete the
programme to end December 2016.
-- Preliminary report expected in January.
Colin Bird, Chairman and CEO said: "We advised our shareholders,
that we would continue with infill geophysics on Homeep East,
against the pleasing results obtained from the initial geophysics
programme, and extend the survey over the whole of the Homeep
Trend. We are delighted that the results obtained coincide with the
known copper occurrences in the area and potentially enlarge the
area for future copper targets, noting particularly that this has
been achieved with the geologic and geophysic teams having little
or no information on the underlying geology. The next phase of the
geophysics programme will focus on two highly prospective blocks on
the second priority Shirley Trend. The areas covered and planned
represent less than 10% of the Concordia concession."
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to provide an update on results of infill
geophysics survey on the eastern section (including Homeep East
prospect), and of new surveys on the central section (including
Koeëlkop prospect) and western section (including Whyte's West
prospect) of the Homeep Trend. The sections are contiguous and
east- west striking on the 6 kilometer long Homeep Trend of the
Concordia Copper Project in the Northwest Cape Province of South
Africa.
The Homeep Trend on Concordia was chosen as the first site for
IP since it has hosted at least two underground copper mines. The
previously announced (7 September 2016) modelling results based on
historical drilling were for a very small portion of the Homeep
East section of the Homeep Trend , i.e. the Homeep East prospect
and sporadic higher-grade occurrences have been found over Homeep
Central (including Koeëlkop prospect) and Homeep West (including
Whyte's West prospect) sections.
The latest geophysics survey on the Homeep East section (as
previously announced on 1 November 2016), comprising infill dipole
stations to improve resolution of preliminary IP survey data and a
survey on the southerly extension in the western boundary Homeep
East, has confirmed the hi-ch zones extend to the west northwest
and has identified two hi-ch zones in the southern extension of
Homeep East.
The hi-ch zone on Homeep Central section (including Koeëlkop
prospect) was not as pronounced as at the Homeep East section. A
smaller hi-ch body was detected just north of the Koeëlkop prospect
model with a hi-ch outlier to the south-east of the model. This
zone seems to be related to known historical drilling for which
data are not available.
The recently completed IP survey over the Homeep West section
(including Whyte's West prospect) has identified three hi-ch
bodies. These range from near surface to approximately 500m in
depth. The three bodies have an east - west trend similar to the
overall Homeep Trend strike and are being considered as potential
drilling targets.
In general, the hi-ch bodies have a good correlation with the
known historical drilling and modelled ore bodies. In addition to
this, there are hi-ch bodies that have been identified, which have
had no previous drilling but are related to surface geology and
magnetic anomalies and are being treated as additional drilling
targets. The current hypothesis is that the better chargeability
bodies seem to be related with the higher grade models such as
Homeep East prospect and Whytes West prospect and the smaller hi-ch
bodies seem to be associated with the lower grade model of Koeëlkop
prospect. This hypothesis can be tested during a possible
scout-drilling programme, which is anticipated could commence in
early 2017, after review of the IP data. The IP data are currently
being interpreted based mainly on geophysical parameters and not on
underlying geology, on which little information is available. Once
this process has been completed the models will be reviewed and
possibly revised to test their correlation with the known available
geology before final selection of drilling targets.
Images of the geophysic signatures, and modelling results from
both raw data and that generated from the inputs into datamine are
available on Galileo's website.
Background
The small portion of the Homeep East prospect, which was
modelled, was interpreted, to consist of 3 spatially related
mineralized zones. The zones cover overall some 175 m along strike,
and vary between 10 m and 50 m in width. Mineralised lithologies
have been modelled to a depth of approximately 500 m below surface.
It is known that historical mining development passes through the
model, however the volume or grade of the historical mining is not
known.
The modelling of Homeep East, a part of the larger Homeep Trend
of prospects, indicated the potential over a very small portion of
strike of the overall trend estimated at 942,435 tonnes grading
0.89% Cu at 0.2% Cu cut-off, thereby confirming the expected high
grade of the Homeep deposit. Following a strategic joint review of
Minxcon's** independent assessment of exploration potential on 34
possible prospects on the Concordia property, and their ranking in
terms of prospectivity, the Company prioritised four main areas:
the Homeep Trend, the Shirley Trend (including the Klondike
Prospect area) and the Henderson Prospect area for exploration
activities, commencing with an Induced Polarity geophysical survey.
In September 2016, the Company selected GeoSpec Instruments (Pty)
Ltd (from three bidders) for a 3-phase IP survey on Concordia:
1(st) Phase -the Homeep Trend ; 2(nd) Phase - the Homeep/Shirley
Trend and 3(rd) Phase - Shirley Trend and Henderson/Klondike
prospects). The Company mandated Minxcon to manage the data base
integration of this IP programme. The 1st Phase IP survey commenced
10 October 2016.
** Minxcon Consulting (Pty) Ltd
The Department of Mineral Resources granted a renewal, for three
years to 17 August 2019, of the Prospecting Right (PR) on Concordia
to SHIP, the holder of the PR and the Company's partner in the
Project. Galileo continues to spend money under the Concordia
Farm-In agreement as first announced on 17 November 2015.
Further details are available from the Company's website which
details the Company's project portfolio as well as a copy of this
announcement: www.galileoresources.com
You can also follow Galileo on Twitter: @GalileoResource
Technical Sign-Off
Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy
and M.Sc. Engineering, University of Witwatersrand and is a member
of the Institute of Materials, Minerals and Mining, is a "qualified
person" as defined under the AIM Rules for Companies and a
competent person under the reporting standards. The technical parts
of this announcement have been prepared under Andrew's supervision
and he has approved the release of this announcement.
S
For further information, please contact:
Galileo Resources PLC Tel +44 (0) 20 7581 4477
Colin Bird, Chairman
Andrew Sarosi, Executive Director Tel +44 (0) 1752 221937
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628 3396
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382 8416
Jon Belliss
Technical Glossary
"aeromagnetics: - Aircraft flown geophysical survey that
measures small, localised variations in the earth's magnetic field.
The magnetic properties of naturally occurring materials such as
magnetic ore bodies and basic igneous rocks allow them to be
identified and mapped by magnetic surveys.
"anomaly": - variation or oddity manifested in the data
"chargeability" a ratio of a secondary voltage V(s) induced by
an observed (applied ) voltage, Va, applied by way of an electrode
array and commonly expressed as millivolts (mv) per volt (V); this
quantity is independent of topographic effects and of electrode
geometry and is thus a good measure of induced polarisation.
"dipole ":- a separation of positive and negative charges.
"dipole station" : - location of an electrode measuring a
dipole
"distributed Array":- a type of electronic configuration
designed simultaneously to collect geophysic data for true 3D
acquisition and inversion, thereby providing accurate and clear
picture of near surface to depth (>500m) 3D data collection.
"Induced polarity (IP) geophysics survey": - a geophysical
imaging technique used to identify the electrical chargeability and
resistivity of subsurface materials, such as sulphides in rocks
"infill": closer spacing of measurements
"infill dipole stations" :- closer spacing (infill) of the
receiver electrodes in an array network of electric pathways that
intersect or branch.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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