TIDMGLR
RNS Number : 1358F
Galileo Resources PLC
15 May 2017
For immediate release
15 May 2017
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Drill Programme Completion
Galileo (AIM:GLR) is pleased to announce that further to the
announcement of 15 February 2017, it has now completed its initial
drilling programme on its Concordia project (the "Project ") in the
northwest of Northern Cape Province of South Africa. The first set
of analytical results on drill samples are expected by end of May
2017 and a second final set of results are expected by end of June
2017.
Highlights
-- Drilling programme completes fourteen reverse circulation (RC
) holes in the Homeep and Shirley Trends
totalling 2170 metres (m); substantially exceeding the original plan for six holes
-- Four holes were drilled in the Homeep Trend; seven holes in
the Shirley Trend and three exploratory holes in Klondike, a
prospect immediately south of Shirley Trend
-- Holes targeting Induced polarisation (IP) geophysics
anomalies as well as surface geology, intersect diorite/anorthosite
structures
-- Six holes on Shirley Trend intersect diorite/anorthosite runs
(non-continuous) with visible copper sulphide mineralisation -
chalcopyrite and some bornite- in the drill chippings
-- Results confirm the validity, reliability and usefulness of
IP geophysics in targeting anomalous chargeability zones
-- Galileo has committed to the company owning the Project, 100%
of the funds required to earn-in a 51% interest in the company
owning the Project.
Colin Bird CEO said: "The aim of the drilling programme was to
test the geophysics technology and the anomalies generated as a
means for directing future exploration. The results obtained to
date confirm the validity, high reliability and usefulness of IP
geophysics. We eagerly await the analytical results of the drill
samples. The Shirley and Homeep Trends will be remodelled and the
strategy for further drilling established. We consider the drill
programme a success and consider our in-house model for Concordia
is developing favourably towards a major copper resource."
Cooperation & JV Agreement ("Agreement")
In accordance with the terms of the Agreement, announced on 14
January 2016, as Galileo has earned-in a 51% interest in the
company owning the Project, it now has 30 days to decide whether to
continue with exploration and development of the Project; should it
choose to do so, Galileo will issue and allot 30 million new
ordinary Galileo 0.1p shares to Shirley Hayes, in return for which
Galileo shall be entitled to receive a further 29% beneficial
interest in the company which owns the Project, such that Galileo
shall ultimately hold 80% of the company owning the Project.
Project Background
Following a strategic joint review of Minxcon Consulting (Pty)
Ltd's ('Minxcon') independent assessment of exploration potential
on 34 possible prospects on the Concordia Project, and their
ranking in terms of prospectivity, the Company prioritised four
main areas: the Homeep Trend, the Shirley Trend (including the
Klondike Prospect) and the Henderson Prospect area for exploration
activities, commencing with an Induced Polarity (IP) geophysical
survey.
The modelling of Homeep East (announced 7 September 2016), a
small part of the 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
prospect.
The Shirley Trend, the on Concordia was selected for its long
7km-strike length, the occurrence of sporadic historic high copper
values and a few clusters of historic drilling positions but for
which the drilling data are missing.
In September 2016, the Company commissioned GeoSpec Instruments
(Pty) Ltd to execute a 3-phase induced polarisation (IP) geophysics
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) and mandated Minxcon to manage the
data base integration of the survey. The geophysics filed work
survey was completed in November 2016. 3D (three-dimension)
modelling of the IP data identified bodies (zones) with high
chargeability - up to 12 mV/V - in contiguous sections across both
Homeep and Shirley Trends.
Galileo commenced drilling, in March 2017. The programme
comprised initially of up to six RC holes down to 300 m depths. The
objective of the drilling programme focused principally to test the
reliability and usefulness of geophysics anomalism in identifying
copper mineralisation targets.
Galileo to date has committed 100% of the funds required for a
51% earn-in to Concordia in terms of the Cooperation and Joint
Venture Agreement with Shirley Hayes IPK.
The Department of Mineral Resources granted a renewal, for three
years to 17 August 2019, of the Prospecting Right (PR) on Concordia
to SHIP Pty Ltd, the holder of the PR and the Company's partner in
the project.
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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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
"chargeability" a ratio of a secondary voltage V(s) induced by
an observed (applied ) voltage, V(a) , 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.
"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
"mv/V":- millivolts per volt
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLGGUUAAUPMUBA
(END) Dow Jones Newswires
May 15, 2017 05:54 ET (09:54 GMT)
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Apr 2024 to May 2024
Galileo Resources (LSE:GLR)
Historical Stock Chart
From May 2023 to May 2024