TIDMGLR
RNS Number : 8174N
Galileo Resources PLC
11 August 2017
For immediate release
11 August 2017
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Drill Results Update
Galileo (AIM:GLR) is pleased to announce the preliminary results
of the initial 14-hole drilling programme on its Concordia project
("the "Project"), completion of which was announced on 15 May
2017.
Highlights
-- The Company announces preliminary results of the completed
14-hole 2,170 metre initial drilling programme
-- The targeting contribution of induced polarity (IP)
geophysics to this deposit did not prove precise enough for the
purpose of testing the technology as a means for directing future
exploration
-- Copper sulphide mineralisations were intersected more
consistently in dill holes targeted by traditional exploration
methodology
-- Drilling of basic rock bodies identified by outcrop, limited
ground magnetic survey and previous aeromagnetic survey data
intersected encouraging potentially mineable near-surface copper
mineralisation with good grade
-- Best holes, GSPD 008 011 and 014 in basic diorite outcrop,
intersected respectively, 6 metres (m) from 23m to 29m downhole
assaying 0.90% Cu; 10m, from 28m to 38m, assaying 0.85% Cu; and 8m,
from 3 m to 11m assaying 1.06%Cu
-- Assessment of the results continues in order better to
understand the geology and the structural controls governing
mineralisation
-- Decision to turn the project to account for the benefit of
the JV parties and to increase the Company's interest in the
Project by way of issue of Galileo ordinary shares to JV partner is
pending the outcome of this continuing assessment and results from
intended completion of the programme with the remaining committed
funds
-- JV partner, SHIP claims the Company should dilute to 15%
interest in terms of the Cooperation and Joint Venture Agreement
("Agreement"). This claim is not supported by the Agreement given
that no decision has been made by the Company to turn the project
to account .
Colin Bird CEO said: "The purpose of this drilling programme was
primarily to test IP as a tool in detecting sulphide bodies on
Concordia. Unfortunately, it became apparent during the programme
that that IP was less effective than traditional methods employed
in the area. The Company, along with SHIP, therefore decided to
direct the balance of the drilling using traditional exploration
including visible geology, basic rock outcrops and magnetic
geophysics. The results tabulated below are promising and well
worth pursuing. At a previous strategic discussion with SHIP, it
was decided to continue to drill a number of holes to test for
continuity and extension of mineralisation and this we intend to
do. After final expenditure of the balance of committed funds and
full assessment of results thereafter we will advise SHIP of our
future level of interest."
Table Summary of Results of Initial Drilling Programme
Mineralised downhole intersections (0.2% Cu Assay End of Anomaly/ Trend Prospect
cut-off) Hole Target
From To length
GSPD Hole Run m m m %Cu m
---------- --------- --------- --------- ---------------- --------- ---------- ---------- -------- ----------
IP
anomaly Homeep
001 <0.1 279 (IPA) Homeep East
Not IPA - Homeep
002 assayed 210 missed Homeep East
Homeep
003 68 73 5 0.26 102 IPA Homeep East
Hoogkraal
004 98 104 6 0.36 145 IPA Shirley East
116 130 10 0.46
Hoogkraal
005 216 223 7 0.59 314 IPA Shirley East
231 241 10 0.35
Hoogkraal
006 193 197 4 0.42 286 IPA Shirley East
255 257 2 0.63
Hoogkraal
007 140 148 8 0.40 192 IPA Shirley East
Basic
008 23 29 6 0.90 48 outcrop Shirley Klondike
Basic
009 <0.1 102 outcrop Shirley Klondike
Basic
010 <0.1 96 outcrop Shirley Klondike
IPA/Basic
011 28 38 10 0.85 90 outcrop Shirley Hoogkraal
incl 28 31 3 0.88
incl 34 38 4 1.29
IPA/Basic
012 6 17 11 0.44 90 outcrop Shirley Hoogkraal
27 32 5 0.56
Not Basic
013 assayed 42 outcrop Shirley Hoogkraal
Basic
014 3 11 8 1.06 120 outcrop Shirley Hoogkraal
Incl. 6 11 5 2.03
---------- --------- --------- --------- ---------------- --------- ---------- ---------- -------- ----------
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 Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited Tel +44 (0) 20 7628 3396
- Nomad
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382 8416
Jon Belliss
Technical Glossary
"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
"Copper sulphide mineralisation": occurrence of cooper sulphide
minerals
"Cu":- Copper
This information is provided by RNS
The company news service from the London Stock Exchange
END
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