TIDMGLR
RNS Number : 1153J
Galileo Resources PLC
07 September 2016
For immediate release
7 September 2016
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project Update
Highlights
-- Latest independent modelling on the Homeep East Prospect (the
last of the current modelling programme) modelled to 942,453 tonnes
at a grade of 0.89% Cu @ 0.2% Cu cut-off
-- Induced polarity (IP) geophysics survey to commence in early
October 2016 on the Homeep Trend of Prospects ("Homeep Trend")
-- The Homeep Trend selected for the 1(st) Phase of the survey
-- Prospecting Right for Concordia Copper project executed and
in place for a further three years to 17 August 2019
Colin Bird Chairman and CEO said: "The Homeep Trend on Concordia
has been chosen as the first site for IP since it has hosted at
least two underground copper mines. The aforementioned results are
for a very small portion of the trend and sporadic higher-grade
occurrences have been found over other parts of the Homeep Trend.
IP as a tool has had universal success in locating near surface
massive and disseminated sulphide ore bodies and we are confident
that this tool will work in the Concordia environment. The
prospecting right renewal has been executed and we are in good
standing for a period, which will allow us to carry out well
reasoned technical work and advance the project to its next stage
of mining licence application."
Update
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to announce a progress update on its Concordia
project in Northwest Cape region of South Africa. The Department of
Mineral Resources granted a renewal, for three years to 17 August
2019, of the Prospecting Right (PR) to the holder of the PR and
Company's partner in the Project.
In addition, and further to recent similar announcements made by
the Company, independent modelling of a small portion of Homeep
East (175 m or between 1.6% and 6.7% of the Homeep Trend ranged
Strike length), the last prospect of the current modelling
programme and 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. Estimates at higher cut-offs are given in the
tables below.
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 has prioritised 4 main areas including the Homeep
Trend, The Shirley Trend, The Henderson Prospect and the Klondike
Prospect (included within the Shirley Trend) for exploration
activities, commencing with an Induced Polarity (dipole - dipole)
geophysical survey. The company has selected three contractors to
tender for a 3-phase IP survey on Concordia: 1(st) Phase -the
Homeep Trend prospect; 2(nd) Phase - the Homeep Trend/Shirley
prospect and 3(rd) Phase - Shirley/Henderson/Klondike prospects).
The Company has mandated Minxcon to manage the tender process and
data base integration of this IP programme. Award of the contact is
targeted towards mid September and commencement of the 1(st) Phase
of the IP Survey beginning October 2016.
** Minxcon Consulting (Pty) Ltd
Homeep East Anaylsis
Table - Homeep East: High--Level Partial Prospect Estimate
@0.20% Cu Cut-off
Zone Volume Tonnage SG Cut-off %Cu Mass_Cu
------ -------- -------- ------- -------- ----- --------
M(3) T t/m(3) %Cu T
------ -------- -------- ------- -------- ----- --------
1 137,800 399,118 2.90 0.20 0.85 3,393
------ -------- -------- ------- -------- ----- --------
2 139,546 403,803 2.89 0.20 0.99 3,990
------ -------- -------- ------- -------- ----- --------
3 48,784 139,532 2.86 0.20 0.73 1,025
------ -------- -------- ------- -------- ----- --------
Total 326,130 942,453 2.89 0.20 0.89 8,407
------ -------- -------- ------- -------- ----- --------
@0.35% Cu Cut-off
Zone Volume Tonnage SG Cut-off %Cu Mass_Cu
------ -------- -------- ------- -------- ----- --------
M(3) T t/m(3) %Cu T
------ -------- -------- ------- -------- ----- --------
1 123,458 357,526 2.90 0.35 0.91 3,270
------ -------- -------- ------- -------- ----- --------
2 138,743 401,475 2.89 0.35 0.99 3,982
------ -------- -------- ------- -------- ----- --------
3 45,867 131,071 2.86 0.35 0.77 1,003
------ -------- -------- ------- -------- ----- --------
Total 308,067 890,071 2.89 0.35 0.93 8,255
------ -------- -------- ------- -------- ----- --------
@0.50% Cu Cut-off
Zone Volume Tonnage SG Cut-off %Cu Mass_Cu
------ -------- -------- ------- -------- ----- --------
M(3) T t/m(3) %Cu T
------ -------- -------- ------- -------- ----- --------
1 112,536 325,854 2.90 0.50 0.96 3,130
------ -------- -------- ------- -------- ----- --------
2 135,306 391,509 2.89 0.50 1.01 3,941
------ -------- -------- ------- -------- ----- --------
3 42,264 120,698 2.86 0.50 0.79 958
------ -------- -------- ------- -------- ----- --------
Total 290,107 838,061 2.89 0.50 0.96 8,028
------ -------- -------- ------- -------- ----- --------
Source: Minxcon Cousulting (Pty) Ltd - Report: Homeep East High
-Level Partial Estimate Results and Sections August 2016
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.
Minxcon's estimation and modelling process included adopting,
amongst other things, the following:
-- Median specific gravities (i.e. relative densities) were used
(from literature) per rock type within the mineralised zones were
2.9 for basic rocks norite and diorite, 2.75 for anorthosite and
2.65 for granite & gneiss;
-- Geological wireframes were generated defining contiguous zones of host lithologies;
-- Drillholes were composited to approximately 1.5 m for best fit in the Wireframe;
-- Classical statistics were conducted on raw and composited samples; and
-- Omni-directional variograms and down hole variograms were
constructed to define search parameters
-- Estimation was conducted utilising Inverse Distance to the power of 2.
ENDS
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.
Technical Glossary
"Induced polarity (IP) geophysics survey": - a geophysical
imaging technique used to identify the electrical chargeability of
subsurface materials, such as sulphides in rocks
'massive and disseminated sulphide: - A description of the
various kinds of sulphides in deposits; massive (usually more than
60% sulphide minerals in the rock) or disseminated (usually
fine-grained sulphide minerals in lesser concentration than
massive) scattered throughout the rock
.
"dipole - dipole": - Dipole-Dipole array is a type of electrode
configuration for a Direct-Current Resistivity Geophysical Survey
and is defined by its electrode array geometry. The dipole-dipole
electrode array consists of two sets of electrodes, the current
(source) and potential (receiver) electrodes
"omnidirectional variograms": - the variance of the difference
between field values between sampled locations taking equal
cognisance of relationships between the locations in all
directions
"downhole variograms": - the variance of the difference between
field values between adjacent sampled intervals (at an
infinitesimally small interval) down a drillhole. The result is
termed the "nugget effect".
"nugget effect": - anomalously high assays resulting from the
analysis of samples that may not adequately represent the
composition of the bulk material tested due to non-uniform
distribution of high-grade nuggets in the material to be
sampled.
"host lithologies":- country rocks in which mineralised or other
rocks have intruded
"lithology": - Rock composition, mineral and clay content
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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