Galileo Resources Share Discussion Threads

[gkp heros] 31/5/2016 16:19

Galileo Resources delivers high grades in a prolific copper areaShare 14:46 31 May 2016Galileo Resources has a sizeable footprint on a copper-rich region of South Africa, and is now pressing ahead towards a resourceGalileo Resources delivers high grades in a prolific copper areaGalileo's South African ground looks highly prospective for copperInvestors who want to know what happens when you deploy veteran mining entrepreneur Colin Bird in one of the world's most prolific copper producing regions have two directions in which they can look: the past, and the future.The past speaks for itself. Colin was instrumental in the development and the eventual sale of Kiwara Resources for a nine-figure sum, having proved a concept, sunk a few drill holes and sold to First Quantum at the height of the market.Kiwara had ground in Zambia, which alongside the Democratic Republic of Congo on the other side of the border, occupies most of the region known locally and globally in mining circles as the Copperbelt.Kiwara's getting on for 10 years ago now, and is beginning to fade from the memories of investors who subsequently went through one almighty mining bust.But those who want to know how it's done may yet get an object lesson from Mr Bird himself again, as he positions Galileo Resources (LON:GLR), once solely a fertilizer play, strategically across an area of South Africa with its own admirable track record of copper production."It was one of the biggest copper mining areas of the world," says Bird.The obvious questions then, are how much copper is left and how does Galileo plan to get it out?It's a bit early to answer that second question in detail, but the first question is straightforward enough, and just goes to show that as times change, so do opportunities to turn a dollar or two."We found that the cut-off grade used by the earlier miners was 0.8%," says Bird. That may not mean much to non-specialists, but the salient point is that nowadays copper miners can mine economically at grades much lower than that."The average grade of copper mines in the world has dropped from about 1% to about 0.6%," explains Bird.It's as simple as that: all of a sudden, the Galileo ground became highly prospective."We extended our search of the area," continues Bird, "and we found more higher grade areas. I think we're onto something, I really do."Of course, working up a prospect like Concordia isn't easy when money is as hard to come by as it has been in the mining sector over the past couple of years.But here Galileo has an ace up its sleeve. Instead of spending large amounts of hard currency drilling up ground that's already been gone over before, Galileo can fall back on old data gathered by former owners between 1960 and 1990."We've got a massive database and we're just interrogating that," says Bird. "We're modelling the lithological package in discrete units. Once we've created our model, we're going to drill.That will probably require new money to come into the company, but for the time being the company's not too badly off."There's RND3.5 mln in the bank," says Bird, "and I try not to do any placements." As a big shareholder himself, Bird's as worried as anyone about dilution and about getting the maximum bang per buck.The next news is therefore likely to state that the model holds together, and that a new resource is in the pipeline.Certainly, by October Bird is hoping to have some idea of tonnes and grade as well as an emerging mine plan. There's likely to be news on the net present value of Concordia by then too, and Bird has some confidence it's going to be good."On the global drawing board of emerging copper projects, this will be in the top two or three," he says.If that turns out to be correct, it will only go to confirm the investment potency of mixing Colin Bird and copper-rich jurisdictions.

[gkp heros] 31/5/2016 16:06

Paying full ask now

[gkp heros] 31/5/2016 16:01

It will Be a interesting finish!!!

[ryan83] 31/5/2016 15:57

reckon it might be a few on twitter. Big gib or the ginger gardener?

[gkp heros] 31/5/2016 15:55

Them buys came from no where something is brewing

[turbotrader2] 31/5/2016 15:54

Came out of the blueRNS logged?

[gkp heros] 31/5/2016 15:47

look at these buys

[ryan83] 31/5/2016 15:37

mmmm nice few buys there

[gkp heros] 31/5/2016 13:04

News has to be soon

[turbotrader2] 31/5/2016 13:00

News has to be soon

[ryan83] 31/5/2016 12:19

also homeep east "3D and resource estimate modeling to continue May-June"

[ryan83] 31/5/2016 12:16

worth a re read of this imo

[gkp heros] 31/5/2016 12:01

Mm's playing tricks here

[turbotrader2] 27/5/2016 11:53

Wish they would hurry up

[gkp heros] 27/5/2016 09:37

MM's seem happy to take as many shares as possible this morning watch this jump on news!!!

[gkp heros] 26/5/2016 21:03

Million lol

[gkp heros] 26/5/2016 21:02

$4 sale will add 120% in one day onto our market cap

[turbotrader2] 26/5/2016 16:53

All birdies shares tanked today

[gkp heros] 26/5/2016 08:13

Hoping this $4 million sale goes through!!!

[turbotrader2] 26/5/2016 07:23

See XTR have sold an asset for 17m wonder if Colin has the same plan here?

[turbotrader2] 25/5/2016 17:35

What news do we expect?

[gkp heros] 25/5/2016 12:57

These are trading at a fraction of their true worth. These will re-rate just like their peers have recently. News must be due any day now all in my honest opinion and always do your own research!!