Share Name Share Symbol Market Type Share ISIN Share Description
Galileo Resourc LSE:GLR London Ordinary Share GB00B115T142 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -4.55% 2.625p 2.50p 2.75p 2.75p 2.625p 2.75p 400,578 14:07:49
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.4 -0.3 - 5.10

Galileo Resources PLC Concordia Project Update

11/08/2017 2:34pm

UK Regulatory (RNS & others)


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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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August 11, 2017 09:34 ET (13:34 GMT)

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