TIDMGLR
RNS Number : 8065H
Galileo Resources PLC
22 August 2016
For immediate release
22 August 2016
Galileo Resources Plc
("Galileo" or "the Company")
Study Increases Significantly Concordia Potential Size
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to announce the completion of an exploration
desktop study, (previously announced near completion on 15 June
2016), which has identified and ranked seven high priority
additional prospective copper targets within the Concordia Project
with the potential of accommodating a significant volume of
possible copper mineralised host litholigies. The study was
conducted by independent multifaceted South African geological and
mining consultant Minxcon Consulting (Pty) Ltd ("Minxcon"):
http://www.minxcon.co.za/.
Highlights
-- An additional twenty seven prospective copper targets
identified within the Concordia Project area in addition to the
seven regarded as high priority targets
-- The seven high priority targets present potential for
shallow, near surface, open pit copper mineralised zones
-- The targets including those as high priority for exploration
by the Company and Minxcon currently host conceptually 798.55
million host lithology tons, estimated to contain 50% mineralised
host at a mean grade 0.57% Cu
-- All the targets studied are based on areas of existing
documented and/or mapped copper occurrences that have the potential
for extensions along strike and/or dip
-- Other identified areas are currently under investigation to increase project size potential.
-- Definitive Induced Polarisation (IP) geophysics to commence during 3(rd) quarter 2016
Colin Bird Chairman and CEO said "We are delighted with the
progress on the Concordia project. The area is huge and our open
pit model was never previously investigated in this area. The
targeted conceptual tonnage and copper grade compare very
favourably with global projects currently being developed or at an
advanced feasibility study stage. Other additional areas within the
Concordia concession that fit our model have been identified for
further investigation. The Company continues with reiterative
analyses of the base data and targets consequently continue to
change priority against our internal model criteria. We are highly
encouraged with the results so far and the next stage exploration
with IP geophysics is planned with a view to closer definition of
the mineralised targets before undertaking confirmatory resource
definition drilling".
Following on previous preliminary modelling, Minxcon conducted a
desktop study on some thirty four targets to identify and rank
prospective areas. Minxcon sourced additional historical data,
conducted an independent re-interpretation of existing data, and
identified seven prospective, copper targets within the Concordia
Project with the potential of accommodating a significant volume of
possible copper mineralised host lithologies. Five of the targets
identified, present potential for shallow, near surface, open-pit
copper mineralised zones. Minxcon has ranked these high priority
targets in the order shown in Table 1 below. The Minxcon and
Galileo teams grouped some selected targets based on synergies
relating to coherent geological structure, geophysical anomalies
and relative locality into the eastern Homeep Trend, the western
Shirley Trends and the Henderson area.
Table 1 : High Priority Targets Identified During the Minxcon
Desktop Study (a)
Project Strike Width Depth %Cu Lith Tonnes Cu Tonnes
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
m m m % Mt Mt
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Homeep 5000 38.8 300 0.58 168.56 0.49
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Koeëlkop (incl. Whytes' West) 4000 30.0 300 0.57 104.40 0.29
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Henderson 1500 38.8 300 0.58 50.57 0.15
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Ring Dyke 2000 38.8 300 0.58 67.43 0.19
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Tweefontein 2000 38.8 300 0.58 67.43 0.19
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Klondike 2000 25.0 300 0.63 43.50 0.14
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Henderson North 1000 38.8 300 0.58 33.71 0.10
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Shirley 5000 38.8 300 0.58 168.56 0.49
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Horneman 1100 38.8 200 0.58 24.72 0.07
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Kliphoog North 1300 38.8 200 0.58 29.22 0.08
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Hester Maria 1800 38.8 200 0.58 40.46 0.12
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
Total 798.55 2.31
------------------------------------ ------- ------ ------ ----- -------------------- ----------------
(a) Notes (Table 1): Copper tonnes reported equates to
approximately 50% of potential host lithology being mineralised
(based on current available data)
The above desk top study followed on from the previously
announced preliminary initial modelling on the four target areas;
namely Wheal Julia and Koeëlkop (announced 29 March 2016), Whyte's
West (announced 13 April 2016) and Klondike with a new identified
prospect Homeep East (announced 10 May 2016). The high level
estimates generated previously for these four historically drilled
prospects are collated in table 2 below. Of note is the low
percentage of the total strike modelled (based on available
historical data) against the interpreted true strike.
Table 2: The Results of the Non-Compliant Mineral Resource
Estimates Conducted by Minxcon
Prospect Cut-off Grade Tonnes Cu Grade Cu Content Metres Modelled % Strike Modelled
---------------- --------------- ------- --------- ----------- ---------------- ------------------
% Cu Mt % Tonnes m %
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Koeëlkop* 0.2 10.9 0.35 38,238 1,400 35
---------------- --------------- ------- --------- ----------- ---------------- ------------------
0.35 4.2 0.51 21,205
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Wheal Julia 0.2 62.6 0.44 275,459 750 37.5
---------------- --------------- ------- --------- ----------- ---------------- ------------------
0.35 37.7 0.55 207,863
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Whyte's West* 0.2 34.6 0.39 135,918 390 9.75
---------------- --------------- ------- --------- ----------- ---------------- ------------------
0.35 15.1 0.54 81,894
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Klondike 0.2 2.5 0.57 14,263 700 35
---------------- --------------- ------- --------- ----------- ---------------- ------------------
0.35 2.1 0.63 13,141
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Total 0.2 110.6 0.42 463,878 3,240 40.5
---------------- --------------- ------- --------- ----------- ---------------- ------------------
0.35 59.1 0.55 324,103
---------------- --------------- ------- --------- ----------- ---------------- ------------------
Notes (Table 2):
* Combined Strike Modelled = 44.75% as in portions of the targets in question
Minxcon Disclaimer: "Minxcon has ranked the targets resulting
from the desktop study in table 1, based upon its perception of the
data available to them at the time of the desktop study. The above
tables are subject to change with the progression of exploration
activities. The above targets represent areas of documented and/or
mapped copper occurrences (based on existing data), or in some
cases even historical mines (Henderson (Jubilee Mine), Homeep and
Wheal Julia) and have the potential for extensions along strike
and/or dip. The figures in the tables presented should in no way be
misconstrued to represent compliant Mineral Resource estimates nor
to represent the definition of a compliant Exploration Target in
terms of the various Reporting Codes, as all tonnages, grades,
depths and strikes are highly conceptual in nature at this stage
and require the proper exploration practices in order to prove
their existence or to convert them eventually to a compliant
Mineral Resource."
General
Galileo has the right to earn-in a 51% beneficial interest in
the Concordia copper project, by way of 51% beneficial shareholding
in Shirley Hayes IPK (Pty) Ltd ("SHIP") on expenditure of
ZAR10million (approximately GBP500 000) over 14 months on
exploration and development. SHIP holds the copper prospecting
rights to the 36,373-hectare (364 km(2) ) Project Area in the OKiep
Copper District in the Namaqualand Complex in the Northern Cape
Province of South Africa.
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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
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.
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
Beaumont Cornish ted -
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
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