TIDMGLR
RNS Number : 9228N
Galileo Resources PLC
01 November 2016
For immediate release
1 November 2016
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project Update
Galileo is pleased to provide the following update following the
results of initial geophysics work on the Homeep East block at the
Concordia Project in the Northwest Cape Province of South
Africa.
Highlights
-- Preliminary results from Induced Polarisation ("IP")
geophysics survey (Phase1) on eastern Homeep Trend show good
correlation between historic drilling and the Homeep East model
-- Good lineation seen from the Homeep model to an area
northwest (NW) (some 175m away) where there is outcropping and a
magnetic anomaly
-- 3D modelling of the IP data reveals high chargeability bodies both shallow and at depth
-- Comparative geophysic techniques, between DP-DP (dipole
dipole) and DA (Distributed Array ) IP techniques were tested, with
DA-IP proving to be superior for this application in this area
-- IP survey Phase 1 to continue using DA-IP with infill dipole
nodes for improved resolution of the bodies and an extra N-S
transmission survey line to the west to investigate western
extension of the NW anomaly
Colin Bird Chairman and CEO said: "The Homeep Trend was chosen
for the initial IP survey, since our team considered this the most
prospective for our model. We decided to run the initial survey
over an area that indicated the historic existence of copper and
which we had previously modelled in order to obtain a base IP
signature. The DA-IP survey gave a strong signature and identified
a good long anomaly trending NW from the known drilled area. This
signature is so strong that we have elected to extend this phase
with closer spacing dipole stations and to extend/close off the
anomalous area. When we have completed this extension we will move
onto the general programme. "
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to announce preliminary results of its IP
geophysics survey (initially referred to on 7 September 2016) on
the eastern area of Homeep Trend of its Concordia Copper Project in
the Northwest Cape Province of South Africa ("Concordia"). The
results indicate a good anomaly and lineation running towards the
northwest, where historically drilling occurred. The survey data
correlates well with the known historical drilling data at Homeep,
used to model the Homeep East body as announced on 10 May 2016.
The Homeep Trend on Concordia was chosen as the first site for
IP since it has hosted at least two underground copper mines. The
previously announced model results on Homeep East were for a very
small portion of the Homeep Trend and sporadic higher-grade
occurrences have been found over other parts of the Trend. The
strong NW IP anomaly identified in this area correlates well with
the geology and the small area of previously known drilling data,
and the length of the anomaly extends considerably new area of
prospectivity. Drilling has occurred historically in this area and
as previously stated, past exploration focused on discovering
high-grade copper deposits with little interest in anything less.
This surveyed area covers a third of the Homeep Trend. We will
continue the survey over this block with infill dipole station to
improve resolution of the bodies identified and extend the survey
area to the west to close or open out the anomaly in this direction
before moving to the central and western block of the Trend or
drilling.
Images of the geophysic signatures, preliminary modelling
results from both raw data and that generated from input into
datamine are available on Galileo's website.
Background
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.
The modelling of Homeep East, 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. 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 geophysical survey. In September 2016, the Company
selected GeoSpec Instruments (Pty) Ltd (from three bidders) 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 data base integration of this IP
programme. The 1st Phase IP survey commenced 10 October 2016,
** Minxcon Consulting (Pty) Ltd
The Department of Mineral Resources granted a renewal, for three
years to 17 August 2019, of the Prospecting Right (PR) on Concordia
to SHIP, the holder of the PR and the Company's partner in the
Project. Galileo continues to spend money under the Concordia
Farm-In agreement as first announced on 17 November 2015.
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.
ENDS
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
"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. Essentially a 2D
methodology
"distributed Array":- a type of electronic configuration
designed to simultaneously collect geophysic data for true 3D
acquisition and inversion, thereby providing accurate and clear
picture of near surface to depth (>500m) 3D data collection.
"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
"IP anomaly": - variation or oddity manifested in the data
"infill dipole nodes":- closer spacing (infill) of the receiver
electrodes in an array network of electric pathways that intersect
or branch (node).
This information is provided by RNS
The company news service from the London Stock Exchange
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