TIDMGLR
RNS Number : 7902X
Galileo Resources PLC
10 May 2016
For immediate release
10 May 2016
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Project Update:
Independent Modelling on Klondike Prospect and Mineralisation on
Homeep East Area
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to announce two updates at its Concordia
Project (the "Concession"): first are the results of the
independent Minxcon Consulting non-Code compliant resource ore-body
modelling on the Klondike prospect and second that the Company has
identified, from its acquired extensive data base, a further
previous exploration area of interest, namely Homeep East - one of
several exploration areas in the Concession. Homeep East hosts a
population of holes drilled in order to examine the presence of
copper (Cu) and its association with rock mineralisation type.
Klondike, which is on the southwestern edge of the Concession in
the Northern Cape of South Africa is one of five identified and
drilled open-pitable prospects hosting potential massive bulk
Cu-mineralized zones. The additional areas, such as Homeep East,
identified by the Company, will add to this list of potential
prospects.
Homeep East is approximately 14 kilometres (km) southeast of
Rietberg, the first exploration area identified (as announced on 27
April 2016), and some 5 to 7 km east of the group of prospects
previously modelled and announced.
The Company has now announced the resource modelling results for
four of the five open-pittable prospects and has analysed the data
in relation to two additional prospects on the Concession.
The O'okiep Copper Company Ltd (OCC) and others generated, in
the early 1970s, the data base, on which this release and all the
drilling results and resource modelling data are based.
Highlights *
Klondike
-- Minxcon based its model on geologic core logging and assays of 74 drill holes
-- Copper (Cu) tonnes and grade are significant and Cu grades
are similar to large copper open pits being mined globally
-- Klondike modelled at 2.10 million tonnes assaying 0.63% from surface to 200 meters (m)
and at 2.51 million tonnes assaying 0.57% Cu at a 0.2% Cu
cut-off
-- Modelling and optimisation continues on other prospects within the Concession and on
Identifying key trends and structures driving the
mineralisation.
Homeep East (Previous Exploration)
-- Wide mineralised down-hole runs of between 43 m to 49 m thick
with weighted-average assays ranging from 1.14 % Cu to 0.88% Cu -
refer to Table 1
-- High-grade intersections, include 19.8 m assaying 1.21% Cu
(from 143.6 m to 163.4 m); 29.9 m assaying 1.23% Cu (from 104.4m to
134.4m); and 7.7m assaying 1.27% Cu (from 130.0 m to 107.7m) -
refer to Table 2
-- 3D and resource estimate modeling to continue May-June
-- Other Concordia copper-rich areas emerging with similar
characteristics to Rietberg and Klondike
-- Modeling focusing on diorite rock type, which was previously dismissed by mining companies with an underground mission for high grades.
* all grades reported at 0.35% Cu cut-off unless stated
otherwise
Colin Bird Chairman and CEO said: "These again are good results
adding to our growing Concordia copper data base. Large tracts of
diorite thoughout the Concession appear to have been ignored or
only partly explored and dismissed. The emerging exploration model
is exciting in its potential for both size and higher than normal
copper grades for surface mining. We continue to work throught our
acquired data base."
Klondike
The Klondike prospect was modelled on two separate but closely
and spatially related mineralized zones. The zones together extend
some 700 m on strike, and vary in width between 4 m and 20 m
(zone1) and 5m to 40m
(zone2). Mineralised lithologies have been modelled from surface to 220 m.
Minxcon's estimation and modelling processes included adopting,
in outline, the following:
-- Median SGs (densities) used from literature per rock type
within the mineralised zones were 2.9 (2.9 t/m(3) ) for basic rocks
norite and diorite, 2.75 (2.75 t/m(3) ) for anorthosite and 2.65
(2.65 t/m(3) ) for granite & gneiss;
-- Geological wireframes were generated defining contiguous
zones of host lithologies;
-- Drillholes were composited to approximately 1.8m 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.
Homeep East
Table 1 Summary - selected drillhole results **
Drill Hole From To Down-hole Weighted average
Assay
% Cu
HEU no. (m) (m) (m)
214 53.0 89.0 36.0 0.71
----------- ------ ------ ---------- -----------------
300 125.6 170.4 44.8 0.89
----------- ------ ------ ---------- -----------------
330 104.4 147.6 43.2 1.14
----------- ------ ------ ---------- -----------------
333 120.0 137.8 17.8 1.34
----------- ------ ------ ---------- -----------------
336 87.7 137.0 49.3 0.88
----------- ------ ------ ---------- -----------------
338 89.3 137.7 48.4 0.92
----------- ------ ------ ---------- -----------------
339 149.0 164.4 15.4 1.31
----------- ------ ------ ---------- -----------------
340 128.3 138.2 9.9 1.22
----------- ------ ------ ---------- -----------------
**extracted from OCC drillhole data of the early 1970's - More
detailed data in Table 2 below
Table 2 Homeep East results for selected mineralised drillholes ***
Down-hole DHL weighted
Drillhole From To length (DHL) average assay (a)
HEU no. m m m % Cu
214 53.0 89.0 36.0 0.71
incl 53.9 69.2 15.2 1.14
227 20.7 32.9 12.2 0.62
240 4.9 16.8 11.9 0.41
300 125.6 170.4 44.8 0.89
incl 125.6 134.4 8.8 0.98
incl 143.6 163.4 19.8 1.21
330 104.4 147.6 43.2 1.14
incl 104.4 134.3 29.9 1.23
333 120.0 137.8 17.8 1.34
336 87.7 137.0 49.3 0.88
338 89.3 137.7 48.4 0.92
incl 89.3 124.0 34.7 0.95
incl 130.0 137.7 7.7 1.27
339 149.0 164.4 15.4 1.31
340 128.3 138.2 9.9 1.22
***extracted from the OCC drillhole data of the early 1970's
a) Weighted averages are calculated by summing the product of
the DHL of each of the intersections assayed AND its assay (SUM);
and dividing the SUM by the total DHL of the intersection - using
>0.35% Cu for the beginning and end of the selected mineralised
intersection.
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 (19km2) Project Area in the OKiep
Copper District in the Namaqualand Complex in the Northern Cape
Province of South Africa. Galileo continues to review the Data
Base, which comprises extensive geological exploration data
including mapping sampling, geophysics, and some 1 300km of
drilling from previous exploration by others including OCC in the
Okiep Copper district and the Project Area.
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
ENDS
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
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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