Galileo Resources PLC Concordia Copper Project - Drilling Commencement (8925W)
February 15 2017 - 2:00AM
UK Regulatory
TIDMGLR
RNS Number : 8925W
Galileo Resources PLC
15 February 2017
For immediate release
15 February 2017
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Drilling Commencement
Galileo (AIM:GLR) is pleased to announce commencement of a
drilling programme for its Concordia Copper project ("Concordia or
Project") in the Northern Cape Province of South Africa. Drilling
is expected to commence this week and will comprise initially, up
to 6 reverse circulation (RC) drill holes down to 300 metre (m)
depth. The drilling programme is exclusively focused to test the
reliability of geophysics anomalism in identifying mineralisation
targets.
Highlights
-- RC drilling on Concordia to commence Thursday 16 February
-- Up to 6 RC holes (1800 metre programme) planned
-- Five geophysics anomalous targets selected for drilling: 4 on
the Homeep Trend and 1 on the Shirley Trend
-- Holes will be angled between 70(o) and 80(o)
Colin Bird CEO commented: "The initial drill programme is
designed essentially to establish a correlation between the
geophysics and sulphide mineralisation and attach potential copper
grades to the geophysics chargeability levels. The drilling
results, if successful, would prove that the geophysics will be an
essential part of any future resources drilling programme and as
such is very important. We look forward to the results and
factoring its conclusions overall into our Concordia project".
Concordia Exploration
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.
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 ; 2(nd) Phase - the
Homeep/Shirley Trend and 3(rd) Phase - Shirley Trend and
Henderson/Klondike prospects. The Company mandated Minxcon to
manage the data base integration of this IP programme. The 1st
Phase IP survey commenced 10 October 2016, and the 2(nd) Phase on
28 November 2016, which field work for the latter has now been
completed.
The IP surveys on the first Homeep Trend area were announced on
7 September 2016 and 30 November 2016: 3D (three dimension)
modelling of the IP data identified bodies (zones) with high
chargeability - in excess of 11 mV/V - in three contiguous sections
across the Homeep Trend.
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 second of the current three phase
geophysics programme 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, for which
the drilling data are not available. Results for this were
announced on 15 December 2016 and 17 January 2017.
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. Galileo to date has committed, to SHIP, 90% of the
funds required for a 51% earn-in to Concordia.
Further details as set out in past announcements are available
from the Company's website, www.galileoresources.com, which details
the Company's project portfolio as well as a copy of this
anouncement:
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
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
"chargeability" a ratio of a secondary voltage V(s) induced by
an observed (applied ) voltage, V(a) , applied by way of an
electrode array and commonly expressed as millivolts (mv) per volt
(V); this quantity is independent of topographic effects and of
electrode geometry and is thus a good measure of induced
polarisation.
"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
"mV/V":- millivolts per volt
This information is provided by RNS
The company news service from the London Stock Exchange
END
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