Glenover Rare Earths Project - Drilling Update
10 Novembre 2011 - 8:00AM
UK Regulatory
TIDMGLR
For immediate release
10 November 2011
Galileo Resources Plc
("Galileo" or the "Company")
Glenover Rare Earths Project -Drilling Update
The Board of Galileo Resources Plc ("Galileo"), the AIM quoted emerging African
Rare Earths exploration company, is pleased to announce very positive drilling
results from its first borehole GHV001 on its Glenover Rare Earths Joint
Venture project in South Africa.
Highlights:
* Significant rare earth oxide ("REO") mineralisation intersected over the
entire 243 metres drilled.
* Virtually contiguous intercepts > 1% REO intersected over a total 147
meters, assayed a length-weighted average of 2.79% total REOs , including
77 metres assaying 3.66% REOs, 21 metres assaying 4.41% REEs and 10 meters
assaying 5.41% REOs (see table below)
* Phosphate assays ranged from 17% P2O5 to as high as 25% P2O5 (over 147
meters)
* Niobate (oxide of Niobium) assays generally exceeded 1% Nb2O5: a possible
economic potential
Preliminay core logging data suggest the REO mineralisation is hosted
predominantly within the apatite-martite collapse breccia facies.
Progress continues with the drilling programme: currently six further boreholes
have been drilled and are being logged and/or sampled for analysis. The
drilling is focussing on areas around the old open pit, previously worked for
its high grade phosphate ore but disregarded for the REOs present.
The assays of the borehole core samples were carried out by internationally
accredited laboratory Genalysis Laboratory Services (Pty) Ltd, a part of
Intertek Group plc.
Table - Summary of results for Borehole GHV001 over selected sampling lengths
along the core
Core run From To Width Total RE0s P2O5 Nb2O5
sampled REOs Ce+Eu+Gd+La
m m m +Nd+Pr+Sm % %
%
%
total 0 243.12 243.12 1.98 1.94 17.19 0.73
>1%REO 25.22 173.07 147.85 2.79 2.74 25.12 1.03
including 92.38 169.85 77.47 3.66 3.61 22.67 1.13
including 92.38 113.15 20.77 4.41 4.34 20.48 1.11
including 102.65 112.28 9.63 5.41 5.32 17.99 1.26
* length-weighted averages (1) REOs representing 98% of total REOs - rare earth
oxides expressed as R2O3 where R= rare earth element Ce,Eu, Gd, La, Nd, Pr and
Sm)
Colin Bird, Executive Chairman of Galileo Resources, said: "These results are
very positive and I am particularly impressed with the long run of rare earth
mineralisation, interspersed with significant runs of good rare earth oxide
grades. The objective of the programme at this stage is to correlate
mineralisation with the different facies in the deposit to understand better
the emplacement of rare earths. Further results, which will be variable, will
direct future drilling to increase the resource and to identify other potential
occurrences within the concession."
For further information, please contact:
Colin Bird Tel +44 (0)20 7581 4477
Chairman & CEO
Richard Wollenberg Tel +44 (0) 1784 437 444
Non-Executive Director
Beaumont Cornish Limited Tel +44 (0)20 7628 3396
Nominated Advisor and Broker
Roland Cornish/James Biddle
Shore Capital Stockbrokers Limited Tel +44 (0)20 7408 4090
Joint Broker
Jerry Keen/Toby Gibbs
Bishopsgate Communications Tel +44 (0)20 7562 3350
Nick Rome/Shabnam Bashir
Note:
Galileo Resources currently has an 11.5% interest in the Glenover Project and
has the option, via additional stage payments as set out in the Company's
Admission Document, to earn up to a maximum interest of 73.73%.
Technical Sign-Off
Andrew Sarosi, Technical 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
Sarosi's supervision and he has approved the release of this announcement.
Technical Glossary
Apatite: a phosphate mineral of calcium containing
chlorine or fluorine, or both
Breccia: a rock composed of broken fragments of minerals
or rock cemented together
Collapse breccia: A collapse breccia forms where there has been a
collapse of rock
Facies: a body of rock with specified characteristics
Martite: a form of the iron oxide mineral hæmatite, the
main ore of iron
Rare earth elements: a set of chemical elements in the periodic table
specifically the fifteen lanthanides (plus
scandium and yttrium
Rare earth oxide: the oxide form of the rare earth element
The major rare earth elements (98% of total) in the borehole core sampled are
Ce: Cerium Uses include cathode ray tube glass to prevent
age discoloration, in auto catalytic converters,
rich red colour pigments, low energy light
bulbs, film studio carbon-arc lighting and minor
use in self cleaning ovens
Eu: Europium Uses include bright red coloration in television
tubes; industrial street lighting to give a more
natural light, thin film superconductor alloys
and in lasers
Gd: Gadolinium Uses include neutron capture capability and in
compounds as a contrasting agent in radiography
and magnetic resonance imaging in medical
diagnostics
La: Lanthanum Uses include carbon-arc lighing, additive to
glass for lenses and new treatment for bone
disease (osteodysrophy). Potential use for
hydrogen (H) storage for H-fuelled vehicles:
being able to absorb hydrogen as much as 400
times its volume
Nd: Neodymium Uses include alloyed with iron and boron to make
one the most powerful permanent magnets known
(see also Samarium below) and found in modern
vehicles using motorised devices; in welders
protective glasses and power lasers
Pr: Praseodymium Uses include as an additive to give glass a pure
yellow colour and brilliant pastel greens and
yellows for glazes
Sm: Samarium Uses include alloyed with cobalt to produce
permanent magnets ten thousand times more
powerful than iron and has the highest
resistance to demagnetization; in masers
(microwave lasers) capable of cutting steel and
bouncing off the surface of the moon
Notes to Editors
Galileo Resources Plc is a well balanced diverse exploration resource company.
The Company has an exceptional management team with proven technical and
commercial background. The flagship property is the Glenover Phosphate
concession, which was a successful phosphate producer for many years. Phosphate
however, is now subordinated to Rare Earth Elements (REEs). The project area is
known to contain REEs and that the grades, if of sufficient size and continuity
may well lead to a medium-sized operation for the production of RE oxides.
One of the key benefits of the project for a medium-sized operation is the fact
that REEs are contained in stockpiles from the previous phosphate operations.
Being in stockpiles negates the cost of mining it and the associated risks.
The concession is of considerable size and hosts mineralisation types suitable
for potential REE presence. The aim is to investigate the mineralisation types
for REE presence and content with the view to building a large resource of REE.
The Company has a number of Iron Ore and Manganese exploration projects in the
Cape, all of which are in proximity to either current operations or
discoveries.
Galileo has also rights to joint venture in an aggregate producing quarry close
to Mthata in the Eastern Cape. The quarry is well positioned to supply
construction aggregate for the significant infrastructure programme being
undertaken by local government.
END
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