TIDMGLR
RNS Number : 2524B
Galileo Resources PLC
15 June 2016
For immediate release
15 June 2016
Galileo Resources Plc
("Galileo" or "the Company")
Update on Concordia Copper Project
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to announce significant positive progress with
its initial independent study (as prepared by Minxcon Consulting)
on the Concordia Copper project (the "Project" or "Concordia") in
the OKiep Copper District in the Namaqualand Complex in the
Northern Cape Province of South Africa.
Highlights
-- Raw data review confirms prognosis for large-scale copper targets at Concordia
-- Four areas confirmed previous estimates and have been announced
-- In total eleven areas have been identified, at least five of
which demonstrate considerable near-surface potential
-- Data package available allowed detailed modelling techniques
not available in the early 1970s
-- Low-cost ground investigation comprising detailed mapping,
induced polarisation (IP) geophysics and geochemistry planned for
next exploration stage
-- The review has identified tungsten potential in historical mining areas.
Colin Bird, Chairman and CEO said: "When we embarked on this
exercise we were optimistic that our current view would be
confirmed independently. This view has now been confirmed and
extended to other areas in Concordia with five areas showing
significant potential for meeting our target criteria. We expect to
complete phase 1 (desktop study) in early July and immediately
progress to ground-truthing and possibly resource modelling with
current available data. A bonus of this exercise has been the
discovery of wolframite trends on the property; wolframite being a
primary ore mineral of tungsten, the current 180-day ore price of
which is up by some 10% to date." (source
http://www.asianmetal.com/TungstenPrice/Tungsten.html)
Galileo is currently nearing the end of a desktop study of their
Concordia Copper Project aimed at confirming historical prospective
areas and identifying additional targets for assessment. Eleven
promising high priority target areas have been identified based
upon modern re-interpretation of existing historical data and
include the four areas, on which previously announced high-level
non-compliant resource estimation work has been conducted. These
areas all represent known copper deposits or occurrences and, based
upon existing data, have the potential for strike and or dip
extensions. At least five of these areas are targeted for potential
shallow, near surface, open-pittable copper ores. The Company's
immediate exploration strategies for each target, include
historical data assimilation, possible resampling of previous core,
data ground-truthing comprising mapping, IP geophysics,
confirmation drilling and additional extension drilling with the
aim of generating compliant Mineral Resource estimates for the
Project. In addition, the Concordia area is also known for its
wolframite deposits. Galileo have noted the existence of numerous
shallow wolframite deposits on its property, most of which were
also historically mined at surface or at shallow depth. Galileo
intends to conduct an assessment of these in due course as
well.
Concordia Project
The Project is located in the Okiep Copper District (OCD),
within the Bushmanland mobile belt in the Namaqualand region of the
Northern Cape Province of South Africa. The OCD is approximately
600 kilometres (km) (370 miles) from Cape Town and the town of
Concordia is within 30 km of the town of Springbok.
The Project area and prospecting license covers a little more
than 36 000 hectares (360 km(2) ) on the farm Concordia (ERF 1251)
some 15 km north east of the closed O'Kiep copper mine, which at
one time was the 2(nd) largest copper producer in southern Africa
after the Phalaborwa copper mine (still in production) in the
Limpopo Province.
The OCD has been subjected to intense geological and geophysical
exploration over the past 55 years to 1998. While this exploration
included 1300 km, of which 133 000 metres (m) were in the Project
area, the focus of this historic drilling targeted high grade
underground deposits that were emplaced at depth within steeply
dipping structures comprising basic rocks of anorthosite, diorite
and norite of the major Koperberg (Old Dutch - copper mountain)
Geological Suite (KS) .
Excellent outcropping of the KS and associated sympathetic
geophysical anomalies made locating these copper bearing deposits
relatively easy. These easily located deposits are now all but
depleted
Total production and known reserves from these deposits as at
1985 was 2 Mt (million tons) of Cu from/within 27 separate
localities over an area of around 3000 km(2) .
The total production plus reserves for the period 1940 to 1979
is 95 Mt @ 1.75% Cu with individual mines including Okiep,
Spektakel, Carolusberg, Nababeep and Concordia, ranging in
production from 0.2 Mt to 37 Mt.
The mined and known copper deposits are confined to the
Koperberg Suite, the youngest major group of intrusives in the
district, which occurs as swarms of generally irregular, easterly
trending, steep north dipping, dyke like bodies, usually 60 to 100
m wide, and seldom exceeding 1 km in continuous strike length. The
Koperberg suite bodies are found within narrow linear antiformal
structures (locally called 'steep structures') along which the
continuity of the adjoining 'intruded' Namaqualand Metamorphic
Complex rocks has been interrupted by piercement folding and
faulting. In places pipe-like bodies of 'mega-breccia' that
generally lie along these structures are hosts to the Koperberg
Suite. Steep structures, 'mega-breccias' and the Koperberg Suite
all post date the major fold events.
The Koperberg Suite comprises mainly basic rock types of
diorite, anorthosite and norite in order of decreasing abundance.
Many of the Koperberg Suite bodies are entirely uniform, while
others are composite. There is some evidence for initial
anorthosite, followed by progressively more basic types. The copper
is associated with the more basic lithologies.
The copper sulphides, mainly chalcopyrite (CuFeS(2) ) and
bornite (Cu(5) FeS(4) ) with subsidiary chalcocite (Cu(2) S), range
from fine disseminations, to coarse granular, to vein aggregates,
to local massive concentrations. Pyrite (FeS(2) ) is widespread but
in small amounts, sometimes containing traces of cobalt. Pyrrhotite
(FeS) is present in some orebodies, with associated pentlandite
(NIFeS) , while minor galena (PbS) and sphalerite (ZnFeS) is found
in others.
The sulphides post-date silicate and oxide minerals and are
present in a number of forms including, interstitially between
silicate grains; as granular aggregates with silicates; along
cleavage planes of hypersthene and mica; and replacing
Fe-Ti-oxides. Localised hydrothermal alteration of hypersthene
around sulphide grains is a conspicuous feature in little altered
host rock.
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. 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.
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.
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
ENDS
You can also follow Galileo on Twitter: @GalileoResource
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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