TIDMGLR
RNS Number : 9650R
Galileo Resources PLC
15 December 2016
For immediate release
15 December 2016
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Exploration Update
Galileo completes its second-phase geophysics survey on the
Shirley Trend (survey previously announced 30 November 2016) on its
Concordia Copper Project (the "Concordia Project or "Concordia") in
the Northwest Cape Province of South Africa. The survey has
identified three high-chargeability (a) zones ("hi-ch") from near
surface to at least 500 metres (m) depth, similar to those in
Homeep Trend (as announced on 30 November 2016). This phase
concludes the Company's field and geophysics exploration programme
for Concordia for 2016.
Note (a) : Chargeability effects are frequently associated with
the presence of sulphide mineralisation and therefore hi-ch zones
represent potential drill targets
Highlights
-- Geophysics survey progamme (2016) completes with the last
section, the Shirley Trend, now completed
-- 3D (three dimension) modeling of the geophysics data on two
contiguous blocks on the 7-kilometre (km) striking Shirley Trend
identifies one large and two smaller bodies (or zones) with high
chargeability values - in excess of 10 millivolts/volt (mV/V),
including enclosed zones of up to 12 mV/V
-- The larger hi-ch zone correlates well with historic
geological information and and also more importantly extends
significantly the area for new prospective drill targets to the
west
-- The hi-ch bodies range in depth from near surface (50 m) to
more than 500 m with the larger 250 m-wide body extending for
approximately 1.3 kilometres (km) along potential strike
-- The area surveyed is less than 30% of the Shirley Trend,
which is some 12 km west-northwest of the Homeep Trend and
represents the second prospective target in a list of eleven
high-priority targets
-- The total geophysics programme to date has covered partially
only two of the eleven priority ranked prospects on Concordia
-- The extended Shirley Trend programme was based on the initial
encouraging results from Homeep East and the strong chargeability
levels that extended the area of prospectivity on the Homeep Trend
(announced 30 November 2016)
-- Final report consolidating the geophysics data on the Homeep
and Shirley Trends expected in January 2017, for Company review and
planning of the next exploration phase
Colin Bird, Chairman and CEO said: " The results of our
geophysics programme are highly encouraging with clear definition
for drill hole targeting. A limited drilling programme is expected
to commence early in the new year and on completion, the Company
will either elect to drill the Shirley Trend or extend geophysics
to other areas. The drill programme will establish a relationship
between the geophysics signatures and the underlying geology and
will attach copper grades to the chargeability values. All of the
work done to date supports our initial prognosis for Concordia in
that potentially large areas of copper are likely to be present
with possibly high grade components within the copper unit."
Galileo (AIM: GLR), the exploration and development mining
company, is pleased to provide an update on the geophysics survey
exploration programme on the Shirley Trend being undertaken at its
Concordia Copper Project in the Northwest Cape Province of South
Africa (the "Concordia Project" or "Concordia").
The Shirley Trend, the second of the current two phase
geophysics programme on Concordia was selected for its long
7km-strike length and historical geological data, which included
sporadic high copper values and historic drill collars for which
drilling data are not readily available.
This second phase survey, which commenced 5 December 2016 has
identified several hi-ch zones - one large and two smaller zones in
new undrilled prospective areas to the west of the historic drill
positions. These hi-ch zones correlate well with the historic
geological information and more importantly the larger zone extends
significantly the area for new prospective drilling targets to the
west of earlier exploration activity. The hi-ch bodies range in
depth from near surface 50 m to more than 500 m with the largest
250m-wide body extending for approximately 1.3 kilometres (km)
along potential strike.
The current hypothesis is that the better chargeability bodies
seem to be related with the higher grade models such as Whyte's
West and Homeep East prospects in the Homeep Trend (announced 7
September 2015 and 13 April 2016 respectively) and the smaller
lesser chargeability bodies seem to be associated with the lower
grade model such as Koeëlkop prospect on the Homeep Trend
(announced 29 March 2016). This hypothesis will be tested during a
scout-drilling programme, which is anticipated to commence in early
2017.
The geophysics data, currently being interpreted, is based
mainly on geophysical parameters and not on underlying geology, on
which little data is readily available. The final geophysics report
- expected in January 2017 - will be reviewed and revised as
necessary to test the models' correlation with known available
surface geology before final selection of drilling targets. The
drilling programme should eliminate to a large extent the current
paucity of the underlying geological data.
Images of the geophysics' signatures, and 3D-modelling results
from both raw data and those generated from the inputs into
datamine are available on Galileo's website.
Background
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 1
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 two 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 but for
which the drilling data are missing.
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 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
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, Va, 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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