TIDMGLR
RNS Number : 3520U
Galileo Resources PLC
17 January 2017
For immediate release
17 January 2017
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project - Consolidation of Geophysics Data
Galileo (AIM:GLR) is pleased to announce that is has now
received the consultant's reports from both Geospec Instruments
(Pty) Ltd ("GI") and Minxcon Consulting Ltd ("Minxcon") thereby
consolidating all geophysics data generated during the Company's
field and induced polarisation (IP) geophysics exploration
programme in 2016 for the Concordia Copper Project (the "Concordia
Project or "Concordia") in the Northern Cape Province of South
Africa (previously referenced in 15 December 2016 announcement).
Interpretation and 3D (three dimensional) wire frame modelling of
the data has identified a number of shallow and deeper
high-chargeability (a) zones in both Homeep and Shirley geological
Trends, which will be used for the selection of drill targets, the
focus of which will be to establish the relationship between the
delineated geophysical signatures with underlying geology and to
possible copper grades associated with these physical features.
Note (a) : Chargeability effects are frequently associated with
the presence of disseminated sulphide mineralisation and therefore
high-chargeability zones represent potential drill targets
Highlights
-- Initial consolidation report of all geophysics data for 2016
received for the Homeep and Shirley geologic Trends
-- Chargeability 3D model for Homeep East prospect in the Homeep
Trend (Grid Block 1 of 3 in the Trend) correlates well with
historic exploration drilling locations and mining activity (small
area) although the best anomalies appear to be currently
untested
-- Three of the best geophysics signatures (anomalies) in areas
untested and hence provide prime targets for initial exploration
drilling
-- Other high chargeable zones modelled and delineated in Block
1 are directly to the north, west and south of Homeep East mine
with the south extension corresponding well with historic
activity
-- Modelling of the Koeëlkop prospect (Grid Block2) using
slightly different model parameter settings has placed the
chargeable sources in relatively close proximity to historic
metallic sulphide mineralisation intersections
-- Whyte's West prospect (Grid Block 3) produced the highest
apparent chargeability values of the 3 Grid Blocks surveyed over
the Homeep trend: chargeability values close to 30 mV/V
-- The most pronounced chargeable zones on Whyte's West, trend
west-north- west (over 1.2km strike length open-ended) with an
intersecting north-south zone (around 1km strike length)
-- Grid Block 1A in the Shirley Trend produced discreet
chargeable bodies trending linearly north-south zone of more than
900m strike, that correlate again well with historic drilling
locations. Grid Block 2 in the Shirley Trend detected significant
chargeability anomalies over the south-western quadrant of the
block. The anomalies are open-ended.
On the basis of these results, the Company expects to commence
drilling in the first quarter of 2017.
Colin Bird, CEO commented:
"These results are very pleasing, especially since only about
15% of the concession has been tested with IP geophysics. Of
particular note is that the initial modelling of historical data
pointed to potential new targets, the results for which have exceed
our expectations: the high incidence of geophysical anomalies are
of significant size with strong suggestion of the presence of
sulphides. The geophysics shows the potential for near surface
bodies and an increase in chargeability at deeper levels. This is
particularly encouraging for Galileo, as most emerging copper
producers are confined to either mining limited tonnage of high
grade or bulk tonnage of low grade: Our results suggest we could be
targeting a mix of the two and it is always beneficial to have a
high-grade component in any bulk mining operation. The initial
drill programme will be designed to establish a correlation of the
geophysics with sulphides and attach potential copper grades to
chargeability levels. I look forward to our drill test programme
with the hope that we will advance to resource definition."
South African based Geospec Instruments - Geophysics Consultant
commented: IP anomalism was detected on all the grids surveyed over
the Homeep and Shirley Trends. Good correlation of chargeability
with known sulphide intersections and/or historical drilling
targets, as well as the presence of significant untested
chargeability anomalies, indicate a region that is very prospective
for potential copper mineralisation.
MINXCON - Geology Consultants commented: Minxcon is positive as
regards the current finding of the 3D IP Survey conducted. A total
of 13 possible high chargeability drilling targets have been
identified on the Homeep Trend and another two on the Shirley
Trend. Many of these targets appear in close proximity to
historical mining and exploration activity, however at least 3 of
these targets were not historically identified or tested. Areas of
high chargeability appear to be closely associated with potential
host rock outcrops, thus providing further support to the
possibility of finding potential zones of disseminated sulphide
mineralisation. At this point, drilling targets will have to be
prioritised and test drilling conducted.
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.
Concordia Exploration: Background
Following a strategic joint review of Minxcon's 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 Director Tel +44 (0) 1752 221937
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628 3396
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
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