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Galileo Resources Plc
Summary
| Project: | Concordia | |
|---|---|---|
| Deposit: | Homeep East | |
| Location: | South Africa | |
| Commodities: | Copper | |
| Date: | 9/7/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-9-2016: Galileo Resources Plc announces a Resource Estimation report for its Homeep East deposit at the Concordia project. Independent modelling of Homeep East prospect. Galileo (AIM: GLR), the exploration and development mining company, is pleased to a | |
| Resources: | (Resource): 942453t @ 0.89% Cu (0.2% Cu cut-off) at Homeep East | |
| CP/QP: | [Overall Report]: Andrew Sarosi (Internal) | |
| ABSTRACT: | Galileo (AIM: GLR), the exploration and development mining company, is pleased to announce a progress update on its Concordia project in Northwest Cape region of South Africa. The Department of Mineral Resources granted a renewal, for three years to 17 August 2019, of the Prospecting Right (PR) to the holder of the PR and Company's partner in the Project. In addition, and further to recent similar announcements made by the Company, independent modelling of a small portion of Homeep East (175 m or between 1.6% and 6.7% of the Homeep Trend ranged Strike length), the last prospect of the current modelling programme and a part of the larger 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 deposit. Estimates at higher cut-offs are given in the tables below. Following a strategic joint review of Minxcon's** independent assessment of exploration potential on 34 possible prospects on the Concordia property, and their ranking in terms of prospectivity, the Company has prioritised 4 main areas including the Homeep Trend, The Shirley Trend, The Henderson Prospect and the Klondike Prospect (included within the Shirley Trend) for exploration activities, commencing with an Induced Polarity (dipole - dipole) geophysical survey. The company has selected three contractors to tender for a 3-phase IP survey on Concordia: 1 st Phase -the Homeep Trend prospect; 2 nd Phase - the Homeep Trend/Shirley prospect and 3 rd Phase - Shirley/Henderson/Klondike prospects). The Company has mandated Minxcon to manage the tender process and data base integration of this IP programme. Award of the contact is targeted towards mid September and commencement of the 1st Phase of the IP Survey beginning October 2016. | |
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