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Galileo Resources Plc
Summary
| Project: | Concordia | |
|---|---|---|
| Deposit: | Homeep, Shirly | |
| Location: | South Africa | |
| Commodities: | Copper | |
| Date: | 8/11/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 11-8-2017: Galileo Resources Plc announces an Exploration/Drilling Update report for its Homeep, Shirly deposit at the Concordia project. Drilling results incl. 6m @ 0.9% Cu from 23m. Galileo (AIM:GLR) is pleased to announce the preliminary results of the | |
| 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) is pleased to announce the preliminary results of the initial 14-hole drilling programme on its Concordia project ("the "Project"), completion of which was announced on 15 May 2017. Colin Bird CEO said: "The purpose of this drilling programme was primarily to test IP as a tool in detecting sulphide bodies on Concordia. Unfortunately, it became apparent during the programme that that IP was less effective than traditional methods employed in the area. The Company, along with SHIP, therefore decided to direct the balance of the drilling using traditional exploration including visible geology, basic rock outcrops and magnetic geophysics. The results tabulated below are promising and well worth pursuing. At a previous strategic discussion with SHIP, it was decided to continue to drill a number of holes to test for continuity and extension of mineralisation and this we intend to do. After final expenditure of the balance of committed funds and full assessment of results thereafter we will advise SHIP of our future level of interest." 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. 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. | |
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