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Galileo Resources Plc
Summary
| Project: | Star | |
|---|---|---|
| Deposit: | Star | |
| Location: | Zambia | |
| Commodities: | Zinc | |
| Date: | 6/26/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-6-2019: Galileo Resources Plc announces a Resource Estimation report for its Star deposit at the Star project. Initial mineral resource estimate for project. Galileo is pleased to announce the completion of an independently reported initial Inferred re | |
| Resources: | (Resource, Inf.): 500Kt @ 16% Zn for 77Kt Zn contained | |
| CP/QP: | [Resources]: J.N. Hogg (Addison Mining Services Ltd.) | |
| ABSTRACT: | Galileo is pleased to announce the completion of an independently reported initial Inferred resource estimate (“MRE”) in accordance with JORC 2012, for the Company’s Zambian Star Zinc project (“the Project”) near Lusaka. The MRE reports Inferred zinc resources with reasonable prospects of future economic extraction of approximately 500,000 tonnes at 16% Zinc for 77,000 tonnes of contained metal above a cut off grade of 2% Zinc. This includes approximately 340,000 tonnes at 21% Zinc for 72,000 tonnes of metal above a cut off grade of 8%. The Company has a 95% interest in the Project. The Zambian government holds a 5% interest. Colin Bird, Chief Executive Officer, said: “This initial JORC-compliant resource estimate confirms the previously announced Exploration Target and the Company’s publicly announced* presence of a high grade zinc component in the deposit suitable for direct shipping to Jubilee Metal Group plc’s zinc process/refinery plant at Kabwe. The MRE clearly identifies an easy access near-surface mineable zone with a low stripping ratio of one to one. There will be no requirement for processing equipment other than possibly a mobile primary crusher. A low grade portion of the mineralised material remains an exploration target and may be amenable to preconcentrate/upgrade to about 10% Zn either as DSO or blending, pending further test work and method development. The MRE will allow for a 6-year life-of-mine small scale operation to produce rock mass of only 5,500t/month containing 12,000 t zinc metal per year to Kabwe. While in-house attributable revenues are projected at about USD15 million annually at current price, the annual all in cost is projected not to exceed to USD2 million. We intend to apply without delay for a mining permit and target mining to start coincident with the Kabwe project.” | |
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