Concordia Copper Mineralisation

 RNS Number : 4317W

Galileo Resources PLC

27 April 2016

Galileo Resources Plc

(“Galileo” or “the Company”)

 

Update on Concordia Copper Mineralisation

 

Galileo (AIM: GLR), the exploration and development mining company, is pleased to announce a previous exploration area, namely Rietberg, one of several areas within the Concordia project area (Project Area) has been identified from the extensive exploration data base (Data Base), acquired by way of the Cooperation and Joint Venture Agreement with Shirley Hayes, IPK (Pty) Ltd, to host a population of holes drilled to examine the presence of copper and its association with mineralisation type.

The O’okiep Copper Company Ltd (OCC) generated, in the early 1970s, the drill hole data, on which this release reports, and such data reveal high-grade copper mineralisation near to surface.  

Highlights from Rietberg include

 

·     The area is approximately 10km northwest from the previously reported Wheal Julia modelled area

·     Wide mineralised weighted-average copper (Cu) runs greater than 50 metres (m) and up to 100 m thick range from 0.49% Cu  (92m) to 1.83 % Cu  (53m) – Table 2 below  

·     High grade intersections with a 0.35% Cu cut-off applied are numerous with significantly thick intersections

·     Most holes over 1.0% Cu within 100m of the surface. Most impressive intersections include 11.0m at 5.0% Cu within 25m of surface, 18.3m at 2.68% Cu from 64m and 64.3m at 1.11% Cu from 70m

·     3D and resource estimate modeling to commence early May

·     Other Concordia areas emerging with similar characteristics to Rietberg

·     Copper mineralisation strongly associated with diorite rock type, which was previously considered low grade and therefore uninteresting at the time prevailing.   

 

Selected drill hole results

 

Drill Hole

 RU no.

From

(m)

To

(m)

Down-hole

(m)

Weighted average % Cu

481

32.0

49.8

17.8

1.62

555

64.3

81.1

18.3

2.68

566

33.8

134.4

100.6

0.75

619

68.9

125.5

56.6

1.07

660

60.7

123.7

63

1.17

668

41.3

94.3

53

1.83

Full data in Tables and 1 and 2 below

 

Colin Bird Chairman and CEO said: “I am very pleased with the results from the newly identified area Rietberg. This follows our recent announcements (29 March & 13 April 2016) regarding the independent modelling of several prospects within the Project Area. Open pittable copper ore close to surface is not the norm in the copper mining industry. What is beginning to emerge is the propensity of the Project Area   for a mixture of high and low grade bodies, which could be phased to feed a central processing plant providing potential flexibility and optionality.”

Galileo has the right to earn-in a 51% beneficial interest in the Concordia copper project, by way of 51% beneficial shareholding in Shirley Hayes IPK (Pty) Ltd (“SHIP”) on expenditure of ZAR10million  (approximately GBP500 000) over 14 months on exploration and development. SHIP holds the copper prospecting rights to the 36,373-hectare (19km2) Project Area in the OKiep Copper District in the Namaqualand Complex in the Northern Cape Province of South Africa.   

Galileo continues to review the Data Base, which comprises extensive geological exploration data including mapping sampling, geophysics, and some 1 300km of drilling from previous exploration by others including OCC in the Okiep Copper district and the Project Area.

 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

 

ENDS

Technical Sign-Off

Andrew Sarosi, Executive Director of Galileo, holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand, is a member of The Institute of Materials, Minerals and Mining and is ‘qualified person’ as defined under the AIM Rules for Companies and a competent person under the reporting standards. He has approved the release of this announcement.

 

 

You can also follow Galileo on Twitter: @GalileoResource

 

For further information, please contact:

 

Galileo Resources PLC

Colin Bird, Chairman

Tel +44 (0) 20 7581 4477 

Andrew Sarosi, Executive Director

Tel +44 (0) 1752 221937

Beaumont Cornish Limited  – Nomad  Roland Cornish/James  Biddle

Beaumont Cornish ted – Nomad

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396

Beaufort Securities Limited – Broker

Jon Belliss

Tel +44 (0) 20 7382 8416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1 Summary of Rietberg Data Base results for selected mineralised Drill holes extracted from the O’okiep Copper Company Ltd (OCC) drill hole data of the early 1970’s

 

Weighted averages are calculated by the sum of the product of the length of  each of  the intersections assayed  down-hole and  its assay divided by the total length of the intersection using >0.35% Cu for beginning and end of selected  mineralised intersection.     

 

Drill hole

From

To

Down-hole

 length

Length-weighted average Cu

ID (RU No).

m

m

m

%

476

33.5

47.5

15.5

1.11

477

30.2

48.5

18.3

1.08

incl

31.7

33.8

2.1

2.73

incl

36.6

41.5

4.9

1.33

481

32.0

49.8

17.8

1.62

inc.

42.5

49.8

7.3

2.84

484

44.8

48.9

4.1

2.26

522

20.1

45.4

25.3

2.34

incl

34.4

45.4

11.0

5.00

525

84.1

96.3

12.2

0.57

541

82.9

102.7

19.8

0.79

546

17.9

26.2

8.3

1.25

incl

23.1

26.2

3.1

2.41

549

26.5

51.8

25.3

0.83

incl

45.1

51.8

6.7

2.75

550

21.0

26.2

5.2

1.38

554

87.5

101.2

13.7

1.19

555

64.3

81.1

18.3

2.68

558

80.2

88.4

8.2

1.44

559

56.1

141.7

85.6

0.58

incl.

56.1

74.1

18.0

0.64

incl.

106.7

141.7

35.1

1.02

564

77.4

166.4

89.0

0.84

incl.

81.1

104.5

23.5

1.00

incl

127.1

159.1

32.0

1.42

incl

134.4

159.1

25.0

1.70

incl

134.1

143.3

9.1

3.31

566

33.8

134.4

100.6

0.75

incl.

70.1

85.6

15.5

1.11

incl.

70.1

134.4

64.3

1.12

incl.

104.8

134.4

29.6

1.77

567

64.9

100.0

35.1

1.02

incl

64.9

93.6

28.7

1.16

incl

77.4

88.1

10.7

1.57

569

48.2

62.8

14.9

0.87

574

90.8

121.6

30.8

0.80

incl.

100.6

108.2

7.6

1.34

578

89.9

148.7

59.7

0.53

592

71.9

112.5

40.5

0.93

incl

89.0

103.6

14.6

1.38

606

101.4

127.7

26.3

1.57

incl

106.1

114.4

8.3

1.84

607

89.4

157.4

68.0

0.6

incl.

89.4

128.3

38.9

0.89

incl.

102.5

109.4

6.9

2.10

608

156.4

173.1

16.7

1.34

610

83.5

102.7

19.2

0.77

612

100.1

192.2

92.1

0.49

612D1

149.1

190.9

41.8

1.40

614D4

134.4

171.6

37.2

1.17

incl

134.4

151.7

17.3

1.71

615

100.3

135.6

35.3

0.77

incl.

121.7

135.6

13.9

1.09

616

108.3

140.1

31.8

1.03

incl.

108.3

126.0

17.7

1.56

617D1

168.0

177.0

9.0

2.13

618

58.5

71.0

12.5

1.26

619

68.9

125.5

56.6

1.07

incl

68.9

91.0

22.1

1.46

incl

110.2

125.5

14.5

1.71

620

145.2

207.0

61.8

1.09

incl

145.2

155.5

10.3

2.42

incl

145.2

168.0

22.8

2.11

625

191.2

238.2

47

1.03

incl

191.2

208.2

17

1.42

incl

217

235.8

17.7

1.32

634

147

171.5

24.5

1.83

640

82.2

98.6

16.4

1.34

642

87.2

105.7

18.5

0.95

644

93.4

112

18.6

1.18

645

147.5

182.3

34.8

1.67

incl

147.5

178.8

31.3

1.81

648

129.2

164.2

35

1.07

incl

131.2

135.6

6.4

2.45

651

117.4

150.1

32.7

1.46

incl

134

145.5

11.5

2.58

652

82.6

103

20.4

1.08

incl.

89.4

98.7

9.3

1.50

653

120.3

136.9

16

1.95

654

123.5

151

27.5

1.32

incl

123.5

135

11.5

1.90

incl

146

151

5

2.61

655

74

94.5

20.5

1.02

656

108.6

156.3

47.7

0.65

incl

134

156.3

22.3

0.87

657

73.7

92.6

18.9

0.90

660

60.7

123.7

63

1.17

incl

96.3

123.7

27.4

1.79

665

49.3

109

59.7

0.49

668

41.3

94.3

53

1.83

incl

63.8

74.3

10.5

4.26

incl

59.4

76.1

16.7

2.82

incl

63.8

94.3

30.5

2.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 2 Summary – >50m-wide mineralised intersections extracted from the O’okiep Copper Company Ltd (OCC) drill hole data of the early 1970’s

 

The wide mineralised intersections begin and end with the first mineralised intersection and the last mineralised intersection greater than 0.35% Cu and includes all core assays in between.      

 

Drill hole

From

To

Down-hole

 length

Length-weighted average Cu

ID  RU No.

m

m

m

%

559

56.1

141.7

85.6

0.58

564

77.4

166.4

89.0

0.84

566

33.8

134.4

100.6

0.75

578

89.9

148.7

59.7

0.53

607

89.4

157.4

68.0

0.6

612

100.1

192.2

92.1

0.49

619

68.9

125.5

56.6

1.07

620

145.2

207.0

61.8

1.09

665

49.3

109

59.7

0.49

668

41.3

94.3

53

1.83

 


This information is provided by RNS

The company news service from the London Stock Exchange

 

END