Concordia Copper Mineralisation

RNS Number : 4317W

Galileo Resources PLC

27 April 2016

 

For immediate release

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 [phone]
Andrew Sarosi, Executive Director	Tel [phone]
Beaumont Cornish Limited  - Nomad  Roland Cornish/James  Biddle Beaumont Cornish ted - Nomad Roland Cornish/James Biddle	Tel [phone]
Beaufort Securities Limited - Broker Jon Belliss	Tel [phone]

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

 

END

 

 

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