Concordia Project Update

RNS Number : 2008J

Galileo Resources PLC

26 June 2017

 

          For immediate release

26 June 2017

Galileo Resources Plc

("Galileo" or "the Company")

Concordia Copper Project Update  

Galileo (AIM:GLR) is pleased to provide a further update now that it has completed its initial drilling programme  on its Concordia Copper project  in the northwest of Northern Cape Province of South Africa.

Highlights

·     Approximately 60% of assay results received from recently completed drilling programme

·     Results undergoing Quality Assurance - Quality Control (QA-QC) checks 

·     Assaying of remaining samples on hold pending the outcome of QA-QC checks

·     Ongoing review of historical data identifies different grid coordinate systems have been used for   historical and current drilling databases.

·     Geological consultants transforming all drill coordinate data to a common (current) coordinate system      

·     Review of historical airborne magnetic geophysics data in conjunction Company's current IP geophysics indicates magnetic geophysics as potential complementary tool to IP geophysics 

·     Ground magnetometer survey undertaken over drilled Shirley Trend to complement and or reconcile with its IP geophysics data

·     Decision on election to continue development and issue of 30 million shares to Shirley Hayes extended to 31 July 2017 

Colin Bird CEO said:   "Our drilling performance and the ground conditions for drilling were better than expected, which led to Galileo deciding to drill more than twice the number of holes than planned.  The Company's concurrent on-going evaluation of historical maps and plans revealed that these often were drawn using different base grid coordinate systems and to that currently used. The Company has decided to put all the data onto a common coordinate grid system: work still in progress.  Our geological consultant Minxcon continues with modelling the raw data, the aim of which includes testing the drilling against the IP geophysics anomalies identified earlier and incorporating new ground magnetic survey data.  On completion of these activities, which are taking longer than scheduled (now target for end July), we will be able to develop, if appropriate, a drilling programme towards resource definition."

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

You can also follow Galileo on Twitter: @GalileoResource

Technical Sign-Off

Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a "qualified person" as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew's supervision and he has approved the release of this announcement.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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	Tel [phone]
Beaufort Securities Limited - Broker Jon Belliss	Tel [phone]

Technical Glossary

"Induced polarity (IP) geophysics survey": - a geophysical imaging technique used to identify the electrical chargeability and resistivity of subsurface materials, such as sulphides in rocks

"mv/V":- millivolts per volt

 

END

 

 

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