http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 20 Feb 2018 21:44:07 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought ]]> http://www.proactiveinvestors.co.uk/companies/news/191915/grades-at-galileos-star-zinc-project-indicate-upside-could-be-greater-than-previously-thought-191915.html Watch for the next set of assay results from Galileo Resources PLC (LON:GLR).

The company recently updated on drilling progress at its 51%-owned Star zinc project in Zambia, and the highlights included initial findings from hand-held readings of up to 52% zinc in core.

READ: Galileo Resources unearths high grade mineralisation at Star Zinc project

The hand-held assay device, known as an XRF machine, is a relatively new development in exploration, and results from it are not considered of a degree of accuracy and reliability to be used in any of the official resource categorisation methods used in the industry.

Nevertheless, as a guide, the XRF is a useful tool.

So when Galileo says it’s encountered high grade intersections averaging between 15% and 28% zinc close to surface, it’s worth taking note.

To be sure, it’s early days. The assays are not in and this is a small drilling campaign at just 1,500 metres, with current data based on the first 750 metres of that.

But the XRF readings aren’t all that investors have to go on, as Galileo’s chairman Colin Bird explains.

When Anglo American worked this ground, he says, they estimated that it contained between 250,000 and 300,000 tonnes of ore. Back then, silicate deposits of this nature were less desirable while major sulphide deposits were still on offer. But most are gone now, and processing technology has well and truly caught up.

But more than that, Bird is optimistic that the geological implications of the recent drill are favourable.

“The drill programme has shown we could get stacks more. It goes up to around 50% zinc. And there’s lots of 28%.”

READ: Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources

For zinc projects, these are rich grades indeed, and with the zinc price riding along at multi-year highs, it all adds up to an enticing prospect.

If, reckons Bird, the company could prove up 60,000 tonnes of contained zinc, then it would justify the setting up of a small-scale operation.

But if, he adds, the drilling could boost the resource exponentially, say, to five million tonnes, then Star would become the type of project that a company could sell on.

So plenty to play for at this stage. The initial assay results are due back in mid-March, even as drilling continues.

“My initial target is to put an envelope around the resource,” says Bird.

“But having said that we’re still trying to find the source. Inevitably there’ll be a big feeder. And there are those who say it’s a bit like Tsumeb.”

For those not in the know, Tsumeb is one of southern Africa’s foremost base metals projects, enough of an undertaking to put a smelter on site there in Namibia, and a benchmark for many a project in the region.

But how the geology all works remains unclear. Chartered Consolidated did some work at Star in the early 1960s, but Bird says he now wants to bring “more science to it.”

“The geophysics is old,” he says. “This latest work has now destroyed the Chartered Consolidated model.

READ: Galileo Resources steps up activity on zinc and phosphate interests

That leaves room for a new, Galileo Resources model. The upcoming assays may not deliver quite that, but they may well be step towards it.

“Already we're getting better than the historic numbers,” says Bird. “On grade, I’m personally hopeful will be better.”

The early signs are good, but in the meantime new interest is being generated in South Africa at the Glenover project, which Galileo was founded on, but which went into something of a hiatus on weak commodity prices.

It’s come alive again though, reworked as a phosphate project rather than the rare earths mine that was originally envisaged. In this new form it’s attracted interest from a major phosphate producer in the form of an off-take agreement.

The advantages of this new structure are clear.

“We have high grade phosphate,” says Bird.

“We have stockpiles of three million tonnes. We haven’t got to go mining for six or seven years, and the capital cost will be just US$7mln-US$8mln. What’s more, the tailings are full of rare earths.”

It all adds up to a nice internal rate of return, and a doubling of the upside for Galileo investors.

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Tue, 20 Feb 2018 13:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191915/grades-at-galileos-star-zinc-project-indicate-upside-could-be-greater-than-previously-thought-191915.html
<![CDATA[News - Galileo Resources unearths high grade mineralisation at Star Zinc project ]]> http://www.proactiveinvestors.co.uk/companies/news/191574/galileo-resources-unearths-high-grade-mineralisation-at-star-zinc-project-191574.html Galileo Resources PLC (LON:GLR) has updated investors on its ongoing drilling programme at the Star Zinc project in Zambia.

Over 750 metres of diamond core drilling has been completed to date, with individual holes being drilled down as deep as 70 metres, and thirteen holes have intersected high grade mineralisation marking out 100 metres of strike length.

READ: Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources

The findings show high grade mineralisation between 15% and 28% zinc, meanwhile, lower grade zinc was also encountered.

Galileo continues to drill and it plans to complete a total of 1,500 metres worth of drilling.

“This drilling programme has to date produced encouragingly high grade zinc intersections, that is leading us to revise our understanding of the geology of the deposit from that historically described by Charter Consolidated and others,” said Colin Bird, Galileo chief executive.

“We will continue drilling and embark on data modelling, in order to create a signature for and delineate the distribution of the various grades of mineralisation.”

READ: Galileo Resources steps up activity on zinc and phosphate interests

He added: “The historic model of mineralisation of Star Zinc, based entirely on vertically  drilled holes, suggested the mineralisation forms two irregular tabular lenses dipping shallowly both east and west of the pit.

“Although the geological and structural controls on mineralisation are still to be fully understood, the latest drill data suggest the highest grade and thickest mineralisations are associated with a series of E-W faults (possible feeders.)."

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Tue, 13 Feb 2018 10:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191574/galileo-resources-unearths-high-grade-mineralisation-at-star-zinc-project-191574.html
<![CDATA[RNS press release - Star Zinc Initial Drilling Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180213094502_13531105/ Tue, 13 Feb 2018 09:45:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180213094502_13531105/ <![CDATA[News - Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources ]]> http://www.proactiveinvestors.co.uk/companies/news/191134/offtake-heads-of-terms-signed-by-phosphate-subsidiary-of-galileo-resources-191134.html Glenover Phosphate, the 36%-owned subsidiary of Galileo Resources PLC (LON:GLR), has signed Heads of Agreement for an off-take deal with a major phosphate and fertiliser producer.

Glenover will supply raw phosphate rock in the form of flotation concentrate from its project in Limpopo Province, South Africa.

READ: Galileo Resources steps up activity on zinc and phosphate interests

The deal comes in conjunction with the acceptance by South Africa’s Department of Mineral Resources of Glenover’s application for a mining right. Glenover has now commenced the requisite environmental impact assessment programme.

On successful grant of the Mining Right, Galileo will increase its beneficial interest to 38% in the Project

 The Heads of Agreement are subject to the parties entering into a definitive supply agreement and otherwise terminate on 30 April 2018.

In addition, the buyer still requires further pilot scale work to determine the suitability of the phosphate rock in its process as one of the main conditions precedent, but further capital expenditure for the second phase pilot scale test work will be subject to the parties agreeing on the main commercial terms in the Heads.

The buyer will purchase Glenover phosphate rock (33% P2O5) at international market prices.

READ: Galileo advancing on several fronts with multi-commodity focus

"Galileo and JV partner Ferminore have been in discussions with various interested groups concerning the development of the project,” said Galileo chief Colin Bird.

“One group has already carried out extensive bench scale testwork and on this basis has entered into a preliminary offtake agreement, with pilot scale testing remaining the main hurdle to a binding agreement."

 

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Mon, 05 Feb 2018 08:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/191134/offtake-heads-of-terms-signed-by-phosphate-subsidiary-of-galileo-resources-191134.html
<![CDATA[RNS press release - Glenover Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180205070003_13520787/ Mon, 05 Feb 2018 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180205070003_13520787/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180123102104_13506080/ Tue, 23 Jan 2018 10:21:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180123102104_13506080/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180118124613_13501481/ Thu, 18 Jan 2018 12:46:13 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180118124613_13501481/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180116160340_13498453/ Tue, 16 Jan 2018 16:03:40 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180116160340_13498453/ <![CDATA[News - Galileo Resources steps up activity on zinc and phosphate interests ]]> http://www.proactiveinvestors.co.uk/companies/news/188499/galileo-resources-steps-up-activity-on-zinc-and-phosphate-interests-188499.html Galileo Resources PLC (LON:GLR) has decided to reduce its interest in the Concordia copper project in South Africa to 15% from 51%.

The junior said drilling in the summer had not provided enough of an understanding of the geology to warrant further exploration.

READ: Galileo advancing on several fronts with multi-commodity focus

As a result, the company has agreed with partner Shirley Hayes to reduce its interest.

Recent months have seen Galileo step up work at the Glenover phosphate prospect while drilling has just got underway at its most recent acquisition, the Star zinc project in Zambia.

The company acquired 51% in Star, where its partner is BMR Group.

A drilling programme provisionally for up to 1.750 metres started this month and will target a mix of resource confirmation and resource enlargement.

Colin Bird, chief executive, said it “is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective. On completion of this drilling programme, we intend to commence a preliminary economic assessment.”

READ: Drilling to commence at Galileo’s Star Zinc joint venture

Elsewhere, a mining permit application has just been lodged at Glenover, in Limpopo South Africa, which is potentially a rare earths as well as a phosphate producer from the stockpiles of material and historical workings. A pilot plant phosphate flotation study to produce phosphate concentrate is underway.

Galileo posted a more than halved loss of £212,000 on the six months to September and closed the period with cash holdings of £1.1mln.

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Fri, 08 Dec 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188499/galileo-resources-steps-up-activity-on-zinc-and-phosphate-interests-188499.html
<![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171208070004_13458417/ Fri, 08 Dec 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171208070004_13458417/ <![CDATA[News - Galileo advancing on several fronts with multi-commodity focus ]]> http://www.proactiveinvestors.co.uk/companies/news/188283/galileo-advancing-on-several-fronts-with-multi-commodity-focus-188283.html Galileo Resources PLC (LON:GAL) has a wide spread of assets across several jurisdictions, but the latest acquisition, a 51% stake in the Star zinc project in Zambia, looks like it will now move to the fore as a flagship.

 

Star zinc project

Galileo holds Star in joint venture with BMR Group (LON:BMR), and is now setting the pace with drilling and other exploration work that will both confirm existing resource data and go towards building an expanded JORC resource. The plan is then to incorporate these resource numbers into an economic study and move the project into the next stage of development. Consultant CSA Global has been appointed to oversee the resource calculation work

Chief executive confident of significant progress

The drilling programme, says chief executive Colin Bird, “is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective. On completion of this drilling programme, we intend to commence a preliminary economic assessment.”

Other work is ongoing too, according to Bird.

“We have completed the grid soil sampling programme and will be reporting on this shortly,” he says.

Strong commodity price background

The context in which this work is taking place is pretty favourable – zinc is one of the better performing commodities of the past year or too, and the price looks set to remain pretty robust, even if further significant upswings are now unlikely.

“The mid to long-term price forecast prospects for zinc are strong and this exceptionally high grade property shows all the potential to be a future contributor to global zinc production,” says Bird.

Diverse portfolio of other assets

Galileo also has several precious metals projects in the US, and the Concordia copper project in South Africa. These add a certain strength in depth in terms of commodity diversification and jurisdictional risk.

Rare earths option

There’s also the Glenover rare earths projects, which may yet come into its own as rare earths continue to be in demand for use in electronic consumer goods and magnets.

 

 

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Tue, 05 Dec 2017 14:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188283/galileo-advancing-on-several-fronts-with-multi-commodity-focus-188283.html
<![CDATA[News - Drilling to commence at Galileo’s Star Zinc joint venture ]]> http://www.proactiveinvestors.co.uk/companies/news/188167/drilling-to-commence-at-galileos-star-zinc-joint-venture-188167.html Drilling on the Star zinc project in Zambia, held in joint venture by Galileo Resources PLC (LON:GLR) and BMR Resources (LON:BMR), is due to start this week.

The drilling will provisionally encompass up to 1,750 metres and will go towards both resource confirmation and resource enlargement.

READ: Galileo lines up consultants to assist with exploration of Zambian zinc

Consultant GeoQuest Limited will undertake the drilling work, while CSA Global will work on the resource estimate.

"This imminent drilling programme is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective,” said chief executive Colin Bird.

READ: Galileo to drill Star zinc project in Zambia

“On completion of this drilling programme, we intend to commence a preliminary economic assessment. We have completed the grid soil sampling programme and will be reporting on this shortly. The mid to long-term price forecast prospects for zinc are strong and this exceptionally high grade property shows all the potential to be a future contributor to global zinc production."

In a note to clients, analysts at SPAngel commented: “Previous reports and non-JORC compliant mineral resource estimates have indicated that the Star deposit is a small but high grade deposit with zinc grades of around 20% zinc at a cut-off grade, higher than the resource grade of many deposits,  of 14% zinc.”

They added: “With its long history in mining, we consider Zambia to be a relatively attractive area for mining and exploration and look forward to the results of the drilling and the subsequent resource estimate and preliminary economics and to any indications of expansion potential for the Star deposit.”

In afternoon trading, Galileo Resources shares were 7.8%, or 0.1p higher at 1.38p.

 -- Adds broker comment, share price --

 

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Mon, 04 Dec 2017 07:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188167/drilling-to-commence-at-galileos-star-zinc-joint-venture-188167.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171204070003_13452054/ Mon, 04 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171204070003_13452054/ <![CDATA[News - Galileo lines up consultants to assist with exploration of Zambian zinc ]]> http://www.proactiveinvestors.co.uk/companies/news/186783/galileo-lines-up-consultants-to-assist-with-exploration-of-zambian-zinc-186783.html Galileo Resources PLC (LON:GLR) has appointed Africa Technical Consultants Limited to assist and provide services for an environmental and exploration programme at the Star zinc project in Zambia 

The work will involve an environmental update, including engaging and meeting with interested parties in preparation for the collecting of soil samples. The plan is to undertake a drilling programme in due course.

READ: Galileo to drill Star zinc project in Zambia

Soil sampling will be undertaken with portable XRF (X-ray fluorescence) spectrometry over a 400m x 200m grid pattern covering the accessible and exploitable areas of the licence

The initial programme and assessment is expected to take six weeks.

READ: Galileo Resources joint venture picks up Star Zinc

"We have completed a review of the project and now have much greater confidence in being able to enlarge the size of the estimated pit,” said chief executive Colin Bird.

“Furthermore, we believe that there now exists considerable potential for other zinc mineralisation types in the deposit and we will aggressively pursue this concept. On completion of this programme and its assessment, we will design a drill programme aimed at confirming the current resource estimate and testing the project's prognosis for an enlarged resource. "

 

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Mon, 06 Nov 2017 08:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/186783/galileo-lines-up-consultants-to-assist-with-exploration-of-zambian-zinc-186783.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171106070004_13420751/ Mon, 06 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171106070004_13420751/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171013110053_13396223/ Fri, 13 Oct 2017 11:00:53 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171013110053_13396223/ <![CDATA[News - Galileo to drill Star zinc project in Zambia ]]> http://www.proactiveinvestors.co.uk/companies/news/185043/galileo-to-drill-star-zinc-project-in-zambia-185043.html Following a review of a conceptual study carried out at the Star zinc project in Zambia in 2015, Galileo Resources PLC (LON:GLR) has decided to undertake a fast-track drilling programme.

The study showed that at current metals prices, the project could deliver an IRR of 77%. It shows an NPV of US$18 mln at a 10% discount and offers payback in a year on capital expenditure of US$9.1mln.

READ: Galileo Resources joint venture picks up Star Zinc

But Galileo intends to upgrade the current non-compliant resource with the new drill programme at a cost of around US$350,000, to be funded from existing cash resources.

Some twinning will be undertaken to bring existing data up to JORC standards, while new drill testing will take place to the east and west to extend the known mineralisation and in new ground to the south.  

READ: Galileo Resources shares leap over 20% on positive broker comment to Star Zinc project option exercise move

"I am pleased that we are advancing a fast track exploration programme for the Star zinc project,” said Colin Bird said in a statement.

“Our initial review suggests that the project could potentially be developed as a viable stand-alone project without adding further to the resource. However, we believe that the resource could potentially be much bigger and therefore a large proportion of our exploration will focus on increasing the size of project resource and contained zinc metal.”

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Wed, 04 Oct 2017 11:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185043/galileo-to-drill-star-zinc-project-in-zambia-185043.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171004110001_13385764/ Wed, 04 Oct 2017 11:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171004110001_13385764/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171002070002_13381469/ Mon, 02 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20171002070002_13381469/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170926154808_13376184/ Tue, 26 Sep 2017 15:48:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170926154808_13376184/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170915175736_13365208/ Fri, 15 Sep 2017 17:57:36 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170915175736_13365208/ <![CDATA[RNS press release - Directors' Subscriptions, PDMR shareholdings, TVR ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170905164726_13352679/ Tue, 05 Sep 2017 16:47:26 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170905164726_13352679/ <![CDATA[News - Galileo Resources joint venture picks up Star Zinc ]]> http://www.proactiveinvestors.co.uk/companies/news/183434/galileo-resources-joint-venture-picks-up-star-zinc-183434.html Galileo Resources PLC (LON:GLR) told investors that its joint venture partner has agreed to complete the acquisition of Star Zinc in a deal worth US$1mln.

Enviro Processing Zambia Limited, a subsidiary of Galileo’s partner BMR Group, agreed to pay Bushbuck Resources a total of US$1mln in cash to acquire Star Zinc.

The cash consideration is being paid in multiple tranches, with some US$130,000 already released to Bushbuck and a further US$400,000 was paid on September 4 – US$300,000 will be due before November 28 and US$170,000 will be due before February.

READ: Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group

Galileo, meanwhile, has a separate arrangement with BMR whereby it supported the Bushbuck transaction with US$591,000 of funding and it will receive a 51% equity stake in the Enviro unit.

An 18-month work programme is now planned for the Star Zinc assets, with an estimated cost of US$250,000, and it aims to complete a preliminary economic assessment of the assets.

By supporting the funding of future work programmes it is envisaged that Galileo will increase its interest in the assets up to 85%.

Galileo chairman Colin Bird, in a statement, said: "We are pleased that the acquisition of Star Zinc has been effected expeditiously.

“The parties will now cooperate to complete formal transfer of the Zambian licence including government consent.

“We look forward to formalising the project JV agreement and pursuing aggressively our work programme to take the project forward including increasing the Star Zinc resource."

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Tue, 05 Sep 2017 08:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183434/galileo-resources-joint-venture-picks-up-star-zinc-183434.html
<![CDATA[RNS press release - Update on acquisition of Star Zinc ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170905070003_13351589/ Tue, 05 Sep 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170905070003_13351589/ <![CDATA[News - Galileo Resources shares leap over 20% on positive broker comment to Star Zinc project option exercise move ]]> http://www.proactiveinvestors.co.uk/companies/news/183321/galileo-resources-shares-leap-over-20-on-positive-broker-comment-to-star-zinc-project-option-exercise-move-183321.html Galileo Resources PLC (LON:GLR) saw its shares leap over 20% higher today in reaction to Thursday’s news the group is s to exercise its option to acquire the Star Zinc project in Zambia through a joint venture to be established with BMR Group PLC (LON:BMR), with broker comment possitive.

In late afternoon trading, Galileo shares were 22.7%, or 0.42p higher at 2.30p.

In a note to clients today, ‘house’ broker Beaufort Securities  said the “potential to acquire an interest in the Star Zinc project is positive news for Galileo.”

READ: Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group

The broker’s  analysts said: “We note that zinc prices continue to be well supported on the back of dwindling inventories caused by declining global production.

“The availability of primary zinc deposits is diminishing and the Star Zinc project has a non-JORC compliant resource of 0.3Mt grading 20.2% Zn which remains open along strike and at depth. “

They added: “We look forward to the completion of the settlement agreement followed by a formal JV agreement with BMR as well as confirmation of the non-JORC resource.

“In the meantime, we maintain our speculative buy on the stock.”

In its statement yesterday,  Galileo said it has entered into a binding agreement with BMR to conditionally advance the firm US$591,600 - at an interest rate of 12% per annum - which is intended to be used for the purpose of completing the exercise of the Star Zinc project option.

The AIM-listed firm plans to subscribe for a 51% equity stake in the joint venture through a newly created special purpose vehicle, to be named Enviro Mining Limited, which will be financed by the cancellation of the loan to BMR

READ: Galileo Resources signs terms sheet to advance Glenover project

Beaufort Securities yesterday completed a placing of 54,672,500 new ordinary shares in Galileo at a price of 2.0p each to raise £1,093,450 before expenses.

The group said, in addition to its acquisition of interest in the Star Zinc project, it intends to use the proceeds of the placing to fund, amongst other things, follow-up exploration and drilling on its US gold property in Nevada, and advancing the company's Glenover Phosphate project in South Africa.

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Fri, 01 Sep 2017 14:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183321/galileo-resources-shares-leap-over-20-on-positive-broker-comment-to-star-zinc-project-option-exercise-move-183321.html
<![CDATA[News - Galileo Resources to acquire Star Zinc project in Zambia through joint venture with BMR Group ]]> http://www.proactiveinvestors.co.uk/companies/news/183259/galileo-resources-to-acquire-star-zinc-project-in-zambia-through-joint-venture-with-bmr-group-183259.html Galileo Resources PLC (LON:GLR) has announced it is to exercise its option to acquire the Star Zinc project in Zambia through a joint venture to be established with BMR Group PLC (LON:BMR), and has raised around £1mln via a placing to fund the move and other projects.

In a statement today,  the AIM-listed firm said it has entered into a binding agreement with BMR to conditionally advance the firm US$591,600 - at an interest rate of 12% per annum - which is intended to be used for the purpose of completing the exercise of the option.

READ: Galileo Resources says preliminary drilling results show Concordia copper project "promising and well worth pursuing

Galileo plans to subscribe for a 51% equity stake in the joint venture through a newly created special purpose vehicle, to be named Enviro Mining Limited, which will be financed by the cancellation of that loan.

In late afternoon trading, Gallielo shares held steady at 2.38p, while BMR shares jumped over 30%, or 1.00p higher to 4.25p. 

Colin Bird, Galileo’s chairman and CEO said: "This joint venture with BMR on the Star Zinc property gives us a position in the very promising Star Zinc resource close to Lusaka, Zambia.

“The availability of primary Zinc deposits is diminishing and Star Zinc is open ended in both directions and depth with the strong possibility of other similar occurrences within the concession boundaries.

“Our first step will be to confirm the current non JORC resource, followed by trenching and sampling of other areas and thereafter drilling."

Beaufort Securities raises over £1mln via placing

Galileo also announces that the company's broker, Beaufort Securities, today completed a placing of 54,672,500 new ordinary shares at a price of 2.0p each to raise £1,093,450 before expenses.

The group said, in addition to its acquisition of interest in the Star Zinc project, it intends to use the proceeds of the placing and a director's subscription to fund, amongst other things, follow-up exploration and drilling on its US gold property in Nevada, and advancing the company's Glenover Phosphate project in South Africa.

Full-year losses narrow

The expansion plans came after Galileo reported full-year results in a separate statement earlier today which saw its loss narrow as the disposal of its US gold asset was offset by a foreign exchange boost.

The AIM-listed miner sold the Gabbs gold-copper property in Nevada for US$2.5mln cash in August 2016 for which it booked a £469,259 loss.

Galileo reported a total comprehensive loss for the year ended March 31 2017 of £16,675, narrower than the £784,499 loss posted a year earlier thanks to a foreign exchange gain of £1.4mln, versus a £364,872 currency loss the previous year.

The firm’s headline loss for the year was £1.4mln after the Gabbs disposal, compared to a £419,627 loss a year earlier, with operating expenses rising to £871,776 compared to £435,862 the year before.

READ: Galileo Resources signs terms sheet to advance Glenover project

Looking ahead, Galileo simply noted that drilling at the Concordia project has been completed and the results are under review.

In June, a major phosphate producer confirmed its desire to undertake a two-phase pilot plant phosphate flotation Galileo’s 34%-owned Glenover project in South Africa.

In his statement, Galileo’s chairman Colin Bird concluded “we remain committed in our quest to identify a large resource, which will be transformational for the Company and its shareholders.”

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Thu, 31 Aug 2017 15:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183259/galileo-resources-to-acquire-star-zinc-project-in-zambia-through-joint-venture-with-bmr-group-183259.html
<![CDATA[RNS press release - Investment in Star Zinc Project and Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170831153001_13347830/ Thu, 31 Aug 2017 15:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170831153001_13347830/ <![CDATA[RNS press release - Final Results and Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170831131546_13347558/ Thu, 31 Aug 2017 13:15:46 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170831131546_13347558/ <![CDATA[News - Galileo Resources shares jump as it says preliminary drilling results show Concordia copper project "promising and well worth pursuing" ]]> http://www.proactiveinvestors.co.uk/companies/news/182336/galileo-resources-shares-jump-as-it-says-preliminary-drilling-results-show-concordia-copper-project-promising-and-well-worth-pursuing--182336.html Galileo Resources PLC (LON:GLR) saw its shares jump 18% higher today after it said preliminary results of the initial 14-hole drilling programme at its Concordia copper project in South Africa were "promising and well worth pursuing".

The AIM-listed firm said its induced polarity geophysical survey was less effective than traditional testing methods, but Galileo said copper sulphide mineralisations were intersected "more consistently" in drill holes targeted by traditional exploration methodology.

READ: Galileo Resources still keeping powder dry on Concordia option

The company said drilling of basic rock bodies identified by outcrop, limited ground magnetic survey and previous aeromagnetic survey data, intersected encouraging "potentially mineable" near-surface copper mineralisation with good grades.

Galileo said the best holes were GSPD 008, 011 and 014. GSPD 008 intersected 6 metres from 23 metres to 29 metres downhole, assaying 0.90% copper.

The firm said it has committed all of the funds required for a 51% earn-in to Concordia under the terms of the cooperation and joint venture agreement with Shirley Hayes IPK.

Galilleo’s chief executive Colin Bird said: "At a previous strategic discussion with Shirley Hayes, 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.”

In late afternoon trading, Galilleo shares were up 18.2%, or 10.5p to 3.25p.

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Fri, 11 Aug 2017 16:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182336/galileo-resources-shares-jump-as-it-says-preliminary-drilling-results-show-concordia-copper-project-promising-and-well-worth-pursuing--182336.html
<![CDATA[RNS press release - Concordia Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170811143433_13327757/ Fri, 11 Aug 2017 14:34:33 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170811143433_13327757/ <![CDATA[News - Galileo Resources still keeping powder dry on Concordia option ]]> http://www.proactiveinvestors.co.uk/companies/news/182135/galileo-resources-still-keeping-powder-dry-on-concordia-option-182135.html Galileo Resources PLC (LON:GLR) is to keep its powder dry before triggering its option to acquire more of the Concordia copper project in the Northern Cape Province of South Africa.

In a stock market statement on Tuesday afternoon the explorer told investors that it continues to analyse and consolidate results from an initial drill programme, completed in May.

Those results will inform Galileo’s eventual decision over Concordia, it confirmed.

“The company intends to fully understand these results before making a decision to continuing with further exploration on the project,” Galileo said.

“The company awaits completion of this work by consultants Minxcon and remains in discussions with Shirley Hayes in this regard. 

“A further announcement will be made once Galileo has had the opportunity to review and assess the information generated by the initial drilling programme.”

Earn-in for Concordia

A deal was agreed back in late 2015, seeing Galileo potentially earning into as much as 80% of the Concordia project.

Through an initial earn-in phase the company could acquire 51% of the project by spending some 10mln Rand (approximately £470,000 at that time) and a further 29% could be acquired through the issue of 30mln new Galileo shares to the seller.

Galileo boss Colin Bird, back then, said Concordia had “extremely good prospects for potentially delineating a world class 'super-pit' copper resource and mine”.

In June this year, following the completion of Galileo’s drill programme, the company agreed an extension to the deadline for the share issue – moving it out to July 31.

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Tue, 08 Aug 2017 14:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182135/galileo-resources-still-keeping-powder-dry-on-concordia-option-182135.html
<![CDATA[RNS press release - Concordia Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170808130005_13323106/ Tue, 08 Aug 2017 13:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170808130005_13323106/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170807090820_13321251/ Mon, 07 Aug 2017 09:08:20 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170807090820_13321251/ <![CDATA[News - Galileo Resources signs terms sheet to advance Glenover project ]]> http://www.proactiveinvestors.co.uk/companies/news/180461/Galileo-Resources-signs-terms-sheet-to-advance-Glenover-project--180461.html Galileo Resources PLC (LON:GLR) has signed a term sheet with its partner Fer-Min-Ore at the Glenover phosphate/rare earth project to advance it to a stage where it obtains a mining right. 

Galileo will fund the execution of the mining right application by a loan convertible into 4% of the equity in Glenover Phosphate Proprietary, which would take its holding up to 38%.

Conversion will be 2% on acceptance of the mining right and 2% on formal grant of the Mining Right.

The Term Sheet is valid for 24 months or until formal grant of the mining right. 

Colin Bird, chief executive,said: "The mining right will provide optionality to Glenover to pursue best route for development of the Project. We are currently testing various scenarios for development and will keep shareholders advised."

Last month, a major phosphate producer confirmed its desire to undertake a two-phase pilot plant phosphate flotation study at Gleover, which is in South Afrcia.

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP, Galileo said at the time.

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Thu, 06 Jul 2017 11:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180461/Galileo-Resources-signs-terms-sheet-to-advance-Glenover-project--180461.html
<![CDATA[RNS press release - Glenover Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170706085428_13285985/ Thu, 06 Jul 2017 08:54:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170706085428_13285985/ <![CDATA[News - Galileo Resources doing extra prep work on its sampling programme at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/179875/galileo-resources-doing-extra-prep-work-on-its-sampling-programme-at-concordia-179875.html Galileo Resources PLC (LON:GLR) said consultants are hard at work analysing samples from the recent drilling programme at its Concordia Copper project in South Africa.

Around three-fifths of assay results have now been received from the drilling programme, and are undergoing quality assurance/quality control (QA/QC) checks. The processing of the remaining samples is on hold pending the outcome of the QA/QC checks.

The company said the assay stage of the programme is taking longer than originally expected, partly because the company drilled twice as many holes as initially planned, while it has also decided to put all the data onto a common coordinate grid system.

“Our geological consultant Minxcon continues with modelling the raw data, the aim of which includes testing the drilling against the IP [induced polarity] 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,” revealed Colin Bird, chief executive officer of Galileo.

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Tue, 27 Jun 2017 08:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179875/galileo-resources-doing-extra-prep-work-on-its-sampling-programme-at-concordia-179875.html
<![CDATA[RNS press release - Concordia Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170626161752_13273497/ Mon, 26 Jun 2017 16:17:52 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170626161752_13273497/ <![CDATA[News - Major phosphate producer set to carry out pilot plant study Galileo Resources’ Glenover project ]]> http://www.proactiveinvestors.co.uk/companies/news/179095/major-phosphate-producer-set-to-carry-out-pilot-plant-study-galileo-resources-glenover-project-179095.html A major phosphate producer has confirmed its desire to undertake a two-phase pilot plant phosphate flotation study at Galileo Resources PLC’s (LON:GLR) 34%-owned Glenover project in South Africa.

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP, Galileo said.

Two options

At the moment, the unnamed MPP has a couple of options of how it moves forward with the study.

Phase one for both scenarios is the same and will see it carry out a water and ore variability study, something which it is made a start on already.

While that gets underway, the MPP is deciding between one of two options that will follow phase one.

Option A would see the MPP produce 16 tonnes of phosphate concentrate through the pilot plant study. That option would cost around US$195,000.

The other, more expensive option would see the MPP produce 32 tonnes of phosphate concentrate. That would come at a cost of US$305,000.

Potential for a significant return on investment

“Galileo and Glenover JV partner (Ferminore) have been in discussions with various groups concerning the development of the project,” said Galileo chief executive Colin Bird.

“I am pleased that the potential exists by way of this agreement to realise a significant return on the company's initial investment in the project.”

Galileo has appointed a South Africa-based consulting group to execute a mining right application for the project whilst the study is taking place.

Importantly for the explorer, rare earths from the ore tailings would still be available for future beneficiation.

Shares ticked 1.3% higher to 9.9p shortly before market close.

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Mon, 12 Jun 2017 15:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179095/major-phosphate-producer-set-to-carry-out-pilot-plant-study-galileo-resources-glenover-project-179095.html
<![CDATA[RNS press release - Glenover Phosphate - Pilot Plant Study Proposal ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170612141229_13257326/ Mon, 12 Jun 2017 14:12:29 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170612141229_13257326/ <![CDATA[News - Galileo Resources shines as it completes exploratory drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/177797/galileo-resources-shines-as-it-completes-exploratory-drilling-at-concordia-177797.html Galileo Resources PLC (LON:GLR) zipped higher on Monday after the explorer completed its initial drilling programme at its Concordia copper project in the Northern Cape Province of South Africa.

The programme was initially supposed to comprise up to six reverse circulation drill holes, but Galileo ended up drilling 14 holes in the Homeep and Shirley trends totalling 2,170 metres.

The first set of analytical results on the samples is due by the end of this month (May), while a second set is expected by the end of June.

Even without the results to hand, the fact that six holes on the Shirley trend yielded visible copper mineralisation in the drill chippings is an encouraging early sign.

Drilling a success on all counts

Back in February when Galileo kicked off drilling at Concordia, it said the focus was on testing the reliability of geophysics anomalism in identifying mineralisation targets.

It concluded today that the drilling was a success given that the results confirm the “validity, reliability and usefulness of IP geophysics” as a means for directing future exploration.

“We eagerly await the analytical results of the drill samples,” said chief executive Colin Bird.

“The Shirley and Homeep Trends will be remodelled and the strategy for further drilling established. 

“We consider the drill programme a success and consider our in-house model for Concordia is developing favourably towards a major copper resource.”

Galileo commits funds to earn-in a 51% interest in Concordia

On top of the results, Galileo told investors it had committed 100% of the funds required to earn-in a 51% interest in the company owning the project.

The company now has 30 days to decide whether to continue with exploration and development of the project.

Assuming it chooses to do just that, Galileo will issue 30mln new shares to Shirley Hayes, after which Galileo’s stake in Concordia will rise to 80% as a result.

Shares gained 6% to trade at 7.55p.

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Mon, 15 May 2017 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177797/galileo-resources-shines-as-it-completes-exploratory-drilling-at-concordia-177797.html
<![CDATA[RNS press release - Concordia Copper Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170515105412_13225469/ Mon, 15 May 2017 10:54:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170515105412_13225469/ <![CDATA[RNS press release - Update regarding Orogen Gold JV on Silverton ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170512151739_13224387/ Fri, 12 May 2017 15:17:39 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20170512151739_13224387/ <![CDATA[News - Galileo Resources plays down recent share price surge ]]> http://www.proactiveinvestors.co.uk/companies/news/174050/galileo-resources-plays-down-recent-share-price-surge-174050.html The board of Galileo Resources PLC (LON:GLR) has played down the company’s recent share price hike, telling investors that there are “no new material developments”.

The shares have spiked more than 75% over the past week and are up again today.

Galileo suggested it didn’t know what was behind the rise as it reminded the market about where it is with its various projects.

It said its principal focus remains at its Concordia copper project in South Africa, where an exploratory drilling programme is underway to test several mineralisation targets.

As announced last summer, Galileo has farmed out an interest in its Silverton gold prospect in Nevada, USA, to Orogen Gold PLC (LON:ORE).

Shares were up 2% to 8.19p shortly before close of play on Wednesday.

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Wed, 01 Mar 2017 15:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174050/galileo-resources-plays-down-recent-share-price-surge-174050.html
<![CDATA[News - Galileo surges as it starts drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/news/173184/galileo-surges-as-it-starts-drilling-at-concordia-173184.html Galileo Resources PLC (LON:GLR) revealed drilling is set to kick off today at its Concordia copper project in the Northern Cape Province of South Africa.

The drilling programme will initially comprise up to six reverse circulation drill holes down to 300 metres depth.

The drilling programme is exclusively focused on testing the reliability of geophysics anomalism in identifying mineralisation targets, Galileo said.

"The initial drill programme is designed essentially to establish a correlation between the geophysics and sulphide mineralisation and attach potential copper grades to the geophysics chargeability levels,” said Colin Bird, Galileo’s chief executive officer.

“The drilling results, if successful, would prove that the geophysics will be an essential part of any future resources drilling programme and as such is very important. We look forward to the results and factoring its conclusions overall into our Concordia project," he added.

Shares in Galileo rose 6% to 4.08p in early deals.

 

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Wed, 15 Feb 2017 15:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173184/galileo-surges-as-it-starts-drilling-at-concordia-173184.html
<![CDATA[Media files - Galileo Resources boss 'delighted' to kick off drilling at Concordia ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6922/galileo-resources-boss-delighted-to-kick-off-drilling-at-concordia-6922.html Wed, 15 Feb 2017 10:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6922/galileo-resources-boss-delighted-to-kick-off-drilling-at-concordia-6922.html <![CDATA[News - Galileo exploration work yields encouraging results ]]> http://www.proactiveinvestors.co.uk/companies/news/171733/galileo-exploration-work-yields-encouraging-results-171733.html Galileo Resources PLC (LON:GLR) said the geophysics data from its field exploration and induced polarisation (IP) imaging programming of the Concordia Copper Project in South Africa had yielded some interesting results.

The chargeability 3D model for the Homeep East prospect correlates well with historic drilling activity, it told investors.

However the best three geophysics signatures are for areas that so far have not been tested. They “provide prime targets for exploration”, Galileo said.

The work also revealed the the potential for near surface ore bodies and an increase in “chargeability” at deeper levels.

This is “particularly encouraging” for Galileo, said chief executive Colin Bird, as most copper producers are confined to either mining limited tonnage of high grade material or bulk tonnage of low grade ore.

“Our results suggest we could be targeting a mix of the two and it is always beneficial to have a high-grade component in any bulk mining operation,” said Bird.

“The initial drill programme will be designed to establish a correlation of the geophysics with sulphides and attach potential copper grades to chargeability levels.”

Drilling is expected to get underway later this quarter.

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Tue, 17 Jan 2017 10:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171733/galileo-exploration-work-yields-encouraging-results-171733.html
<![CDATA[News - Galileo’s Silverton gold project dishes up decent drill results ]]> http://www.proactiveinvestors.co.uk/companies/news/171311/galileos-silverton-gold-project-dishes-up-decent-drill-results-171311.html Initial results from a reverse circulation drilling programme currently being undertaken on the Silverton Gold project in Nevada have yielded promising results.

Silverton is held by Galileo Resources PLC (LON:GLR) but the work is being undertaken by joint venture partner Orogen Gold PLC (LON:ORE), which is hoping to earn in to an initial 51% interest by spending US$400,000.

So far, Orogen has completed 1,274 metres of drilling on five holes at two initial targets at Silverton, with the longest mineralised intercept running at over 70 metres and grading 0.2 grams per tonne gold.

The best grade occurred across a width of 1.52 metres and rang in at 1.33 grams per tonne of gold.

"The results from the initial test drilling showed gold mineralisation persists at depth along the Silverton Fault over a wide interval,” said Galileo director Andrew Sarosi. However, the company did concede that a search for high grade feeder zones had failed to bear fruit. 

  

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Mon, 09 Jan 2017 08:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171311/galileos-silverton-gold-project-dishes-up-decent-drill-results-171311.html
<![CDATA[News - Higher copper prices to benefit Galileo in 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/170748/higher-copper-prices-to-benefit-galileo-in-2017-170748.html Natural resources explorer Galileo Resources PLC (LON:GLR) has told investors that the recent turnaround in the copper price will serve it well as it enters the New Year.

The copper price has added more than a third in recent weeks – partly due to the ‘Trump bump’ – to sit at around US$5,400 tonne.

Galileo’s main asset is Concordia, a copper project in South Africa.

“I am very pleased to report that the copper price has responded to the long term prognosis that copper will be in short supply as we approach 2020,” said chairman Colin Bird.

This will impact on our key project, Concordia.”

A full geophysics summary report from the project is due in January, and Bird said the initial results are “exciting”.

Following the report, drill testing at Concordia is expected to begin by mid-February, the company said.

For the six months to the end of September, Galileo posted a comprehensive loss of £538,000, compared to a loss of £171,000 for the same period in 2015.

The group’s cash position was fairly healthy though after it completed the sale of its Gabbs property in Nevada for US$2.5mln during the period.

As of 30 September, Galileo had a cash balance of £1.4mln.

Shares were down 2% to 1.58p.

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Tue, 20 Dec 2016 15:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170748/higher-copper-prices-to-benefit-galileo-in-2017-170748.html
<![CDATA[RNS press release - Half-year Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161220144300_013073653/ Tue, 20 Dec 2016 14:43:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161220144300_013073653/ <![CDATA[RNS press release - Change of Registered Office ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161219150842_013072226/ Mon, 19 Dec 2016 15:08:42 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161219150842_013072226/