http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 18 Oct 2017 12:12:47 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![CDATA[News - Galileo identifies three more drill targets at Concordia copper project ]]> http://www.proactiveinvestors.co.uk/companies/news/170543/galileo-identifies-three-more-drill-targets-at-concordia-copper-project-170543.html Galileo Resources PLC (LON:GLR) has identified several potential drill targets after completing the geophysics survey on the Shirley Trend at its Concordia copper project in South Africa.

The junior miner said the survey showed three high-chargeability zones from near surface to around 500 metres in depth, similar to those found in the Homeep Trend last month.

Chargeability effects are often associated with the presence of sulphide mineralisation, so high-chargeability zones are a good place to start initial drill tests.

“The results of our geophysics programme are highly encouraging with clear definition for drill hole targeting,” said chairman and chief executive Colin Bird.

“A limited drilling programme is expected to commence early in the New Year and on completion, the company will either elect to drill the Shirley Trend or extend geophysics to other areas.”

A final report collating all of the geophysical data on the Homeep and Shirley trends is expected in January which the company will use to plan the next exploration phase.

The total geophysics programme to data has only partially covered two of the 11 priority prospects on Concordia.

Shares were unchanged at 1.7p.

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Thu, 15 Dec 2016 13:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170543/galileo-identifies-three-more-drill-targets-at-concordia-copper-project-170543.html
<![CDATA[RNS press release - Concordia Copper Project - Exploration Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161215110739_013068428/ Thu, 15 Dec 2016 11:07:39 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161215110739_013068428/ <![CDATA[RNS press release - Concordia Copper Project - update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161130090457_013051260/ Wed, 30 Nov 2016 09:04:57 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161130090457_013051260/ <![CDATA[News - Galileo survey at Concordia provides further copper encouragement ]]> http://www.proactiveinvestors.co.uk/companies/news/168311/galileo-survey-at-concordia-provides-further-copper-encouragement-168311.html An initial induced polarisation survey undertaken at the Concordia copper project in South Africa by Galileo Resources PLC (LON:GLR) has yielded encouraging results.

The company focused on the most prospective area of Concordia, the Homeep trend, where copper has already been identified.

According to Colin Bird, Galileo’s chairman, the signature there was “so strong” that the company has elected to home in on it for a short period before moving on to conduct a more general survey.

Overall the survey data correlates well with historical drill data from Homeep, and confirms the existence of significant anomalies and chargeability.

Work is continuing,

 

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Tue, 01 Nov 2016 07:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168311/galileo-survey-at-concordia-provides-further-copper-encouragement-168311.html
<![CDATA[RNS press release - Concordia Copper Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161101070007_013019120/ Tue, 01 Nov 2016 07:00:07 +0000 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161101070007_013019120/ <![CDATA[News - Galileo’s shares leap on gold exploration update ]]> http://www.proactiveinvestors.co.uk/companies/news/167912/galileos-shares-leap-on-gold-exploration-update-167912.html Shares in Galileo Resources PLC (LON:GLR) jumped by more than 15% in early trade on 25 October as the company announced the results of sampling on its Ferber gold project in Nevada, and that joint venture partner Orogen Gold (LON:ORE) had commenced drilling on the Silverton project, also in Nevada.

Of 23 rock chip samples taken at Ferber, 11 returned gold values exceeding 0.2 grams per tonne, while seven of those contained grades higher than a gram per tonne.

The highest recorded rock chip grade was 10.8 grams per tonne.

“We intend to follow this up with more detailed geochemical sampling with a view to identifying drilling targets,” said Galileo’s chairman Colin Bird.

“These encouraging results, together with Orogen’s announcement of the commencement of drilling on Silverton are exciting for the company since US exploration companies are showing much interest in the gold and copper potential in Nevada.”

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Tue, 25 Oct 2016 08:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167912/galileos-shares-leap-on-gold-exploration-update-167912.html
<![CDATA[RNS press release - Nevada Projects Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161025070005_013011338/ Tue, 25 Oct 2016 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20161025070005_013011338/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160929122957_012983858/ Thu, 29 Sep 2016 12:29:57 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160929122957_012983858/ <![CDATA[Media files - Galileo Resources PLC could be drilling at Concordia as early as January ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5925/galileo-resources-plc-could-be-drilling-at-concordia-as-early-as-january-5925.html Thu, 08 Sep 2016 11:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5925/galileo-resources-plc-could-be-drilling-at-concordia-as-early-as-january-5925.html <![CDATA[RNS press release - Final Results and Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160907135538_012957810/ Wed, 07 Sep 2016 13:55:38 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160907135538_012957810/ <![CDATA[News - Galileo to kick off geophysics at Homeep target ]]> http://www.proactiveinvestors.co.uk/companies/news/163087/galileo-to-kick-off-geophysics-at-homeep-target-163087.html Galileo Resources PLC (LON:GLR) will hunt for near-surface copper at the Homeep target at its Concordia project, starting next month, after modelling suggested high grades at the prospect.

The top three targets for open pit potential at the South Africa project have been ranked as Homeep, KoeelKop and Henderson.

The first phase of the IP study will be at the Homeep Trend.

Recent modelling work showed the potential over a very small portion of strike of the overall trend for 942,435 tonnes of ore grading 0.89% of copper.

This used a cut-off of 0.2% copper, which confirmed the expected high grade of the Homeep deposit, the firm said.

At a higher 0.5% cut-off, the tonnage was 838,061 at a grade of 0.96% copper.

Galileo chairman and chief executive Colin Bird said: "The Homeep Trend on Concordia has been chosen as the first site for IP since it has hosted at least two underground copper mines."

He added: "IP as a tool has had universal success in locating near surface massive and disseminated sulphide ore bodies and we are confident that this tool will work in the Concordia environment."

Galileo also announced today that its prospecting right for Concordia had been executed and valid for a further three years to August 17, 2019

"The prospecting right renewal has been executed and we are in good standing for a period, which will allow us to carry out well reasoned technical work and advance the project to its next stage of mining licence application," said Bird.

Separately today, Galileo also reported its results for the year to end March.

It reported a loss of £419,627 narrowed from a loss of £10.7mln for the same period last year - representing a loss of 0.3p per share against a loss of  9.4p per share in 2015.

Since March 31, significantly, the group sold the Gabbs gold-copper property in Nevada, USA for US$2.5 million cash to a  subsidiary of Waterton.

In April, it struck  a farm-out agreement with Orogen Gold Plc (LON:ORE) to explore on its Silverton gold project 80 km north east of Tonopah, Nevada.

Orogen can carry out an exploration programme to earn a 51% interest over 18 months with Galileo having the right to match future expenditures over a further 30 months or dilute to a 25% interest.

Galileo shares gained 0.98% to 1.54p on the day.

  WATCH - Galileo chief out to find “tomorrow’s copper”   ]]>
Wed, 07 Sep 2016 08:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/163087/galileo-to-kick-off-geophysics-at-homeep-target-163087.html
<![CDATA[RNS press release - Concordia Project Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160907070007_012956756/ Wed, 07 Sep 2016 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160907070007_012956756/ <![CDATA[RNS press release - Sale of Gabbs Gold-Copper Property for US$2.5 m ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160831132548_012949506/ Wed, 31 Aug 2016 13:25:48 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160831132548_012949506/ <![CDATA[RNS press release - Lapsing of Agreement to sell interest in JV ]]> http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160830121413_012947518/ Tue, 30 Aug 2016 12:14:13 +0100 http://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20160830121413_012947518/ <![CDATA[News - Galileo raises US$2.5mlm from Nevada disposal ]]> http://www.proactiveinvestors.co.uk/companies/news/129807/galileo-raises-us25mlm-from-nevada-disposal-129807.html Galileo Resources (LON:GLR) has sold its Gabbs property in Nevada for US$2.5mln (£1.9 mln) cash to help fund its copper exploration in South Africa.

Colin Bird, Galileo’s chief executive, said: "The Gabbs sale allows us to focus on the Concordia copper project in South Africa, where the management has gained most of its success and experience.

"The cash received will cover our short-to-medium-term working capital."

Galileo acquired Gabbs in 2014 when it bought St Vincent Minerals US's portfolio of Nevada properties for C$4.3mln.

Elsewhere in Nevada the junior has expanded its other interests at Ferber and Crow Springs, with a further 210 claims added at Ferber after a quitclaim by a major mining company

Galileo is looking for a joint venture or to farm-out these properties having arranged a farm-out in June with Orogen Gold at the Silverton gold property..   

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Tue, 30 Aug 2016 08:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129807/galileo-raises-us25mlm-from-nevada-disposal-129807.html