Proactiveinvestors RSS feed en Tue, 22 Aug 2017 15:37:07 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Galileo Resources shares jump as it says preliminary drilling results show Concordia copper project "promising and well worth pursuing" ]]> 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.

Fri, 11 Aug 2017 16:04:00 +0100
<![CDATA[RNS press release - Concordia Project Update ]]> Fri, 11 Aug 2017 14:34:33 +0100 <![CDATA[News - Galileo Resources still keeping powder dry on Concordia option ]]> 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.

Tue, 08 Aug 2017 14:01:00 +0100
<![CDATA[RNS press release - Concordia Project Update ]]> Tue, 08 Aug 2017 13:00:05 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 07 Aug 2017 09:08:20 +0100 <![CDATA[News - Galileo Resources signs terms sheet to advance Glenover project ]]> 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.

Thu, 06 Jul 2017 11:41:00 +0100
<![CDATA[RNS press release - Glenover Project Update ]]> Thu, 06 Jul 2017 08:54:28 +0100 <![CDATA[News - Galileo Resources doing extra prep work on its sampling programme at Concordia ]]> 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.

Tue, 27 Jun 2017 08:01:00 +0100
<![CDATA[RNS press release - Concordia Project Update ]]> Mon, 26 Jun 2017 16:17:52 +0100 <![CDATA[News - Major phosphate producer set to carry out pilot plant study Galileo Resources’ Glenover project ]]> 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.

Mon, 12 Jun 2017 15:57:00 +0100
<![CDATA[RNS press release - Glenover Phosphate - Pilot Plant Study Proposal ]]> Mon, 12 Jun 2017 14:12:29 +0100 <![CDATA[News - Galileo Resources shines as it completes exploratory drilling at Concordia ]]> 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.

Mon, 15 May 2017 12:21:00 +0100
<![CDATA[RNS press release - Concordia Copper Project Update ]]> Mon, 15 May 2017 10:54:12 +0100 <![CDATA[RNS press release - Update regarding Orogen Gold JV on Silverton ]]> Fri, 12 May 2017 15:17:39 +0100 <![CDATA[News - Galileo Resources plays down recent share price surge ]]> 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.

Wed, 01 Mar 2017 15:45:00 +0000
<![CDATA[News - Galileo surges as it starts drilling at Concordia ]]> 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.


Wed, 15 Feb 2017 15:26:00 +0000
<![CDATA[Media files - Galileo Resources boss 'delighted' to kick off drilling at Concordia ]]> Wed, 15 Feb 2017 10:55:00 +0000 <![CDATA[News - Galileo exploration work yields encouraging results ]]> 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.

Tue, 17 Jan 2017 10:06:00 +0000
<![CDATA[News - Galileo’s Silverton gold project dishes up decent drill results ]]> 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. 


Mon, 09 Jan 2017 08:00:00 +0000
<![CDATA[News - Higher copper prices to benefit Galileo in 2017 ]]> 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.

Tue, 20 Dec 2016 15:18:00 +0000
<![CDATA[RNS press release - Half-year Report ]]> Tue, 20 Dec 2016 14:43:00 +0000 <![CDATA[RNS press release - Change of Registered Office ]]> Mon, 19 Dec 2016 15:08:42 +0000 <![CDATA[News - Galileo identifies three more drill targets at Concordia copper project ]]> 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.

Thu, 15 Dec 2016 13:17:00 +0000
<![CDATA[RNS press release - Concordia Copper Project - Exploration Update ]]> Thu, 15 Dec 2016 11:07:39 +0000 <![CDATA[RNS press release - Concordia Copper Project - update ]]> Wed, 30 Nov 2016 09:04:57 +0000 <![CDATA[News - Galileo survey at Concordia provides further copper encouragement ]]> 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,


Tue, 01 Nov 2016 07:41:00 +0000
<![CDATA[RNS press release - Concordia Copper Project Update ]]> Tue, 01 Nov 2016 07:00:07 +0000 <![CDATA[News - Galileo’s shares leap on gold exploration update ]]> 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.”

Tue, 25 Oct 2016 08:12:00 +0100
<![CDATA[RNS press release - Nevada Projects Update ]]> Tue, 25 Oct 2016 07:00:05 +0100 <![CDATA[RNS press release - Result of AGM ]]> Thu, 29 Sep 2016 12:29:57 +0100 <![CDATA[Media files - Galileo Resources PLC could be drilling at Concordia as early as January ]]> Thu, 08 Sep 2016 11:21:00 +0100 <![CDATA[RNS press release - Final Results and Notice of AGM ]]> Wed, 07 Sep 2016 13:55:38 +0100 <![CDATA[News - Galileo to kick off geophysics at Homeep target ]]> 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
<![CDATA[RNS press release - Concordia Project Update ]]> Wed, 07 Sep 2016 07:00:07 +0100 <![CDATA[RNS press release - Sale of Gabbs Gold-Copper Property for US$2.5 m ]]> Wed, 31 Aug 2016 13:25:48 +0100 <![CDATA[RNS press release - Lapsing of Agreement to sell interest in JV ]]> Tue, 30 Aug 2016 12:14:13 +0100 <![CDATA[News - Galileo raises US$2.5mlm from Nevada disposal ]]> 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..   

Tue, 30 Aug 2016 08:31:00 +0100
<![CDATA[RNS press release - Sale of Gabbs Gold-Copper Property for US$ 2 mill ]]> Tue, 30 Aug 2016 07:00:13 +0100 <![CDATA[News - Galileo Resources identifies more targets at Concordia ]]> Galileo Resources PLC (LON:GLR) has identified two more high priority copper targets at the Concordia project in South Africa.

There are now seven high priority targets at Concordia, while Minxcon Consulting, which carried out the desktop analysis of historical data, had identified 27 other potential targets.

As a result, Galileo estimates the project contains 799mln host lithology tons, which contain 50% mineralised host at a mean grade 0.57% copper.

Minxco also ranked the targets for open pit potential with Homeep, KoeelKop and Henderson the top three.

Colin Bird, Galileo’s chairman and chief executive, said the area is huge and the open pit model was never previously investigated in this area. 

“The targeted conceptual tonnage and copper grade compare very favourably with global projects currently being developed or at an advanced feasibility study stage.”

Next stage exploration will involve IP geophysics to better define the targets before undertaking drilling. 

Mon, 22 Aug 2016 16:27:00 +0100
<![CDATA[RNS press release - Study increases Concordia potential size ]]> Mon, 22 Aug 2016 12:40:00 +0100 <![CDATA[News - Galileo Resources completes earn-in deal on Nevada property with Orogen Gold ]]> Galileo Resources PLC (LON:GLR) has executed the previously announced earn-in deal with Orogen Gold PLC (LON:ORE) over the Silverton gold-silver property in Nevada.

The latter has the right to earn an initial 51% interest over the 6 sq km claim area through spending US$400,000 on exploration over 18 months.

Galileo executive director: "Andrew Sarosi, executive director, said: "We are pleased to have concluded this agreement with Orogen, which allows for an outside party to fund the exploration of Silverton.

"Orogen's due diligence, which included a site visit with Galileo, has already identified additional targets not only to the shear zone reported previously but also to targets not highlighted in the most recent reports and adds to the company directors' belief in the overall prospectivity of the property.

"Further news will be released as results from initial drill testing become available."

Orogen had already begun focused a re-mapping and sampling programme to confirm sites for an initial diamond drilling  phase, Galileo said.

Assays reported by previous explorer Newcrest in 2003 showed intersections of up to 7.62metres (m) at 2.29g/t gold and 10.67m at 1.0g/t.

As reported in April, Orogen can earn 51% by spending US$400,000 on exploration within 18 months and take a further 24% through US$1.5mln of additional exploration in the following 30 months.

Galileo retains the right to participate pro rata after Orogen's initial 51% earn-in.

Read the Galileo Big Picture article here.

Mon, 27 Jun 2016 08:09:00 +0100
<![CDATA[RNS press release - Galileo executes Silverton Farm-Out Agreement ]]> Mon, 27 Jun 2016 07:00:08 +0100 <![CDATA[News - Galileo Resources says eleven targets now at Concordia ]]> An independent desktop review has now identified eleven potential target areas at the Concordia copper project in South Africa, said Galileo Resources (LON:GLR).

Five of these have near surface potential said Colin Bird, Galileo’s chief executive, with tungsten potential also identified in historic mining areas.

Low-cost ground investigation comprising detailed mapping, induced polarisation (IP) geophysics and geochemistry is planned next. 

Bird said: "When we embarked on this exercise we were optimistic that our current view would be confirmed independently.

“We expect to complete phase 1 (desktop study) in early July and immediately progress to ground-truthing and possibly resource modelling with current available data.

“A bonus of this exercise has been the discovery of wolframite trends on the property; wolframite being a primary ore mineral of tungsten, the current 180-day ore price of which is up by some 10% to date.”

Galileo can earn-in a 51% beneficial interest in Concordia copper project with R10mln (approximately £500,000) of exploration over 14 months. 

Wed, 15 Jun 2016 12:19:00 +0100
<![CDATA[RNS press release - Update on Concordia Copper Project ]]> Wed, 15 Jun 2016 09:05:11 +0100 <![CDATA[Media files - Galileo chief out to find “tomorrow’s copper” ]]> Tue, 14 Jun 2016 09:07:00 +0100 <![CDATA[News - Galileo Resources delivers high grades in a prolific copper area ]]> Investors who want to know what happens when you deploy veteran mining entrepreneur Colin Bird in one of the world’s most prolific copper producing regions have two directions in which they can look: the past, and the future.

The past speaks for itself. Colin was instrumental in the development and the eventual sale of Kiwara Resources for a nine-figure sum, having proved a concept, sunk a few drill holes and sold to First Quantum at the height of the market.

Kiwara had ground in Zambia, which alongside the Democratic Republic of Congo on the other side of the border, occupies most of the region known locally and globally in mining circles as the Copperbelt.

Kiwara’s getting on for 10 years ago now, and is beginning to fade from the memories of investors who subsequently went through one almighty mining bust.

But those who want to know how it’s done may yet get an object lesson from Mr Bird himself again, as he positions Galileo Resources (LON:GLR), once solely a fertilizer play, strategically across an area of South Africa with its own admirable track record of copper production.

“It was one of the biggest copper mining areas of the world,” says Bird.

The obvious questions then, are how much copper is left and how does Galileo plan to get it out?

It’s a bit early to answer that second question in detail, but the first question is straightforward enough, and just goes to show that as times change, so do opportunities to turn a dollar or two.

“We found that the cut-off grade used by the earlier miners was 0.8%,” says Bird. That may not mean much to non-specialists, but the salient point is that nowadays copper miners can mine economically at grades much lower than that.

“The average grade of copper mines in the world has dropped from about 1% to about 0.6%,” explains Bird.

It’s as simple as that: all of a sudden, the Galileo ground became highly prospective.

“We extended our search of the area,” continues Bird, “and we found more higher grade areas. I think we’re onto something, I really do.”

Of course, working up a prospect like Concordia isn’t easy when money is as hard to come by as it has been in the mining sector over the past couple of years.

But here Galileo has an ace up its sleeve. Instead of spending large amounts of hard currency drilling up ground that’s already been gone over before, Galileo can fall back on old data gathered by former owners between 1960 and 1990.

“We’ve got a massive database and we’re just interrogating that,” says Bird. “We’re modelling the lithological package in discrete units. Once we’ve created our model, we’re going to drill.

That will probably require new money to come into the company, but for the time being the company’s not too badly off.

“There’s RND3.5 mln in the bank,” says Bird, “and I try not to do any placements.” As a big shareholder himself, Bird’s as worried as anyone about dilution and about getting the maximum bang per buck.

The next news is therefore likely to state that the model holds together, and that a new resource is in the pipeline.

Certainly, by October Bird is hoping to have some idea of tonnes and grade as well as an emerging mine plan. There’s likely to be news on the net present value of Concordia by then too, and Bird has some confidence it’s going to be good.

“On the global drawing board of emerging copper projects, this will be in the top two or three,” he says.

If that turns out to be correct, it will only go to confirm the investment potency of mixing Colin Bird and copper-rich jurisdictions.




Tue, 31 May 2016 14:46:00 +0100
<![CDATA[News - Emerging exploration model at Concordia has Galileo Resources excited ]]> Galileo Resources PLC (LON:GLR), the exploration and development mining company, has identified another exploration area of interest, Homeep East, at its Concordia project.

The company has been trawling through the recently acquired extensive database of information on the project, in South Africa, and likes the look of Homeep East.

The exploration area, located some 14 kilometres (km) south-east of Rietberg - the first exploration area identified on the concession – hosts a population of holes drilled in order to examine the presence of copper (Cu) and its association with rock mineralisation type.

Previously exploration at Homeep East identified wide mineralised down-hole runs of 43 metres (me) to 49m thick, with weighted-average assays ranging from 1.14% Cu to 0.88% Cu.

High-grade intersections include 19.8m assaying 1.21% Cu; 29.9m assaying 1.23% Cu; and 7.7m assaying 1.27% Cu.

The company also announced the results of the independent non-code compliant resource ore-body modelling on the Klondike prospect.

Klondike, which is on the south-western edge of the Concordia concession in the Northern Cape of South Africa, is one of five identified and drilled open-pitable prospects hosting potential massive bulk Cu-mineralised zones. The additional areas, such as Homeep East, identified by the company will add to this list of potential prospects.

Klondike was independently modelled at 2.10mln tonnes assaying 0.63% from surface to 200 meters (m) down, and at 2.51mln tonnes assaying 0.57% Cu at a 0.2% Cu cut-off.

Modelling and optimisation continues on other prospects within the concession and on

identifying key trends and structures driving the mineralisation, Galileo said.

"These again are good results adding to our growing Concordia copper data base. Large tracts of diorite throughout the concession appear to have been ignored or only partly explored and dismissed. The emerging exploration model is exciting in its potential for both size and higher than normal copper grades for surface mining. We continue to work through our acquired data base," said Colin Bird, chairman and chief executive officer of Galileo.

Shares in Galileo were off 0.01p at 1.11p in afternoon trading.


Tue, 10 May 2016 15:23:00 +0100
<![CDATA[RNS press release - Concordia Project Update ]]> Tue, 10 May 2016 11:24:28 +0100 <![CDATA[RNS press release - Total Voting Rights ]]> Wed, 04 May 2016 12:14:54 +0100 <![CDATA[News - Galileo identifies another copper zone at Concordia ]]> Galileo Resources PLC (LON:GLR) has identified a potential new copper deposit, Rietberg, close to the surface at the Concordia project in South Africa.

Rietberg is approximately 10km northwest from the Wheal Julia deposit and contains numerous thick high grade intersections, said the company.

Galileo is working through the historical database at Concordia and said best results at Rietberg were 11.0m at 5.0% copper within 25m of surface, 18.3m at 2.68% Cu from 64m and 64.3m at 1.11% Cu from 70m.

Other areas in Concordia have also being identified with similar characteristics to Rietberg, Galileo said.

Colin Bird, chief executive, said: “Open pittable copper ore close to surface is not the norm in the copper mining industry.”

A mixture of high and low grade bodies are beginning to emerge, he added, which could be phased to feed a central processing plant providing potential flexibility and optionality.

Galileo has the right to earn-in a 51% beneficial interest in the Concordia copper project through spending R10mln (approximately £500 000) over 14 months on exploration and development. 

Wed, 27 Apr 2016 08:23:00 +0100