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Galileo Resources PLC (LON:GLR)

Galileo Resources PLC (LON:GLR)


Share Price
1.09 p
Change
-0.015 (-1.36 %)
Market Cap
£3.30 m
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Galileo Resources PLC

Galileo Resources Plc is an opportunity driven company whose model is to acquire large data bases generated by major companies and abundant for strategic, corporate, technical and other reasons which do not necessarily reflect the potential value of the project. The current main focus is on the Star Zinc project in Zambia close to Lusaka. Significant zinc intersections have been made in a...

EPIC: GLR
Market: AIM:GLR
52-week High/Low: 2.05p / 1.05p
Sector: Mining
Market Cap: 3.30M
Website: www.galileoresources.com

Galileo Resources PLC

www.galileoresources.com

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Big picture - Why invest in Galileo Resources PLC


Galileo Resources PLC Snapshot

Strategy

The strategy is to acquire companies who have themselves acquired positions from major mining companies and in so doing have attained ownership of large raw data packages which would take tens of millions of dollars of expenditures to generate from a cold start.

The management has a history of achieving this in previous other companies and it is considered that this strategy is superior to companies who are developing concepts without the backup of real information.

In essence the Company, by adopting this strategy, leaps the first major hurdle of risks, working more on adding value than initial discovery. Our Glenover project was well researched by Gold Fields of South Africa and sold on to Fe-Min-Ore since Gold Fields elected to return to gold mining as its core business and rare earths at the time of disposal was not well understood or market required.

The St. Vincent Minerals acquisition consists of one major copper/gold project in Nevada, USA which has a 43-101 resource of some 1.6 million oz of gold equivalent and significant upside potential.

Other projects within the St. Vincent stable are less advanced but are in areas which show significant potential for copper, gold, molybdenum and silver.

Concordia Copper Project (Northern Cape Province, South Africa)

Previous focus was on narrow steep underground copper ore-bodies that could be mined from underground.

The challenge that resulted from the modelling done was,
- That the narrow modeled ore bodies were very deep (>400m below surface) and,
- That they lacked critical mass to justify the development capital for a large commercial mining operation

Galileo recognised that a different approach was required that could unlock the copper value.

After a review of the entire area it became apparent that any focus on narrow deep copper veins was not the correct approach

We then considered modelling ore-bodies at lower cut off grades and it is becoming evident that the ore bodies are large wide mineralised systems close to surface.

Potential for mining on a large commercial scale similar to the copper super pits of North America.

Next Steps:

Complete a Feasibility Study for the project from the perspective of developing a super pit

Infill drilling

Metallurgical test work

Pit optimization

EIA

Mine planning & Financial modeling

Evaluation team available

Revised budget & work program in place

BEE in place

Advanced Prospecting Right status in place

For more information, please click here

 

Ferber Project (Elko County, Nevada, USA)

Commodities: Cu, Pb, Zn, Ag, Au, Bi

Deposit Type: Contact skarn and replacement in limestone and intrusive adjacent to a major composite intrusive. Possible structural-controlled sediment hosted gold deposit present, as well as a porphyry target.

Location: 25 miles south of Wendover, NV, Ferber Hills, Elko County, Nevada.

Land Status: 102 un patented lode claims on BLM-controlled land and 9 patented claims.

Production: Copper-lead-silver-gold deposits were discovered in the area in the 1880s. Ore was shipped from the Martha Washington, Big Chief, Regent and other small mines intermittently over the years. Limited production figures for the mines list 97,878 pounds copper, 192,613 pounds lead, 11, 851 ounces silver. Cordex Exploration, Royal Gold and FMC have conducted exploration in the area since 1980s-1990s.

Geology: The Ferber District consists of a multi-phase Cretaceous-Tertiary igneous complex intruding Pennsylvania-Permian age carbonates. The limestone units are domed around the intrusive. Marble and skarn are developed at the margin of the intrusive complex. The sedimentary and intrusive rock is cut by faults of various orientations. Much of the area is covered by a shallow alluvium.

Mineralisation: Mineralisation occurs in skarn, veins, and replacement in limestone. Numerous surface samples taken during past investigations give gold values as high as 0.20 oz/ton, silver up to 5.0 oz/ton and copper >10%. Royal Gold drilled in the district in the mid-late 1990’s. The company reported Mineralisation in metamorphosed sedimentary rocks and intrusive's as follows:

35 ft of 0.017 oz/ton Au in contact metamorphosed rocks

15 ft of 0.069 oz/ton Au in oxidized intrusive

15 ft of 0.718% Cu (oxide) in intrusive

85 ft of 0.415% Cu (oxide) in contact zone

40 ft of 0.832% Cu (oxide) in contact zone

Exploration: St Vincent Minerals will conduct additional exploration on the property to include; mapping, soil sampling and rock chip sampling, geophysics and drilling in the future.

For more information, please click here

 

Silverton Project (Nye County, Nevada, USA)

History
Small scale mining occurred in the area from 1930 to 1937 and in 1953.  Total production for the district is <100,000 oz silver, <2,000 oz gold and <1 ton of antimony.  Over the last three decades the property has been explored for gold and silver by multiple companies including Olympic Mining, Westgold, Newmont and Pittston.  Work completed comprises: geochemical sampling, fluid inclusion studies, mapping, geophysics and drilling (~45 pre-Newcrest holes).

Since 2002 Newcrest has taken over 1,000 rock chip samples and drilled 42,983 ft in 29 RC holes.

Geology/Mineralisation
The Silverton district occurs at the eastern margin of a caldera complex dated at 34Ma.  Both high and low angle faults and fault breccias related to caldera rim tectonics are observed on the property.  Rocks consist of Paleozoic dolomite/limestone detachment blocks surrounded and underlain by Tertiary rhyolite tuffs.  Rholite dikes have also been mapped along caldera ring fractures and north trending faults.

Tuffs around the Paleozoic rocks are locally bleached and argillized (kaolinite).  Both units are silicified along faults, generally as jasperoid bodies up to 30 ft wide.  Jasperoid also forms flat-lying replacement horizons within volcanic beds.  Additional silicification includes, stockwork silica veining and chalcedony +- stibnite-pyrite veins.  One to two percent disseminated pyrite and minor stibnite occur in tuffaceous rocks over a 4mi2 area.  Other mineralisation includes barite, gypsum, and alunite.  Ore-grade gold values are generally associated with veins, strongly veined limestone, and argillized tuff along mineralized structures and adjacent to jasperoid.  Most jasperoid bodies themselves contain only low-level gold.

The property contains a >100ppb Au rock chip anomaly measuring 2.5km x 3km.  Au, Ag, As, and Hg mineralisation are broadly coincident.  Within the anomaly, the most significant of three main zones is a NNE trending area >0.5g/t Au measuring 1km x 0.5km and centered on a 100m wide silicified contact between rhyolite to the east and carbonate rocks to the west. 

Old vertical drilling on the southern end of the Silverton Shear returned several intervals of 5ft @ 1-5g/t Au and 100-600g/t Ag.  The best Newcrest intercept is 25 feet @ 2.3g/t Au in rhyolite tuff.

Geophysics
CSAMT resistivity and ground magnetic surveys were completed by Pittston in 1998 and 1999.  Regional aeromagnetics also cover the property.

Mining/Metallurgy
Mining parameters such as rock quality are unknown.  No metallurgical testing has been done on rocks from the Silverton district and potential recoveries are also unknown.  However, gold occurrence is fine grained, probably micron sized as none is observed in pan concentrates.

Exploration Potential
The geologic environment is very similar to Round Mountain, however no centralized source of mineralisation or multi-ounce bonanza grades have yet been identified.  Also, the district is considered to lie at a relatively high erosion level in terms of epithermal deposits.  Untested areas include a 1km zone along the Silverton Shear with a 0.1-1.5g/t Au anomaly at surface.

Permitting/Community/Environment
As of November, 2008 the BLM determined reclamation to be complete by federal standards.

No community or environmental issues are known to exist.

 

Crow Springs Project (Esmeralda County, Nevada, USA)

The Crow Springs property consists of 127 un patented claims (1,060 hectares) located 22 miles northwest of Tonopah, NV in the South Royston Hills, Esmeralda County, Nevada. The property is situated along the eastern margin of the highly prospective Walker Lane structural province.

Exploration by various companies during the 1960s-1980s identified a mineralized porphyry copper-molybdenum +/-gold style system hosted in a quartz monzonite, with a known surface measurement of 0.5 km x 2 km trending northeast-southwest. The system is characterized by quartz and pyrite (jarosite) vein/veinlet stockwork and associated potassic, phyllic and argillic alteration.

Mineralisation is not uniformly distributed through the intrusion but is largely controlled by late structures and shear zones. Copper minerals identified include; chrysocolla, malachite, copper pitch, tenorite, and turquoise, as well as boxworks after chalcopyrite and rarely visible chalcopyrite.

Limited exploration drilling in 1980s returned samples anomalous in copper >0.2% copper, 0.10-0.15 g/t gold and anomalous molybdenum. One hole (DH-83-1) reported by C.S. Robinson & Associates returned a 21 meter interval at the bottom of the hole (100-123 meters) which contained 0.1290% Cu and molybdenum > 100 ppm. The porphyry system is open to the northeast and southwest, at depth and possibly to the east and west. It is thought that the porphyry copper system may be peripheral to a more significant, concealed copper-molybdenum porphyry and related skarn system.

The property also is located within a broad magnetic low, possibly indicating an extensive and intensive hydrothermal zone of alteration.

Galileo is considering plans to conduct a grid soil sampling across the property in 2016, and possibly geophysics at some later date.

For more information, please click here

 

Glenover Rare Earth Project (Limpopo Province, RSA)

Based on mineralogy studies carried out by both SGS, South Africa and Xstrata Process Solutions of Canada, Glenover has a comprehensive understanding of the three major rock-types of interest on its large intrusive, namely Apatite Breccia, Pyroxenite and Carbonatite.

The company recently appointed the services of UK-based GBM to perform the project Preliminary Economic Assessment focused on its SAMREC-compliant 10MT breccia resource. This study is being carried out in collaboration with the REE-experienced metallurgical laboratories Anzaplan of Germany and the resulting PEA report will be available by early 2013.

Simultaneously an in-depth PFS-level metallurgy program is underway at a major state-owned REE-laboratory in China with one ton of breccia ore having been provided for ultimate piloting of one of two potential flow-sheets. Feedback from the PEA study may provide useful parameters for this work nevertheless the separation of PEA and PFS mandates is designed to accelerate the overall project. The project team selected the specific Chinese laboratory due to it having demonstrated a great depth of understanding of REE processing, generally unattainable in western laboratories.

  • Short time to market and to realize investment returns: Existing stockpiles of REE-rich minerals have already been mined and are ready for processing
  • Highly accessible REE: The stockpiles present short term processing potential with no mining risk
  • REE-bearing and Niobium-rich materials below the surface: Significant below surface reserves for later stage development
  • Strong local partner: Fer-Min-Ore has 40 years of international construction and processing experience in the mining industry backed by over 100 years of design know how
  • Strategic alternative supply source of REE: China currently controls 97% of global REE production and are taking actions to restrict REE exports

For more information, please click here

Colin Bird – Chairman and Chief Executive Officer

Colin Bird has a Diploma in Mining Engineering, is a Fellow of the Institute of Materials, Minerals and Mining and is a certified mine manager both in the UK and in the United States of America. The formative part of his career was spent with the National Coal Board in the UK and thereafter he moved to the Zambia Consolidated Copper Mines and then to South Africa to work in a management position with Anglo American Coal. On his return to the UK he was Technical and Operations Director of Costain Mining Limited, which involved responsibility for gold mining operations in Argentina, Venezuela and Spain.

In addition to his coal mining activities he has been involved in the management of mining nickel, copper, gold and other diverse mineral operations. He has founded and floated several public companies in the resource sector and served on resource company boards in the UK, Canada and South Africa. Notably he was on the board of Kiwara Plc which was successfully sold to First Quantum Plc in February 2010. In addition, he currently serves as Chairman of Jubilee Platinum, an AIM listed platinum exploration company with operations in South Africa.

     

Andrew Francis Sarosi – Executive Director - Finance & Corporate Development

Andrew holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of The Institute of Materials, Minerals and Mining. He has more than 10 years corporate and 30 years operational experience. He is a director of AIM listed Jubilee Platinum plc, for which he was finance director from January to July 2010.

Andrew is a mineral processing engineer and consultant with 40 years experience in mineral processing research and development, process and plant design, management of pilot to full scale operations and troubleshooting in gold, silver, tungsten, tin, copper, and zinc and diamond ore processing in Saudi Arabia, Ethiopia, South Africa, Botswana and the United Kingdom.

Andrew is currently executive director of Jubilee and is on the board of other resource and exploration companies in South Africa – including the Tjate Platinum Mine project – Madagascar, Canada and Australia. Between 1978 and 1985 Andrew was the senior metallurgist for the Amax Hemerdon Tungsten-Tin project in the UK. In 1986 and 1995 he was mill superintendent at Mahd Ad’ Dahab Gold Silver Copper Zinc Mine in Saudi Arabia including research and process design of the zinc flotation extension to the mine. From 1990 to 1992 he consulted for Mackay and Schnellmann Limited as adviser to the Ethiopian Mineral Resources Development Corporations’s Lega Dembi Mine Project on its pilot plant operation and process flow sheet design, From 1996 he embarked on a career as an independent consultant and in August 2002 was appointed Technical Manager of Jubilee Platinum Plc and subsequently appointed to the main board in January 2006.

     

J Richard Wollenberg – Non-Executive Director

Richard Wollenberg, was, between 1981 and 1996, an investment consultant with Brown Shipley Stockbroking Limited and has over the past 25 years, been actively involved in a number of corporate acquisitions, mergers and capital re-organisations of public and private companies.

Mr.Wollenberg is currently Chairman and Chief Executive Officer of The Cardiff Property Public Limited Company, a quoted property investment and development company.

He was also a Non-Executive Director of Kiwara Plc alongside Colin Bird.

  

Christopher (Chris) Molefe – Non-Executive Director

Mr. Molefe was formerly the Chief Executive of Royal Bafokeng Resources (Pty) Limited and is presently the Non-Executive Chairman of Merafe Resources Limited a publicly listed company on the JSE Securities Exchange, and a non-executive Director of Capital Oil (Pty) Ltd and Jubilee Platinum.

Mr. Molefe has held several positions in corporate banking and industry for the previous 20 years.

He commenced his career as Group Human Resource Manger at Union Carbide Africa Corporation. His subsequent positions include being the Manager of Corporate Affairs at Mobil Oil Southern Africa (Pty) Limited; an Executive Director at Black Management Forum; a Financial Analyst at Chase Manhattan Bank; the Marketing Manager at African Bank Limited; an Executive Manager at Transnet (Propnet) (Pty) Limited; and an Executive Director at Dipapatso Media (Pty).

 

For information on the Management team, please click here

Significant Shareholdings

The number of shares in issue as at 07 February 2017 was 195,874,062.

For the purposes of AIM the number of shares not in public hands as at 07 February 2017 was 27.58%.

As at 07 February 2017 the substantial shareholdings (3%+) of which the company is aware were as follows:

 

 
 

 

Name of holder

No. of ordinary shares

% of voting rights and issued capital

   
 

 

Colin Bird

48,185,000

24.60

   
 

 

Stuart J Packwood *

37,336,957

19.06

   
 

 

Fitel Nominees Ltd

12,168,667

6.21

   
 

 

Lynchwood Nominees Ltd

7,727,591

3.95

   
 

 

Jim Nominees Ltd

7,727,591

3.95

 

Galileo Resources Plc Registered Address:

4th Floor, 2 Cromwell Place, South Kensington
London, United Kingdom, SW7 2JE
T: +44 (0) 207 581 4477
F: +44 (0) 207 589 7806
[email protected]

London Office

Waltie van Rensburg
1st Floor 7/8 Kendrick Mews
London SW7 3HG, United Kingdom

Tel +44 (0) 207 581 4477
Fax +44 (0) 207 589 7806
[email protected]

 

South African Office

7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

 

Media, Corporate & Investor Relations

Sylvia Vrska
7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

Nominated Adviser

Beaumont Cornish Limited

2nd Floor

Bowman House

29 Wilson Street

London, EC2M 2SJ

Tel: +44 (0) 20 7628 3396

Fax: +44 (0) 20 7628 3393

Website: http://www.beaumontcornish.com/

E-mail: [email protected]

   

Broker

Beaufort Securities Ltd

131 Finsbury Pavement

London

EC2A 1NT

T: +44 (0) 20 7382 8300

F: +44 (0) 20 7382 8400

E: [email protected]

W: www.beaufortsecurities.com

 

Secretarial Services

Capita Secretarial Services

Ibex House, 42-47 Minories

London, EC3N 1DX, United Kingdom

Tel: +44 (0) 20 7954 9547

Website: http://www.capitacosec.co.uk

E-mail: [email protected]

 

UK Solicitors to the Company

Morgan Cole LLP

Bradley Court

Park Place

Cardiff CF10 3DR

Tel: +44 (0) 870 366 4644

Website: http://www.morgan-cole.com/

E-mail: [email protected]

  

BVI Solicitors to the Company

Appleby Global

2nd Floor

2 Royal Exchange Buildings

London EC3V 3LF

Tel +44 (0) 20 7283 6061

Fax +44 (0) 20 7469 0540 

Website: http://www.applebyglobal.com/

E-mail: [email protected]

 

RSA Solicitors to the Company

Falcon & Hume Incorporated Attorneys

Block B, 7 Eton Road

Sandhurst Sandton

Johannesburg 2196

 

Solicitors to the Nominated Adviser

Fladgate LLP

16 Great Queen Street

London WC2B 5DG

T: +44 (0) 20 3036 7000

F: +44 (0) 20 3036 7600

Website: http://www.fladgate.com/

E-mail: [email protected]

 

Auditors

Chapman Davis LLP

2 Chapel Court

London SE1 1HH

Tel: +44 (0) 20 7357 6008

Fax: +44 (0) 20 7357 6159

E-mail: [email protected]

 

Auditors to Glenover

Lucro Auditing

30 Waterford Office Park

Waterford Drive

Fourways

Johannesburg, South Africa

Tel: +27 (0) 11 875-6000

Fax: +27 (0) 11 658-1212

Website: http://lucro.dsl.internext.co.za:81/lucrocpa/

E-mail: [email protected]

 

Registrars

Neville Registrars

Neville House, 18 Laurel Lane

Halesowen

West Midlands B63 3DA

Tel: +44 (0) 121 585 1131

Fax: +44 (0) 121 585 1132

Website: http://www.nevilleregistrars.co.uk/

E-mail: [email protected]

Galileo Resources PLC Timeline

RNS
September 11 2018
RNS
September 05 2018
RNS
August 17 2018
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August 10 2018
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August 09 2018
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July 27 2018

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