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Emerging exploration model at Concordia has Galileo Resources excited

Published: 15:23 10 May 2016 BST

Copper: Concordia is a previously explored copper asset in South Africa
High-grade intersections include 19.8m assaying 1.21% Cu; 29.9m assaying 1.23% Cu; and 7.7m assaying 1.27% Cu.

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.

 

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