Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors
Why invest in GLR?
Galileo Resources PLC: THE INVESTMENT CASE

Galileo Resources shines as it completes exploratory drilling at Concordia

“We consider the drill programme a success and consider our in-house model for Concordia is developing favourably towards a major copper resource”
galileo resources team at Concordia copper project
INVESTMENT OVERVIEW: GLR The Big Picture
The Galileo team scoping out the Concordia project

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.

View full GLR profile View Profile

Galileo Resources PLC Timeline

Related Articles

picture of Chinese flag and gold
February 09 2017
Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.
nevada
January 06 2017
Sienna's property is located in the deepest sections of a basin that's hosts lithium production from brine.
picture of tungsten drill
May 17 2017
Commissioning of the second phase at Kiziltepe is expected by the second quarter of 2018

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use