https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 12 Nov 2018 20:25:29 +0000 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 ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181024114634_13840863/ Wed, 24 Oct 2018 11:46:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181024114634_13840863/ <![CDATA[News - Galileo completes second phase of drilling at Star Zinc project, high grades keep coming ]]> https://www.proactiveinvestors.co.uk/companies/news/207046/galileo-completes-second-phase-of-drilling-at-star-zinc-project-high-grades-keep-coming-207046.html Galileo Resources PLC (LON:GLR) has completed a second phase of drilling at the Star Zinc project in Zambia.

Preliminary results from four of the drill holes show intersections of high-grade mineralisation running at between 14% and 26% zinc, and over good widths.

READ: Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought

Among the highlights were 15.46% zinc over 23 metres, 14.32% zinc over 12 metres, and 9.38% zinc over 5 metres.

What’ more, portable hand-held XRF spectrometry on a further 9 drill holes have shown significantly higher grades, ranging from 12% zinc to 40.4.5% zinc in widths of up to 19m downhole.

Meanwhile, the transfer to Galileo of the 15% interest in Star currently not held by Galileo, is progressing. On transfer, Galileo will hold 95% and the Government 5% of Star Zinc

The company now intends to develop, as soon as practicable, a work programme with the objective of meeting the requirements for the application of a small scale mining licence for Star Zinc.

The two phases of drilling, are believed to have defined the general limits on mineralisation on the currently targeted resource area, though there are still potential additional drilling targets, which may be tested later, subject to resource/optimisation/financial modelling. 

"This has been an extremely satisfactory drilling program, which has effectively delineated the mineralisation limits of the current targeted resource area,” said chief executive Colin Bird.

“Good results have been obtained in both the eastern and western "ore" bodies, with the latter suggesting significantly higher grades than in the east. We believe we have extended the zone of mineralisation from that reported previously and expect, on incorporating these latest boreholes in the current model, to show an increase in contained metal. Our understanding of Star Zinc's geology and controls has increased. We intend now to proceed to scoping study stage to include resource modelling of the data and an initial pit design. The company believes it has adequately delineated a resource to design an open pit and generate a maiden JORC compliant resource estimate."

 

 

 

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Mon, 15 Oct 2018 07:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207046/galileo-completes-second-phase-of-drilling-at-star-zinc-project-high-grades-keep-coming-207046.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181015070003_13827844/ Mon, 15 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181015070003_13827844/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180927144853_13807536/ Thu, 27 Sep 2018 14:48:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180927144853_13807536/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180926095821_13805226/ Wed, 26 Sep 2018 09:58:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180926095821_13805226/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180921124052_13800394/ Fri, 21 Sep 2018 12:40:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180921124052_13800394/ <![CDATA[RNS press release - Update regarding Company's Brokers ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180920140941_13798790/ Thu, 20 Sep 2018 14:09:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180920140941_13798790/ <![CDATA[News - Galileo Resources shares tick upwards as it increases stake in Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/news/204813/galileo-resources-shares-tick-upwards-as-it-increases-stake-in-star-zinc-project-204813.html Galileo Resources PLC (LON:GLR) shares moved up in early trading Thursday as the company said it would be increasing its stake in the Star Zinc project to 95%.

The AIM-listed miner said it had executed a heads-of-agreement with BMR Group to acquire the Kabwe Residual Rights in Zambia, which included the Kabwe mining license, for an aggregate of around £275,000 through a mixture of cash and Galileo shares.

READ: Galileo Resources reports narrower full-year loss as it unveils CGT model for Star Zinc drilling results

The residual rights include the prospective Kashitu zinc prospect, which the company said was in a “historically large” zinc mining area.

The acquisition also includes an additional 5% stake in the Star Zinc project, which would take Galileo’s share of the project to 95%, with the remainder owned by the Zambian government.

Andrew Sarosi, director of Galileo, said the Kabwe acquisition would “complement the Star Zinc project” adding that initial exploration would focus on “identifying large zinc oxide and willemite -mineralised deposits”.

Shares were up 1.3% at 1.1p.

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Thu, 13 Sep 2018 08:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204813/galileo-resources-shares-tick-upwards-as-it-increases-stake-in-star-zinc-project-204813.html
<![CDATA[RNS press release - Proposed acquisition of Kabwe Residual Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180913070003_13788875/ Thu, 13 Sep 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180913070003_13788875/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180911125858_13786711/ Tue, 11 Sep 2018 12:58:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180911125858_13786711/ <![CDATA[News - Galileo Resources reports narrower full-year loss as it unveils CGT model for Star Zinc drilling results ]]> https://www.proactiveinvestors.co.uk/companies/news/204223/galileo-resources-reports-narrower-full-year-loss-as-it-unveils-cgt-model-for-star-zinc-drilling-results-204223.html Galileo Resources PLC (LON:GLR) has reported a narrowed net loss in its full-year results, while also revealing a post-period conceptual tonnage grade (CGT) model for the results of its latest drilling programme at its Star Zinc project.

The AIM-listed mining firm reported a net loss for the year of £1.02mln, less than the £1.38mln loss in 2017, while its balance for cash and cash equivalents for the year stood at £539,301, compared to £1.1mln last year.

READ: Galileo Resources expects to extend the known ore zone at Star Zinc with new drilling campaign

In its post-period report, Galileo said the CGT model for the drilling results at Star Zinc had demonstrated at nominal 3% Zn cut-off - a potential deposit target of 485 000 tonnes grading 15.4% Zn grade.

This model represented an 80% increase in deposit tonnage with a 14% decrease in grade when compared to previous CGT modelling in 2015 based on historical exploration data, the company said.

The drilling programme was completed in March, having drilled 26 holes at 1,200 meters, after which Galileo increased its earn-in interest in the Star Zinc project to 85% from the 51% interest it acquired previously.

In late-morning trading Wednesday, Galileo shares were steady around 1.1p.

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Wed, 05 Sep 2018 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204223/galileo-resources-reports-narrower-full-year-loss-as-it-unveils-cgt-model-for-star-zinc-drilling-results-204223.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180905102617_13779713/ Wed, 05 Sep 2018 10:26:17 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180905102617_13779713/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180817120352_13759862/ Fri, 17 Aug 2018 12:03:52 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180817120352_13759862/ <![CDATA[News - Galileo Resources expects to extend the known ore zone at Star Zinc with new drilling campaign ]]> https://www.proactiveinvestors.co.uk/companies/news/202832/galileo-resources-expects-to-extend-the-known-ore-zone-at-star-zinc-with-new-drilling-campaign-202832.html Galileo Resources PLC (LON:GLR) is to undertake a second diamond-drilling programme on its highly prospective 85%-owned Star Zinc project in Zambia.

The programme will comprise about 1,000 metres of diamond core drilling to depths of up to 80 metres, with average depth likely to be around 60 metres.

WATCH: Galileo Resources hits 'exceptionally' high grades at Star Zinc project

Drilling will initially target areas that are open-ended east-north-east and south-east of the known mineralised zone. 

Drilling will also target several nearby high-gravity geophysics anomalies. An independent review of Star Zinc's historical geophysics data showed a good correlation of gravity anomalies with the mineralisation intersected in the initial programme.

Drilling is expected to be completed during October, and Galileo plans to provide regular updates on core appearance, portable XrF spectrometry indications and actual laboratory assays.

"The initial programme confirmed the presence of very high-grade willemite (up to 38% Zn) adjacent to the collapsed (pit) area in the mineralised zone with extensions to the east and west of this area,” said chief executive Colin Bird.

“We believe that this programme should extend the known ore zone to the east and potentially identify near-surface mineralisation in areas highlighted by the geophysics review. The overall assessment showed further the presence of heightened lead values in the deposit. This is recognised, academically, as a marker for the potential of a nearby feeder source for mineralisation. The company, depending on results, may test this theory for the presence of a deeper feeder source during this programme.”

Star Zinc has the potential to be a stand-alone project or a supplier of run-of-mine ore for the nearby Kabwe project.    

 

 

 

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Tue, 14 Aug 2018 08:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/202832/galileo-resources-expects-to-extend-the-known-ore-zone-at-star-zinc-with-new-drilling-campaign-202832.html
<![CDATA[RNS press release - Star Zinc - New Drilling Programme Commences ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180814070003_13753841/ Tue, 14 Aug 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180814070003_13753841/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180810130315_13751760/ Fri, 10 Aug 2018 13:03:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180810130315_13751760/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180809145931_13750321/ Thu, 09 Aug 2018 14:59:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180809145931_13750321/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180727094708_13734057/ Fri, 27 Jul 2018 09:47:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180727094708_13734057/ <![CDATA[News - Galileo Resources to drill further at Star Zinc after encouraging study ]]> https://www.proactiveinvestors.co.uk/companies/news/201300/galileo-resources-to-drill-further-at-star-zinc-after-encouraging-study-201300.html Galileo Resources PLC (LON:GLR) will start a second drill programme at the Star Zinc project in Zambia after an independent review of historical gravity geophysics data matched well with its own results.

Colin Bird, chief executive, said there was a good correlation with known zinc mineralisation at Star Zinc.

READ: Galileo Resources reveals conceptual grade-tonnage estimate for the Star zinc project in Zambia

“We will use this modelling data to target new boreholes in our forthcoming second drilling programme.”

A first drilling programme that comprised of 26 holes finished in May and hit zones of exceptionally high-grade copper.

From those results, Galileo constructed a conceptual grade-tonnage (CGT) model of 485,000 tonnes at a grade of 15.4% zinc.

Star Zinc is being explored through a joint venture with BMR Group PLC (LON:BMR). Galileo has an 85% interest.

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Mon, 23 Jul 2018 07:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201300/galileo-resources-to-drill-further-at-star-zinc-after-encouraging-study-201300.html
<![CDATA[RNS press release - Star Zinc Project Update - Geophysics Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180723070004_13726645/ Mon, 23 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180723070004_13726645/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180711104157_13713896/ Wed, 11 Jul 2018 10:41:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180711104157_13713896/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180709131159_13710752/ Mon, 09 Jul 2018 13:11:59 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180709131159_13710752/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180626104109_13693858/ Tue, 26 Jun 2018 10:41:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180626104109_13693858/ <![CDATA[RNS press release - Holdings in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180615122247_13681886/ Fri, 15 Jun 2018 12:22:47 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180615122247_13681886/ <![CDATA[News - Galileo Resources reveals conceptual grade tonnage estimate for the Star zinc project in Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/198164/galileo-resources-reveals-conceptual-grade-tonnage-estimate-for-the-star-zinc-project-in-zambia-198164.html Galileo Resources PLC (LON:GLR) has outlined a conceptual resource estimate for the Star zinc project in Zambia, in which it holds an 85% interest in joint venture with BMR Group PLC.

The conceptual estimate follows a recently completed 26-hole diamond drilling programme.

READ: Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought

Under the parameters of the estimate, which has not been completed to JORC standards, the conceptual grade tonnage at Star could amount to 485,000 tonnes of ore grading 15.4% zinc.

The conceptual analysis suggests a core of high grade massive willemite material in both the east and west limbs of the deposit.

There’s also further exploration potential to extend mineralisation to the east-north-east and south-east, which remain open-ended.

"This result is very pleasing in as much as it substantiates our initial prognosis for acquiring a majority interest in the project,” said chief executive Colin Bird.

“The study has demonstrated two quite distinct mineralisation types which potentially could lead to significant increases in tonnage of material with zinc-grade in excess of cut-off. The areas to the east and south-east of the mineralised domain remain open with good geophysics and geochemical signatures identified. The company intends to test the prognosis for a deeper feeder source for the mineralisation but prior to this it will research this further, which to a large degree will be led by the current programme evaluation and further drill results."

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Mon, 04 Jun 2018 08:12:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198164/galileo-resources-reveals-conceptual-grade-tonnage-estimate-for-the-star-zinc-project-in-zambia-198164.html
<![CDATA[RNS press release - Star Zinc Conceptual Grade-Tonnage Estimate ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180604070007_13664780/ Mon, 04 Jun 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180604070007_13664780/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180521110428_13648666/ Mon, 21 May 2018 11:04:28 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180521110428_13648666/ <![CDATA[News - Galileo Resources releases latest Zambia drill results ]]> https://www.proactiveinvestors.co.uk/companies/news/196910/galileo-resources-releases-latest-zambia-drill-results-196910.html Galileo Resources PLC (LON:GLR) highlighted final results from drilling at the Zambian Star zinc project where the company continued to unearth mineralisation.

Assay results from the last eight holes of the programme were located in the vicinity of the southern periphery of a historic mineralised body.

READ: Galileo Resources  funds next stage of Star Zinc project

The findings will be used in a new conceptual 3D-model and grade-tonnage estimates for the project.

"This final batch of results support our view that the project will be boosted by peripheral, at or near-surface, mineralised karsts and zinc oxides,” said Colin Bird, Galileo chief executive.

Bird added: “We have engaged an independent geological consultant to develop, amongst other things, a conceptual (3D-model) grade-tonnage estimate based on differentiation of the  material into medium (3-20% Zn) and high grade (>20% Zn) domains.

“We expect from this exercise and futher study to be able to direct the next exploration and drilling programme with a view to further increasing the size of the deposit and to generate a compliant maiden resource estimate.”

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Mon, 14 May 2018 10:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196910/galileo-resources-releases-latest-zambia-drill-results-196910.html
<![CDATA[RNS press release - Star Zinc Project Drilling Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180514095343_13639632/ Mon, 14 May 2018 09:53:43 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180514095343_13639632/ <![CDATA[News - Galileo Resources negotiations with major fertiliser producer “continuing positively” ]]> https://www.proactiveinvestors.co.uk/companies/news/196140/galileo-resources-negotiations-with-major-fertiliser-producer-continuing-positively-196140.html Galileo Resources PLC (LON:GLR) said negotiations with a major fertiliser and phosphate producer (MPP) “are continuing positively” as it seeks to secure a 15-year supply agreement for phosphate from its Glenover project.

The AIM-listed miner said the producer had progressed the conditions precedent testwork, with results deemed satisfactory and was expecting to complete a remaining condition precedent over the next two months, namely the production of a 30-tonne bulk sample of phosphate rock for further testing in its fertiliser process.

READ: Galileo Resources completes placing to fund next stage of Star Zinc project

Galileo added that an Environmental Impact Assessment/Management Programme (EIA/EMP) in relation to its application for a mining right at Glenover, submitted in February, was progressing on schedule with the Department of Mineral Resources in South Africa.

The news follows a successful placing by the group in April in which it raised £550,000 of working capital to fund the next stage of its Star Zinc project in Zambia.

Galileo chief executive, Colin Bird, said: "We are happy to be able to report that negotiations with the MPP on all matters relating to the definitive supply (offtake) agreement, an important hurdle for the Project, are continuing positively towards execution.

He added: “The EIA/EMP for the Project is on schedule for submission to the DMR on 26 May 2018. I am pleased to say that we continue to meet all the criteria to facilitate our aim to commence production from the Project.  We will keep the market advised of progress on the Project.”

In late-morning trading, Galileo shares were up 3.7% at 1.3p.

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Tue, 01 May 2018 11:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/196140/galileo-resources-negotiations-with-major-fertiliser-producer-continuing-positively-196140.html
<![CDATA[RNS press release - Glenover Phosphate - update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180501095136_13625426/ Tue, 01 May 2018 09:51:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180501095136_13625426/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180426140018_13620348/ Thu, 26 Apr 2018 14:00:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180426140018_13620348/ <![CDATA[News - Galileo Resources completes placing to fund next stage of Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/news/194827/galileo-resources-completes-placing-to-fund-next-stage-of-star-zinc-project-194827.html Galileo Resources PLC (LON:GLR) said it has completed a placing to raise £550,000 of working capital for the next stage of its Star Zinc project.

The AIM-listed miner said the 50mln new shares, with a placing price of 1.1p or a 20% discount on the 11 April 2018 mid-market close of 1.375p, would be admitted to trading on AIM at or around 17 April 2018.

READ: Galileo Resources intercepts exceptionally high zinc grades at Star zinc project in Zambia

In connection with the placing, the group also granted warrants to subscribe for 50mln shares at an exercise price of 2p per share. The warrants may be exercised at any time in the period expiring on the second anniversary of admission on the placing shares.

In an additional comment, the company said it had decided against a pre-emptive issue of shares, saying the placing funds would not have been available on the terms offered and in the timescale envisaged if combined with a pre-emptive offering.

The new capital would be put to work at Galileo’s Star Zinc project in Zambia, where on 10 April 2018 it announced it had intercepted exceptionally high zinc grades of between 41.51% and 46.58% across three holes drilled, indicating a large zone of high-grade zinc mineralisation.

Colin Bird, chairman of Galileo Resources, said: "Following the positive drill results announced on April 10 2018 the Company has immediately completed a placing to enable the Company to do all things necessary including geophysics, modelling and other pre-drilling work in order to fast track the next programme of drilling, which should add further value to what is undoubtedly a significant discovery."

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Thu, 12 Apr 2018 07:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194827/galileo-resources-completes-placing-to-fund-next-stage-of-star-zinc-project-194827.html
<![CDATA[RNS press release - Placing, Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180412070004_13601279/ Thu, 12 Apr 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180412070004_13601279/ <![CDATA[Media files - Galileo Resources hits 'exceptionally' high grades at Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9030/galileo-resources-hits-exceptionally-high-grades-at-star-zinc-project-9030.html Tue, 10 Apr 2018 14:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9030/galileo-resources-hits-exceptionally-high-grades-at-star-zinc-project-9030.html <![CDATA[News - Galileo Resources intercepts exceptionally high zinc grades at Star zinc project in Zambia ]]> https://www.proactiveinvestors.co.uk/companies/news/194593/galileo-resources-intercepts-exceptionally-high-zinc-grades-at-star-zinc-project-in-zambia-194593.html Galileo Resources PLC (LON:GLR) shares rose on Tuesday following news it has hit exceptionally high zinc grades of between 41.51% and 46.58% across three holes drilled as part of a wider swathe of drilling on the Star zinc project in Zambia.

So far, 26 diamond drill holes have been completed at Star, comprising 1,200 metres in total drilled to depths of between 24 metres and 81 metres.

WATCH: Galileo Resources hits 'exceptionally' high grades at Star Zinc project

Other hits included a weighted average assay of 23.54% zinc over a width of 22 metres downhole, 21.73% zinc over 25 metres 19.82% zinc over 15 metres.

In addition, Galileo continues to hit significant germanium values, up to 29 parts per million associated with high-grade zinc mineralisation, and up to 38 grams per tonne. 

"The results are very pleasing in that they exhibit a large zone of exceptionally high-grade zinc mineralisation,” said Galileo chief Colin Bird. “

“The additional mineralisation identified in karst/laterite zones could potentially lead to a considerable bulking up of Star Zinc's overall tonnage. Other operations have reported smelting directly willemite (zinc mineral) ore in excess of 30% zinc without processing being required other than crushing. Previous testwork on the project has also shown the karstic material is amenable to leaching. Another benefit is that the karst mineralisation is close to surface meaning that it is likely that this could be cheaply mined with minimal blasting.”

Galileo will move on to the next phase of work. 

“Once all results are in place we will model the various ore types and develop a 3-D model to direct drilling towards expanding the resource,” said Bird.

“This initial programme and results thereof lead me to be very optimistic on the future prospects of developing a new zinc contributor.”

In afternoon trading, Galileo shares were 3.9% higher at 1.35p.

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Tue, 10 Apr 2018 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194593/galileo-resources-intercepts-exceptionally-high-zinc-grades-at-star-zinc-project-in-zambia-194593.html
<![CDATA[RNS press release - Star Zinc Drilling Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180410070003_13597769/ Tue, 10 Apr 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180410070003_13597769/ <![CDATA[RNS press release - Appointment of Joint Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180316171007_13570845/ Fri, 16 Mar 2018 17:10:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180316171007_13570845/ <![CDATA[RNS press release - Broker Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180306150719_13556911/ Tue, 06 Mar 2018 15:07:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180306150719_13556911/ <![CDATA[Media files - Colin Bird updates on Galileo, Bezant and Xtract Resources ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8836/colin-bird-updates-on-galileo-bezant-and-xtract-resources-8836.html Fri, 02 Mar 2018 16:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8836/colin-bird-updates-on-galileo-bezant-and-xtract-resources-8836.html <![CDATA[RNS press release - STATEMENT REGARDING BROKER ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180302121357_13553001/ Fri, 02 Mar 2018 12:13:57 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180302121357_13553001/ <![CDATA[News - Galileo Resources finds very high zinc values in latest drilling at Zambia project ]]> https://www.proactiveinvestors.co.uk/companies/news/192492/galileo-resources-finds-very-high-zinc-values-in-latest-drilling-at-zambia-project-192492.html Galileo Resources PLC (LON:GLR) hailed drill results from three of its first four holes at the Star Zinc project in Zambia, which  showed very high value zinc intersections, it said.

Notably too, there were also high values found of silver and germanium (Ge), a metal used in microscopes, cameras and as an alloying agent.

Significant Ge values were found up to 63 ppm (g/t) Ge associated with high grade zinc mineralisation, the firm told investors.

READ: Galileo Resources shares higher as it lifts stake in Star Zinc project to 85%

Meanwhile, one hole showed a weighted average assay of  38.15% zinc over 16 metres (m), another had 25.12% zinc over 6m and another  showed 20.12% zinc over 20m .

"We are very pleased with these drilling results," said Colin Bird, Galileo's chief executive.

"The presence of germanium and silver constitutes potentially valuable by-products and possible revenue.

"Once we have fully modelled the programme data, we will embark on another programme to explore other anomalies in the area using ground geophysics as our guide. 

"This ore body shows the potential for significant quantities of high grade willemite zinc mineralisation; a postulated feeder source for this mineralisation could be sulphides and we will be seeking external expert advice to assist to locate this possible source."

More than 1,100 metres (m) of diamond core drilling in 24 holes has been completed at the project to date.

The strike of high-grade mineralisation has been increased by further 30m in the eastern ore body to an estimated 220m in total length west to east, the firm added.

Mineralisation remains open to the east and several other peripheral anomalies remain to be explored.

Last week, the group said it had increased its holding in the project to 85% from 51%.

It comes after it had spent more than US$250,000 on exploration, including geochemical soil sampling, permitting, and evaluation and ongoing drilling.

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Fri, 02 Mar 2018 07:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192492/galileo-resources-finds-very-high-zinc-values-in-latest-drilling-at-zambia-project-192492.html
<![CDATA[RNS press release - Star Zinc Drilling Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180302070003_13552077/ Fri, 02 Mar 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180302070003_13552077/ <![CDATA[News - Galileo Resources shares higher as it lifts stake in Star Zinc project to 85% ]]> https://www.proactiveinvestors.co.uk/companies/news/192122/galileo-resources-shares-higher-as-it-lifts-stake-in-star-zinc-project-to-85-192122.html Shares in Galileo Resources PLC (LON:GLR) added over 5% in London as it updated on positive developments for the open pit Star Zinc project in Zambia, in which it has now increased its holding to 85% from 51%.

It comes after Galileo had spent more than US$250,000 on exploration, including geochemical soil sampling, permitting, and evaluation and ongoing drilling.

READ: Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought

Under the terms, it will earn a further 34% beneficial interest to take its total interest to 85% in Star Zinc, which is to be realised by way of an 85% equity stake in Enviro Zambia Ltyd - the joint venture company to be incorporated between BMR and Galileo.

Galileo also noted on Friday that BMR Group had made the final deferred consideration to Bushbuck Resources Ltd in relation to BMR's acquisition of the Star Zinc project.

"The completion of BMR's acquisition of Star Zinc, together with the company's exploration progress represent are positive developments for the project," said Colin Bird, chief executive at Galileo.

"We are continuing with drilling and expect to complete this phase during March.

"We expect our first assay results shortly and will release further assays progressively to the market as soon as they become available."

Galileo also said that since BMR has chosen not to exercise its right to buy back a 10% interest in Star Zinc from Galileo, the US$100,000 held in escrow will now be released to BMR.

Recent updates on progress at the Star Zinc site included initial findings from hand-held readings of up to 52% zinc in core.

The hand-held assay device, known as an XRF machine, is a relatively new development in exploration, and results from it are not considered of a degree of accuracy and reliability to be used in any of the official resource categorisation methods used in the industry.

Nevertheless, as a guide, it is a useful tool.

READ: Galileo Resources unearths high grade mineralisation at Star Zinc project

So when Galileo says it’s encountered high grade intersections averaging between 15% and 28% zinc close to surface, it’s worth taking note.

When major Anglo American (LON:AAL) worked this ground, Bird has said, they estimated that it contained between 250,000 and 300,000 tonnes of ore.

Back then, silicate deposits of this nature were less desirable while major sulphide deposits were still on offer. But most are gone now, and processing technology has well and truly caught up.

Galileo shares are up 5.56% at the time of writing at 1.425p.

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Fri, 23 Feb 2018 13:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/192122/galileo-resources-shares-higher-as-it-lifts-stake-in-star-zinc-project-to-85-192122.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180223114502_13544230/ Fri, 23 Feb 2018 11:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180223114502_13544230/ <![CDATA[News - Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought ]]> https://www.proactiveinvestors.co.uk/companies/news/191915/grades-at-galileos-star-zinc-project-indicate-upside-could-be-greater-than-previously-thought-191915.html Drilling earlier this year conducted by Galileo Resources PLC (LON:GLR) at the Star zinc project revealed some extremely impressive grades.

Among the highlights from this year's first pass drilling were 38.15% zinc over 16 metres and 25.12% over six metres. That was then followed up by intercepts of 41.5% zinc and 46% zinc across widths of between seven and nine metres.

READ: Galileo Resources unearths high-grade mineralisation at Star Zinc project

And these grades aren't the only indication that the ground is rich in ore, according to chief executive Colin Bird.

When Anglo American worked this ground, he says, the estimate was that it contained between 250,000 and 300,000 tonnes of ore. But back then, silicate deposits of this nature were less desirable while major sulphide deposits were still on offer. Most sulphide deposits are gone now, and processing technology has well and truly caught up. So the game is truly afoot at Star.

Bird is highly optimistic that the geological implications of recent drilling work are favourable.

“The drill programme has shown we could get stacks more. It goes up to around 50% zinc. And there’s lots of 28%,” he says.

READ: Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources

For zinc projects, these are rich grades indeed, and with the zinc price riding along at multi-year highs, it all adds up to an enticing prospect.

Bird reckons that if the company could prove up 60,000 tonnes of contained zinc, then it would justify the setting up of a small-scale operation.

A conceptual grade-tonnage target released in June put the potential ore at around 485,000 tonnes at 15% zinc, which would justify such an undertaking. But Bird's aspirations are higher. If the drilling could boost the resource exponentially, say, to five million tonnes, then Star would become the type of project that a company could sell on, he adds

So plenty to play for at this stage.

“My initial target was to put an envelope around the resource,” says Bird.

“But having said that we’re still trying to find the source. Inevitably there’ll be a big feeder. And there are those who say it’s a bit like Tsumeb.”

For those not in the know, Tsumeb is one of southern Africa’s foremost base metals projects, enough of an undertaking to put a smelter on site there in Namibia, and a benchmark for many a project in the region.

But how the geology all works remains unclear. Chartered Consolidated did some work at Star in the early 1960s, but Bird says he now wants to bring “more science to it.”

“The geophysics is old,” he says. “This latest work has now destroyed the Chartered Consolidated model.

READ: Galileo Resources steps up activity on zinc and phosphate interests

That leaves room for a new, Galileo Resources model. The conceptual target is a significant tick in the box on that score, and with exploration work ongoing, there'll be more to come. 

“Already we're getting better than the historic numbers,” says Bird. “On grade, I’m personally hopeful will be better.”

Galileo's commitment to the project is certainly clear enough: in September the company doubled down on its investment and moved to increase its interest to 95%, taking up the stake of struggling BMR Resources. 

While all that's going on, new interest is also being generated in South Africa at the Glenover project, which Galileo was founded on, but which went into something of a hiatus on weak commodity prices.

It’s come alive again though, reworked as a phosphate project rather than the rare-earths mine that was originally envisaged. In this new form, it’s attracted interest from a major phosphate producer in the form of an off-take agreement.

The advantages of this new structure are clear.

“We have high-grade phosphate,” says Bird.

“We have stockpiles of three million tonnes. We haven’t got to go mining for six or seven years, and the capital cost will be just US$7mln-US$8mln. What’s more, the tailings are full of rare-earths.”

It all adds up to a nice internal rate of return, and a doubling of the upside for Galileo investors.

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Tue, 20 Feb 2018 13:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191915/grades-at-galileos-star-zinc-project-indicate-upside-could-be-greater-than-previously-thought-191915.html
<![CDATA[News - Galileo Resources unearths high grade mineralisation at Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/news/191574/galileo-resources-unearths-high-grade-mineralisation-at-star-zinc-project-191574.html Galileo Resources PLC (LON:GLR) has updated investors on its ongoing drilling programme at the Star Zinc project in Zambia.

Over 750 metres of diamond core drilling has been completed to date, with individual holes being drilled down as deep as 70 metres, and thirteen holes have intersected high grade mineralisation marking out 100 metres of strike length.

READ: Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources

The findings show high grade mineralisation between 15% and 28% zinc, meanwhile, lower grade zinc was also encountered.

Galileo continues to drill and it plans to complete a total of 1,500 metres worth of drilling.

“This drilling programme has to date produced encouragingly high grade zinc intersections, that is leading us to revise our understanding of the geology of the deposit from that historically described by Charter Consolidated and others,” said Colin Bird, Galileo chief executive.

“We will continue drilling and embark on data modelling, in order to create a signature for and delineate the distribution of the various grades of mineralisation.”

READ: Galileo Resources steps up activity on zinc and phosphate interests

He added: “The historic model of mineralisation of Star Zinc, based entirely on vertically  drilled holes, suggested the mineralisation forms two irregular tabular lenses dipping shallowly both east and west of the pit.

“Although the geological and structural controls on mineralisation are still to be fully understood, the latest drill data suggest the highest grade and thickest mineralisations are associated with a series of E-W faults (possible feeders.)."

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Tue, 13 Feb 2018 10:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191574/galileo-resources-unearths-high-grade-mineralisation-at-star-zinc-project-191574.html
<![CDATA[RNS press release - Star Zinc Initial Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180213094502_13531105/ Tue, 13 Feb 2018 09:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180213094502_13531105/ <![CDATA[News - Offtake Heads-of-Terms signed by phosphate subsidiary of Galileo Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/191134/offtake-heads-of-terms-signed-by-phosphate-subsidiary-of-galileo-resources-191134.html Glenover Phosphate, the 36%-owned subsidiary of Galileo Resources PLC (LON:GLR), has signed Heads of Agreement for an off-take deal with a major phosphate and fertiliser producer.

Glenover will supply raw phosphate rock in the form of flotation concentrate from its project in Limpopo Province, South Africa.

READ: Galileo Resources steps up activity on zinc and phosphate interests

The deal comes in conjunction with the acceptance by South Africa’s Department of Mineral Resources of Glenover’s application for a mining right. Glenover has now commenced the requisite environmental impact assessment programme.

On successful grant of the Mining Right, Galileo will increase its beneficial interest to 38% in the Project

 The Heads of Agreement are subject to the parties entering into a definitive supply agreement and otherwise terminate on 30 April 2018.

In addition, the buyer still requires further pilot scale work to determine the suitability of the phosphate rock in its process as one of the main conditions precedent, but further capital expenditure for the second phase pilot scale test work will be subject to the parties agreeing on the main commercial terms in the Heads.

The buyer will purchase Glenover phosphate rock (33% P2O5) at international market prices.

READ: Galileo advancing on several fronts with multi-commodity focus

"Galileo and JV partner Ferminore have been in discussions with various interested groups concerning the development of the project,” said Galileo chief Colin Bird.

“One group has already carried out extensive bench scale testwork and on this basis has entered into a preliminary offtake agreement, with pilot scale testing remaining the main hurdle to a binding agreement."

 

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Mon, 05 Feb 2018 08:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/191134/offtake-heads-of-terms-signed-by-phosphate-subsidiary-of-galileo-resources-191134.html
<![CDATA[RNS press release - Glenover Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180205070003_13520787/ Mon, 05 Feb 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20180205070003_13520787/