Proactiveinvestors United Kingdom Galileo Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Galileo Resources PLC RSS feed en Wed, 19 Jun 2019 02:15:29 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Galileo Resources looks to move Glenover project forward amid China rare earth tensions ]]> https://www.proactiveinvestors.co.uk/companies/news/221947/galileo-resources-looks-to-move-glenover-project-forward-amid-china-rare-earth-tensions-221947.html Galileo Resources PLC (LON:GLR) said that its 34%-owned Glenover rare earths project was “well placed to benefit” as prices of the minerals are boosted by the standoff between China and the US.

After China, which accounts for more than 70% of global output of rare earth minerals and supplies about 80% of the USA’s rare earths, made thinly veiled threats that it could restrict exports, Galileo chief executive Colin Bird said the geopolitical calm around the supply of rare earths “has now evaporated and the spectre again of a rare earth deficit, particularly, the heavy rare earths, is again emerging”.

WATCH: Galileo Resources begins off-take talks with Jubilee Metals for Star Zinc ore

The Glenover project, located in South Africa’s Limpopo province, is an open pit mine with stockpiles of various grades of phosphate-bearing material containing varying amounts of rare earth elements.

The current resource estimate of the project has inferred stockpiles of 2.7mln tonnes plus a further 7.4mln tonnes in situ in the open pit at an average with 2.1% rare earth oxide and 18.8% phosphorus pentoxide

Bird said: “Galileo now intends with its project partner FerMinOre, to reappraise the market with the anticipation of improved rare earth prices, to restore value that temporarily left the project.”

Two options

Galileo noted that two advanced options for Glenover have been studied to move the project forward, one focusing on rare earth production with phosphate as a by-product and another for primary phosphate production and recovery of rare earths from the production tailings.

The first would require an initial capital investment US$233mln, while the second option’s ultimate objective would be to work with a major phosphate producer and then either develop the project in partnership or sell it in whole or part to the producer.

Negotiations to formalise the agreement are “on-going pending final phase pilot studies”, Bird said.

Galileo shares were up 3.5% to 0.56p on Wednesday morning. 

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Wed, 12 Jun 2019 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221947/galileo-resources-looks-to-move-glenover-project-forward-amid-china-rare-earth-tensions-221947.html
<![CDATA[RNS press release - Rare Earths project- Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190612070002_14107218/ Wed, 12 Jun 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190612070002_14107218/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190531175455_14094939/ Fri, 31 May 2019 17:54:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190531175455_14094939/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190515163432_14075489/ Wed, 15 May 2019 16:34:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190515163432_14075489/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190508085914_14066220/ Wed, 08 May 2019 08:59:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190508085914_14066220/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190503121644_14062788/ Fri, 03 May 2019 12:16:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190503121644_14062788/ <![CDATA[Media files - Galileo Resources begins off-take talks with Jubilee Metals for Star Zinc ore ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13193/galileo-resources-begins-off-take-talks-with-jubilee-metals-for-star-zinc-ore-13193.html Thu, 02 May 2019 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13193/galileo-resources-begins-off-take-talks-with-jubilee-metals-for-star-zinc-ore-13193.html <![CDATA[News - Galileo Resources and Jubilee Metals to fast-track zinc off-take discussions ]]> https://www.proactiveinvestors.co.uk/companies/news/219464/galileo-resources-and-jubilee-metals-to-fast-track-zinc-off-take-discussions-219464.html Galileo Resources PLC (LON:GLR) and Jubilee Metals PLC (LON:JLP) are to begin talks over the supply of zinc ore to the Sable refinery in Zambia.

Last month, Jubilee struck a deal to buy the Sable zinc refinery from Glencore PLC (LON:GLEN) for £9.2mln (US$12mln).

AIM-quoted Galileo said the acquisition means discussions can now begin with Jubilee over an off-take agreement to supply ore mined from its Star Zinc operation and other potential ore sources nearby.

READ: Galileo raises £500,000 to advance Star Zinc project

“Jubilee's acquisition of the Sable refinery and development plans necessitates fast-tracking negotiations for an off-take agreement to supply Star Zinc ore,” said chief executive Colin Bird.

Galileo will use some of the proceeds from a recent £500,000 placing to produce a JORC-compliant maiden resource estimate for Star Zinc, where it believes potential earnings “could be significant”.

Future exploration work will also include the larger Kashitu zinc prospect, which is located just 6km from the refinery and is thought to have similar mineralisation to Star Zinc.

The plan is for ore mined at Kashitu to supplement that from Star Zinc.

“We will undertake all necessary work, related to expedite producing a JORC compliant maiden resource estimate and a mining plan for ore from Star Zinc,” added Bird.

“The Kashitu prospect has the potential to be a bigger resource than Star Zinc and we intend to commence a study for exploration on this prospect as soon as practicable.”

 

Galileo shares dropped 0.9% to 0.53p on Wednesday morning.

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Wed, 01 May 2019 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219464/galileo-resources-and-jubilee-metals-to-fast-track-zinc-off-take-discussions-219464.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190501070008_14058421/ Wed, 01 May 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190501070008_14058421/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190424174126_14050805/ Wed, 24 Apr 2019 17:41:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190424174126_14050805/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190423150918_14048816/ Tue, 23 Apr 2019 15:09:18 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190423150918_14048816/ <![CDATA[News - Galileo Resources raises £500,000 in placing to fund advancement of Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/news/218746/galileo-resources-raises-500000-in-placing-to-fund-advancement-of-star-zinc-project-218746.html Galileo Resources PLC (LON:GLR) has raised £500,000 in a share placing to help fund the advancement of its Star Zinc project in Zambia.

The exploration firm said it had placed 100mln new shares with institutional and retail investors at a placing price of 0.5p each, a 13.8% discount to its last close price of 0.58p on 16 April.

READ: Galileo Resources updates investors on progress at Star Zinc

Galileo said the proceeds of the placing would be used to produce an independent resource estimate for the Star Zinc project as well as a preliminary pit design and the application for a small-scale mining permit.

The share placing follows an update for the project in December, when the company said a non-JORC conceptual grade tonnage estimate from phase two drilling August suggested the project’s maiden resource estimate would be a larger tonnage and contained metal at lower grade than previously announced.

Colin Bird, Galileo’s chairman, said the funds would allow the company to “add further value to what is undoubtedly a significant project with potential for early production”.

“The directors believe that the potential ore at Star Zinc lends itself to a simple trucking operation for parties looking to enhance their feedstock with high grade zinc ore and early- stage discussions have started with potential off-take partners."

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Wed, 17 Apr 2019 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218746/galileo-resources-raises-500000-in-placing-to-fund-advancement-of-star-zinc-project-218746.html
<![CDATA[RNS press release - Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190417070002_14043798/ Wed, 17 Apr 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190417070002_14043798/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190412113520_14039611/ Fri, 12 Apr 2019 11:35:20 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190412113520_14039611/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190326102112_14016023/ Tue, 26 Mar 2019 10:21:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190326102112_14016023/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190128133510_13949049/ Mon, 28 Jan 2019 13:35:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20190128133510_13949049/ <![CDATA[News - Galileo Resources updates investors on progress at Star Zinc ]]> https://www.proactiveinvestors.co.uk/companies/news/211577/galileo-resources-updates-investors-on-progress-at-star-zinc-211577.html Galileo Resources PLC (LON:GLR) on Thursday updated investors on the latest progress at its Star Zinc project in Zambia in its first-half results.   

The miner completed the first phase of drilling for its 80.75%-owned Star Zinc during the first half ended September 30.

READ: Galileo Resources updates on modelling from drilling results at Star Zinc project

The first non-JORC conceptual grade tonnage (CGT) estimate in May indicated a mineralised deposit of 485 000 tonnes grading 15.4% zinc with an estimated 74,800 tonnes zinc metal.

In August the group began phase two drilling that led to a second CGT estimate, which suggested a maiden resource estimate (MRE) on Star Zinc will likely result in a larger tonnage and contained metal at lower grade than previously announced.

The new CGT estimates models an exploration target at above 3% zinc cut off of between 600,000 and 900,000 tonnes with an estimated average grade of 10% to 12% zinc and an estimated 90,000 to 110,000 tonnes of zinc metal.

The company has said it would be increasing its stake in the Star Zinc project to 95%. In September it announced that 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.

Galileo made a loss per share of 0.1p in the first half, in line with last year, while operating expenses fell 26.36% to £ 255,677.

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Thu, 20 Dec 2018 13:02:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211577/galileo-resources-updates-investors-on-progress-at-star-zinc-211577.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181220115700_13911609/ Thu, 20 Dec 2018 11:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181220115700_13911609/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181211135555_13899614/ Tue, 11 Dec 2018 13:55:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181211135555_13899614/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181126104027_13880116/ Mon, 26 Nov 2018 10:40:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181126104027_13880116/ <![CDATA[News - Cash flow from zinc mining is now only a matter of months away for Galileo Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/209589/cash-flow-from-zinc-mining-is-now-only-a-matter-of-months-away-for-galileo-resources-209589.html It’s not that long since Galileo Resources PLC (LON:GLR) took full control at the Star Zinc project in Zambia, after former partner BMR got into difficulties and had to de-list from Aim.

For a while, BMR’s demise was something of a headache for Galileo and for Colin Bird, the serial mining entrepreneur who stands behind Galileo. There had been problems with the licence already, dating back to the time before Galileo went into partnership with BMR, and now the rug was being pulled out again. But Bird can plumb a deep well of experience when it comes to mining in Africa, and he knew full well that BMR’s difficulties also presented an opportunity for Galileo.

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

A deal was struck with the now private BMR to take Galileo’s holding in Star up to 95%, giving Galileo complete control, allowing for the 5% held residually by the Zambian government.

At the same time, Galileo also acquired the wider Kabwe project, which has a good zinc exploration prospect at Kashitu, although one part of Kabwe was set aside for a deal with another of Bird’s companies, Jubilee Metals (LON:JLP)

Still, it may yet turn out that Star and Kabwe end up being reunited in some sense, as the existing zinc and vanadium tailings project at Kabwe, which was of such interest to Jubilee, is only two hours drive away from the workings at Star.

If it turns out that the mineralisation at Star doesn’t warrant its own processing plant, then trucking to the existing facilities at Kabwe would make perfect sense.

“It’s a tremendous little situation,” says Bird.

“As it stands, Galileo will be in a position to supply feed to Kabwe for 10 to 15 years.”

And that also suits Jubilee, since it wouldn’t solely be relying on a secondary feed from third parties to keep the plant up to capacity.

“If you can get US$600 per tonne after transport and you can produce ore at the rate of 100 tonnes per day, then you can build up a tidy little revenue,” says Bird.

“And while we’re doing that we can explore Kashitu.”

Optimism

So, on current plans, it looks as though cash flow from Star is likely to come through in April or May of next year.

Initially, mining costs will be low, since the lateritic material on the surface can just be scraped away. After that, the mining will get a bit more serious when Galileo hits the willemite ore that contains the bulk of the zinc since that will need to be blasted.

With all that as a backstop, Galileo is certainly sitting in a better position than it has done for some years, approaching cash flow and with a long-term future laid out ahead of it.

But there is another possibility too – that the resource base at Star grows to a point where it justifies its own processing facility.

At the moment the grades are certainly favourable, running in places at over 20% zinc. With the current tonnage ringing in at 250,000 tonnes, that amounts to around 90,000 tonnes of contained zinc. On those numbers, it’s probably still a little small,

“Can it stand its own processing plant?” muses Bird. “Maybe it can, maybe it can’t.”

The latest official release from Galileo sets out the details of the 90,000-tonne conceptual target, but also looks ahead to a full-blown JORC resource, due out early next year. The talk still is of signing an off-take agreement with Kabwe.

Bird calls it “a major advantage” for Star that it doesn’t initially need to construct its own processing plant.

What happens down the line, when operations are up and running and when the results start coming in from Kashitu remains to be seen. But with cash flow now on the near horizon, it will likely only be a matter of time before the market starts to wake up to the value on offer from Star.

 

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Wed, 21 Nov 2018 13:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209589/cash-flow-from-zinc-mining-is-now-only-a-matter-of-months-away-for-galileo-resources-209589.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181120093717_13873384/ Tue, 20 Nov 2018 09:37:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181120093717_13873384/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181116103546_13870142/ Fri, 16 Nov 2018 10:35:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181116103546_13870142/ <![CDATA[News - Galileo Resources updates on modelling from drilling results at Star Zinc project ]]> https://www.proactiveinvestors.co.uk/companies/news/209184/galileo-resources-updates-on-modelling-from-drilling-results-at-star-zinc-project-209184.html Galileo Resources PLC (LON:GLR) has updated on the modelling for its Star Zinc project in Zambia using data from its phase 1 and 2 drilling results.

The mining firm said the phase 2 drilling, completed in October, had “significantly” increased the project’s non-JORC conceptual grade and tonnage estimate (CGT), with wireframe models suggesting the deposit had potential mineralisation that is open-ended to east/south-east.

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

The exploration target at above 3% Zinc cut-off is now estimated as being between 600,000 and 900,000 tonnes with an estimated average grade of 10% to 12% Zn.

Galileo added that analysis of the models based on the drilling results suggested that any maiden resource estimate at Star Zinc would “likely result” in a larger tonnage and contained metal at lower grade than the previously announced non-JORC 2012 CGT of 485,000 tonnes at 15.4% Zn and 75,000 tonnes of contained zinc metal.

Colin Bird, chief executive of Galileo, said the results of the programme and model were “extremely pleasing with a significant increase in conceptual tonnage and metal”.

He added that the company believed the project now had the drilling density and necessary confidence to convert the CGT to a maiden JORC mineral resource estimate, which was planned for the first and second quarters of 2019, once all chemical assays had been received.

The company also said it had instructed its consultants expedite the required work, with a view to applying for a mining license.

To achieve this, Galileo said it intended to commission further refinement of the model to delineate the body into high-grade and low-grade Willemite components and to develop an open pit design/mine plan.

In lunchtime trading Wednesday, Galileo shares were up 0.5% at 0.9p.

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Wed, 14 Nov 2018 12:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209184/galileo-resources-updates-on-modelling-from-drilling-results-at-star-zinc-project-209184.html
<![CDATA[RNS press release - Star Zinc Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181114120001_13866927/ Wed, 14 Nov 2018 12:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181114120001_13866927/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181114115027_13866895/ Wed, 14 Nov 2018 11:50:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4064/LSE20181114115027_13866895/ <![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/