Proactiveinvestors United Kingdom Galileo Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Galileo Resources PLC RSS feed en Fri, 18 Jan 2019 10:02:13 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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/ <![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