Company
LON:GLR
Galileo Resources PLC is an opportunity-driven company whose model is to acquire large databases generated by major companies and abandoned for strategic, corporate, technical and other reasons which do not necessarily reflect the potential value of the project. The company has a strong management team who have succeeded in discovering, evaluating and advancing mining projects.
302 stories · page 5 of 16
“The successful completion of this transaction is a good example of how local South African groups can successfully work with an experienced international partner creating value for all parties," said chief executive Colin Bird.
Galileo has the right to earn an initial 51% interest in the project in return for spending US$0.5mln on exploration and evaluation over two years
"Drilling on the Sandfire agreement licences hit mineralisation of a type that can be associated with copper deposits on the KCB,” said Galileo chairman and chief executive Colin Bird
Galileo expects the copper market takeovers to start in 2023
"The completion of this transaction with Sandfire represents a major step forward for Galileo in its Kalahari Copper Belt endeavours,” said chief executive Colin Bird
A snapshot of the small-cap stories on Proactive today
The companies agreed to amend a licence sale agreement announced in January
The placing is priced at 1.50p per share, a discount of about 10.7% from the closing share price of 1.68p on May 28
The company said it has contracted an experienced Botswana drill operator for a minimum of 2,500 metres of diamond drilling in up to ten first priority holes which is due to start this week
Archive
A selection of the week's mining stories in snapshot
Galileo could receive a royalty based on future sales of zinc from the project in return for its exploration data
The company’s strategy revolves around acquiring resource projects where early risk has been mitigated while major potential remains to add value to the sites
The company this week signed agreements to sell nine of its Kalahari Copper Belt licences to Sandfire Resources for US$3mln
"This transaction with Sandfire represents a major step forward for Galileo in its Kalahari Copper Belt endeavours,” said chief executive Colin Bird
Director and senior management visits were very restricted but Galileo managed to progress all of its obligations and maintain its rights during 2020
The company said the agreement with Swiss trading firm ZopCo is on a global basis and a number of potential off-take agreements are being finalised.
The company said a preliminary overview of the results from a Heliborne-EM geophysical surveying shows several highly prospective geological settings for copper-silver mineralisation
It lands a highly prospective area in the vicinity of previous discoveries
Colin Bird, the chairman of Galileo commented: "We welcome Joel to the board and are sure that his previous and ongoing experience in the small-cap resource sector will assist us greatly in our ongoing mission"
Last month, Galileo started an airborne survey of recently acquired Kalahari Copper Belt project in Botswana.
