Galileo Resources PLC (LON:GLR) said the potential for the Concordia copper deposit has been franked by a re-modelling of the Whyte West deposit.
Re-modelling of two other prospects at Concordia (Wheal Julia and Koeelkop) sent Galileo’s share price sharply higher when released at the end of March.
Consultant Minxcon, which based its models on geologic core logging and assays of 26 drill holes, said copper tonnes and grade were significant and similar to large copper open pits being mined globally
Whyte's West modelled at 15.09mln tonnes grading 0.54% Cu at a 0.35% Cu cut-off
At a 0.2% Cu cut-off, tonnage rises to 34.6mln tonnes grading 0.39% Cu.
Colin Bird, Galileo’s chief executive, said: "Again this is a pleasing result that confirms the Concordia area hosts significant copper potential.
“The current work continues to demonstrate the propensity for the project to add to what is already known in the area."
Galileo can acquire 51% of Concordia (in the Northern Cape province of South Africa) for £500,000 worth of exploration over 14 months, which it can increase to 80%.