Galileo Resources PLC (LON:GLR) is to keep its powder dry before triggering its option to acquire more of the Concordia copper project in the Northern Cape Province of South Africa.
In a stock market statement on Tuesday afternoon the explorer told investors that it continues to analyse and consolidate results from an initial drill programme, completed in May.
Those results will inform Galileo’s eventual decision over Concordia, it confirmed.
“The company intends to fully understand these results before making a decision to continuing with further exploration on the project,” Galileo said.
“The company awaits completion of this work by consultants Minxcon and remains in discussions with Shirley Hayes in this regard.
“A further announcement will be made once Galileo has had the opportunity to review and assess the information generated by the initial drilling programme.”
Earn-in for Concordia
A deal was agreed back in late 2015, seeing Galileo potentially earning into as much as 80% of the Concordia project.
Through an initial earn-in phase the company could acquire 51% of the project by spending some 10mln Rand (approximately £470,000 at that time) and a further 29% could be acquired through the issue of 30mln new Galileo shares to the seller.
Galileo boss Colin Bird, back then, said Concordia had “extremely good prospects for potentially delineating a world class 'super-pit' copper resource and mine”.
In June this year, following the completion of Galileo’s drill programme, the company agreed an extension to the deadline for the share issue – moving it out to July 31.