Galileo Resources PLC Concordia Project Update (2008J)
June 26 2017 - 11:17AM
UK Regulatory
TIDMGLR
RNS Number : 2008J
Galileo Resources PLC
26 June 2017
For immediate release
26 June 2017
Galileo Resources Plc
("Galileo" or "the Company")
Concordia Copper Project Update
Galileo (AIM:GLR) is pleased to provide a further update now
that it has completed its initial drilling programme on its
Concordia Copper project in the northwest of Northern Cape Province
of South Africa.
Highlights
-- Approximately 60% of assay results received from recently completed drilling programme
-- Results undergoing Quality Assurance - Quality Control (QA-QC) checks
-- Assaying of remaining samples on hold pending the outcome of QA-QC checks
-- Ongoing review of historical data identifies different grid
coordinate systems have been used for historical and current
drilling databases.
-- Geological consultants transforming all drill coordinate data
to a common (current) coordinate system
-- Review of historical airborne magnetic geophysics data in
conjunction Company's current IP geophysics indicates magnetic
geophysics as potential complementary tool to IP geophysics
-- Ground magnetometer survey undertaken over drilled Shirley
Trend to complement and or reconcile with its IP geophysics
data
-- Decision on election to continue development and issue of 30
million shares to Shirley Hayes extended to 31 July 2017
Colin Bird CEO said: "Our drilling performance and the ground
conditions for drilling were better than expected, which led to
Galileo deciding to drill more than twice the number of holes than
planned. The Company's concurrent on-going evaluation of historical
maps and plans revealed that these often were drawn using different
base grid coordinate systems and to that currently used. The
Company has decided to put all the data onto a common coordinate
grid system: work still in progress. Our geological consultant
Minxcon continues with modelling the raw data, the aim of which
includes testing the drilling against the IP geophysics anomalies
identified earlier and incorporating new ground magnetic survey
data. On completion of these activities, which are taking longer
than scheduled (now target for end July), we will be able to
develop, if appropriate, a drilling programme towards resource
definition."
Further details are available from the Company's website which
details the Company's project portfolio as well as a copy of this
announcement: www.galileoresources.com
You can also follow Galileo on Twitter: @GalileoResource
Technical Sign-Off
Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy
and M.Sc. Engineering, University of Witwatersrand and is a member
of the Institute of Materials, Minerals and Mining, is a "qualified
person" as defined under the AIM Rules for Companies and a
competent person under the reporting standards. The technical parts
of this announcement have been prepared under Andrew's supervision
and he has approved the release of this announcement.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Galileo Resources PLC Tel +44 (0) 20 7581 4477
Colin Bird, Chairman
Andrew Sarosi, Executive Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited Tel +44 (0) 20 7628 3396
- Nomad
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382 8416
Jon Belliss
Technical Glossary
"Induced polarity (IP) geophysics survey": - a geophysical
imaging technique used to identify the electrical chargeability and
resistivity of subsurface materials, such as sulphides in rocks
"mv/V":- millivolts per volt
This information is provided by RNS
The company news service from the London Stock Exchange
END
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