10th May 2016 10:57
LONDON (Alliance News) - Galileo Resources PLC Tuesday said it has finished the resource modelling of the Klondike prospect within the Concordia project in South Africa and identified another prospect which could be drilled in the future.
Minxcon Consulting completed the resource ore-body modelling on the Klondike prospect, and resource modelling has now been completed for four of the five open-pit prospects. Additional, earlier-stage prospects continue to be found and are also being analysed by the company.
Klondike is on the south-western edge of the concession area in the Northern Cape province of the country and potentially holds bulks of zones containing copper mineralisation.
Based on 74 drill holes, Klondike has been modelled at 2.1 million tonnes of ore at a grade of 0.63% copper from the surface to 200.0 metres depth, and 2.5 million tonnes graded at 0.57% copper.
Galileo said it has continued to analyse the recently acquired database related to the project, and has now identified a previous exploration area called Homeep East. The company said the area was "of interest," adding it is one of several exploration areas that also lie within Concordia.
Homeep East has historically produced assay results ranging from 1.14% copper to 0.88%, with previous intersections including 19.8 metres at 1.21% copper, 29.9 metres at 1.23% copper and 7.7 metres at 1.27% copper. Those intersections were drilled by previous owners, and have not been generated by work carried out by Galileo.
Homeep East is 14.0 kilometres away from the first exploration area that was identified by the company, Rietberg, and is 5.0 to 7.0 kilometres away from the five open-pit prospects.
The database being used to find more exploration areas was compiled by previous owners of the Concordia project as far back as the 1970s.
Galileo shares were down 0.4% to 1.12 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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