15th Jun 2016 08:49
LONDON (Alliance News) - Exploration and development mining company Galileo Resources PLC on Wednesday said an initial independent study dound five areas within the Concordia Copper project site to have "significant potential" for near surface, open-pittable copper ores.
Galileo has the right to earn-in a 51% beneficial interest in the Concordia copper project, by way of a 51% shareholding in Shirely Hayes IPK Pty Ltd on expenditure of GBP500,000 over 14 months on exploration and development.
Galileo said raw data from the initial independent review confirmed the prognosis for large scale copper targets at the Concordia Copper project in the OKiep Copper District in the Northern Cape Province of South Africa.
In total, eleven areas were identified as targets by the study, at least five of which demonstrated "considerable near-surface potential", Galileo said, noting that the study also identified tungsten potential in historical mining areas.
"When we embarked on this exercise we were optimistic that our current view would be confirmed independently. This view has now been confirmed and extended to other areas in Concordia with five areas showing significant potential for meeting our target criteria," said Chairman and Chief Executive Colin Bird.
"We expect to complete phase 1, a desktop study, in early July and immediately progress to ground-truthing and possibly resource modelling with current available data. A bonus of this exercise has been the discovery of wolframite trends on the property; wolframite being a primary ore mineral of tungsten, the current 180-day ore price of which is up by some 10% to date," Bird added.
Shares in Galileo were up 1.3% at 1.19 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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