29th Mar 2016 12:46
LONDON (Alliance News) - Galileo Resources PLC on Tuesday said the initial independent modelling completed for the Concordia copper project in South Africa is in line with its in-house estimates.
The modelling said the tonnage and grades of copper at the site are significant and similar to large copper open pits mined globally.
For the Koeelkop prospect, the study estimates 4.2 million tonnes at 0.59% copper, while for the Wheal Julia prospect, the study estimates 37.7 million tonnes at 0.55%.
"This modelling confirmation is well received and verifies our own work. Concordia has the potential to progress to a large mining prospect and current work has demonstrated the existence of many potential opportunities within the Concession not previously recognised," said Colin Bird, chairman and chief executive of Galileo.
"We intend to fast track the modelling to an initial mine concept and thereafter direct our work to confirming and expanding the model," he said.
Galileo shares were untraded on Tuesday afternoon, having last traded at 1.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Galileo Resourc