Galileo Resources steps up activity on zinc and phosphate interests
Recent months have seen Galileo step up work at the Glenover phosphate prospect and the Star zinc project in Zambia.
Company
LON:GLR
Galileo Resources PLC is an opportunity-driven company whose model is to acquire large databases generated by major companies and abandoned for strategic, corporate, technical and other reasons which do not necessarily reflect the potential value of the project. The company has a strong management team who have succeeded in discovering, evaluating and advancing mining projects.
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Recent months have seen Galileo step up work at the Glenover phosphate prospect and the Star zinc project in Zambia.
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By the time it has confirmed press speculation, the bid approach was a dead duck
Results from the new drill programme will go towards a resource update for the Star zinc project
FTSE 100 closed over 38 points higher on the day to 7,338; FTSE 250 shares added over 81
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Galileo is moving forward on the Star zinc project in Zambia
“Colin has a significant track record of delivering value for shareholders from the exploration, sale, development and operation of mining projects”
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A glance at some of the day's highlights from the Proactive Investors newswire
“We look forward to formalising the project JV agreement and pursuing aggressively our work programme to take the project forward"
In a note to clients today, ‘house’ broker Beaufort Securities said the “potential to acquire an interest in the Star Zinc project is positive news for Galileo”
The AIM-listed miner has also raised around £1mln via a placing to fund the Star Zinc move and other projects
The company said drilling of basic rock bodies identified by outcrop, limited ground magnetic survey and previous aeromagnetic survey data, intersected encouraging "potentially mineable" near-surface copper mineralisation with good grades
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A glance at some of the day's highlights from the Proactive Investors newswire
The explorer is waiting for the opportunity to review and assess information generated by the initial drilling programme at Concordia.
Galileo will fund the execution of the mining right application by a loan convertible into 4% of the equity
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Evaluation of historical maps and plans revealed that these often were drawn using different base grid coordinate systems to those currently used, so the company is standardising the grid coordinates system
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The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP
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“We consider the drill programme a success and consider our in-house model for Concordia is developing favourably towards a major copper resource”
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The UK blue chip index closed at 7,454, below the new intra-day peak of 7,460.20, but above the previous high of 7,447 hit in March
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The stock has gained more than 75% over the past week
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Also featured: AFC, Ferrum Crescent, Galileo, Kibo, Lansdowne Oil, Metal Tiger, Netscientific, Powerhouse, REM, ReNeuron, Tern
Some of London's largest risers and fallers around 2.30pm included insurer Prudential, and small caps Metal Tiger and Falcon Oil & Gas ...
The shares rose 6% as the company confirmed drilling at the South African copper project will start today
FTSE 100 shares closed higher on Wednesday, led by banking shares which teamed up with their Wall Street brethren to cheer on what may be a US rate hike as soon as March
The work also revealed the the potential for near surface ore bodies and an increase in “chargeability” at deeper levels.
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A glance at some of the stories on the Proactive newswire today
Results from Galileo's Silverton gold property continue to show promise
The outlook came as Galileo reported a £538,000 loss for the six months to September
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The findings from the Shirley Trend at Concordia cap off the miner’s exploration efforts for 2016
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Recent modelling showed the potential over a very small portion of strike of the overall trend for 942,435 tonnes of ore grading 0.89% of copper.
Top UK stocks fell into negative territory late on Tuesday, weighed down by depressed mining stocks after copper prices hit a 10-week low
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The cash received will cover short-to-medium-term working capital.
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There are now seven high priority targets at Concordia in South Africa
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Galileo executive director: "Andrew Sarosi, executive director, said: "We are pleased to have concluded this agreement with Orogen, which allows for an outside party to fund the exploration of Silverton.”
Five of these have near surface potential said Colin Bird, Galileo’s chief executive
Galileo Resources has a sizeable footprint on a copper-rich region of South Africa, and is now pressing ahead towards a resource
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The more the company delves into the welter of data it acquired concerning the Concordia coppert project, the more it likes what it has
Rietberg is approximately 10km northwest from the Wheal Julia deposit and contains numerous thick high grade intersections
Orogen can earn 51% of the property by spending US$400,000 on exploration within 18 months
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New licence deals for Tekcapital, the largest deal to date for Keywords and successful well testing for Lekoil.
Consultant Minxcon, which based its models on geologic core logging and assays of 26 drill holes, said copper tonnes and grade were significant
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The first quarter of 2016 has been decidedly mixed for junior mining
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Galileo has hit the ground running at its new Concordia copper project in South Africa
Major share price risers and fallers in London at 4pm
Small cap shares, notably resource stocks, along with Footsie were making ground at the open.
The remodelling, by Minxcon and the first stage of an agreed work programme at the licence, indicated grades were similar to large copper open pits being mined globally.
Galileo Resources has gold in Nevada and copper in South Africa, and a management team with a track record of success
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Update: Comment added on Bezant and Galileo.
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Galileo is to earn-in 51% of the Concordia project in the north Cape province by spending 10mln rand
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Early stage gold-copper mine development in a low risk location
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This is the second extension granted to the company's joint-venture partner.
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