Galileo Resources reports good news at Concordia

There was good news from Galileo Resources on Tuesday, with the firm reporting positive initial results from independent modelling on its Concordia concession in the Northern Cape of South Africa.

The AIM-traded mining exploration and development company said the results followed the conclusion of the Cooperation and Joint Venture Agreement on the Concordia concession, and represented the first stage of Galileo’s work programme as announced on 14 January.

As part of the work, the Koeelkop and Wheal Julia prospects within Concordia were remodelled independently by Minxcon Consulting, which based its models on the geologic core log and assays of 64 and 40 drill holes at Koeelkop and Wheal Julia respectively.

Galileo’s board said non-compliant results confirmed the significant potential identified in previous non-independent modelling, with significant copper tonnes and grade, with grades similar to large open copper pits being mined globally.

4.19 million tonnes of were modelled at 0.59% copper at Koeelkop, and 36.59 million tonnes at 0.55% copper (both at a 0.35% cut-off).

"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 Galileo chairman and CEO Colin Bird.

“We intend to fast track the modelling to an initial mine concept and thereafter direct our work to confirming and expanding the model."

Galileo Resources said modelling and optimisation was continuing on other prospects within the concession, and on identifying key trends and structures driving the mineralisation.