Business
Audited Results
Audited Results.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0623K Galileo Resources PLC 23 August 2019 \n\n \n \n \n \nGalileo Resources Plc\n(\"Galileo\" or the \"Company\" or the \"Group\")\n \n23 August 2019\n \nAudited Results for the year ended 31 March 2019\nNotice of AGM\n \nGalileo (AIM: GLR), the exploration and development mining company, announces its audited results for the year ended 31 March 2019.\n \nHighlights for the period under review\n \n· Independent conceptual tonnage grade models (\"CGT Model\") for Star Zinc deposit developed from the 2-phase drilling programme\n· CGT Model defines specific high grade willemite (>20% Zinc (Zn)) domain areas within the deposit, which potentially could be selectively mined as direct ore feed to process\n· The Project's large-scale exploration license 19653-HQ-LEL was renewed on 24 August 2018 for a\nfurther three years Kashitu Zinc Prospect (\"Kashitu\")\n· Kabwe Residual Rights, which includes the Kashitu Prospect, conditionally acquired from BMR Group plc, (\"BMR\")\n· Potential for Kashitu to be larger than Star Zinc Glenover completed the Environmental Impact Assessment (EIA)/EMP Management Programme (\"EMP\") in respect of it Mining Right Application (\"MRA\"). The Department of Mineral Resources (\"DMR\") formally accepted the EIA on 31 May 2018\n· The Group reported a net loss of £416,784 (2018: loss of £1,026,891). Basic loss reported is 0.14 pence (2018: loss of 0.45 pence) per share\n \nHighlights post the period under review\n \n· Completed, 21 June 2019, an independent initial inferred resource estimate (\"IRE\") for the Star Zinc project in accordance with JORC 2012\n· The IRE reports Inferred zinc resources with reasonable prospects of future economic extraction of approximately 500 000 tonnes at 16% Zn or 77 000 tonnes of contained metal above a cut-off grade of 2% Zn, including approximately 340 000 tonnes at 21% Zn for 72 000 tonnes of metal above a cut-off grade of 8% Zn\n· Negotiations commenced with Jubilee Metals Group plc for an off-take agreement to supply future ore from Star Zinc\n· Raised £500 000 in placing, before expenses, to advance Star Zi...