Business
Concordia Project Update
Concordia Project Update.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8174N Galileo Resources PLC 11 August 2017 \n\n For immediate release\n \n11 August 2017\nGalileo Resources Plc\n(\"Galileo\" or \"the Company\")\nConcordia Copper Project - Drill Results Update \n \nGalileo (AIM:GLR) is pleased to announce the preliminary results of the initial 14-hole drilling programme on its Concordia project (\"the \"Project\"), completion of which was announced on 15 May 2017. \n \nHighlights \n \n· The Company announces preliminary results of the completed 14-hole 2,170 metre initial drilling programme \n \n· The targeting contribution of induced polarity (IP) geophysics to this deposit did not prove precise enough for the purpose of testing the technology as a means for directing future exploration \n \n· Copper sulphide mineralisations were intersected more consistently in dill holes targeted by traditional exploration methodology \n \n· 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 grade\n \n· Best holes, GSPD 008 011 and 014 in basic diorite outcrop, intersected respectively, 6 metres (m) from 23m to 29m downhole assaying 0.90% Cu; 10m, from 28m to 38m, assaying 0.85% Cu; and 8m, from 3 m to 11m assaying 1.06%Cu \n \n· Assessment of the results continues in order better to understand the geology and the structural controls governing mineralisation \n \n· Decision to turn the project to account for the benefit of the JV parties and to increase the Company's interest in the Project by way of issue of Galileo ordinary shares to JV partner is pending the outcome of this continuing assessment and results from intended completion of the programme with the remaining committed funds \n \n· JV partner, SHIP claims the Company should dilute to 15% interest in terms of the Cooperation and Joint Venture Agreement (\"Agreement\"). This claim is not supported by the Agreement given that no decision has been made by the Company to turn the project to account . &...