Regulatory Story
Company | |
TIDM | GLR |
Headline | Glenover Project Drilling Update |
Released | 09:00 16-Jan-2012 |
Number | 6004V09 |
RNS Number : 6004V Galileo Resources PLC
16 January 2012
9.00am on 16 January 2012
Galileo Resources Plc
("Galileo" or the "Company")
Glenover Rare Earth Project Drilling Update
The Board of Galileo Resources Plc ("Galileo"), the
AIM-quoted emerging African Rare Earth exploration company,
is pleased to announce further positive drilling results from
the latest two boreholes GVH005 and GVH006 drilled on its
Glenover Rare Earths Joint Venture project, north of
Thabazimbi, in the Limpopo Province of South Africa. The
results confirm the good REO mineralisation reported
previously (10 November 2011 and 6 December 2011 ) for the
project's first four boreholes.
Highlights:
· High >2% REO (rare rearth oxide) mineralisation
intersected in boreholes GHV005 and GHV006.
· Borehole GHV005 intersected 91 metres (from 60 m to 151 m
along core) assaying a weighted average 2.44% TREO
(total REO) including 16 metres (from 113 m to 129 m along
core) assaying 3.75% TREO.
· Borehole GVH006 intersected 20 metres (from 42.5 m to 62.4
m along core) assaying a weighted average of 3.30% TREO,
including 8.7 metres assaying 5.51% TREO.
· Both boreholes showed REO mineralisation in non-brecciated
zones: in GHV005, 50 metres along core from surface assayed a
weighted average 0.96% TREO and in GHV006 two intervals; one
41 metres from surface and second 63 metres (from 162m along
core), assayed respectivley 0.91% TREO and 0.83% TREO.
· A further 15 boreholes (GVH007 to GVH021) have been drilled
- around the old open pit - which completes the driliing
programme. Six of the 15 boreholes have been logged and
samples sent for analysis.
Summaries of the results for the latest boreholes are given
in the two tables below.
Colin Bird, Executive Chairman of Galileo Resources, said:
" These results continue to be pleasing and suggest a
significant bulk mining target with high grade shoots for the
feasibility study, which is in line with the company's
exploration and develoment strategy for the project
"
Boreholes GHV005 (hole depth 163 metres) and GHV006 (hole
depth 124 metres) were drilled diametrically opposite each
other, some 200 metres apart, along the edge of the 110-metre
diameter open pit
The drilling programme's objectives, including
correlation of the rare earth mineralisation with the various
rock type facies, remains on track. Core logging data
continue to indicate that the REO mineralisation is hosted
predominantly in the brecciated facies over long
intersections and, to a lesser extent, REO mineralisation
also persists seemingly ubiquitously in the non brecciated
facies essentially the carbonatites and some pyroxenite,
which potentially may augment the resource and hence
potential for a bulk mining project.
The Niobium oxide assays in the two boreholes, are
encouraging and comparable to other major niobium projects
worlwide and may have economic potential for the project.
The results to date continue to permit the project to advance
towards a definitive resource statement and concurrently a
prefeasibility study phase and give the project the
confidence to extend its exploration programme to other
potential prospective areas, which the Company believes exist
on its concession.
The 21-hole drill programme has now been completed. Six of
the last fifteen boreholes have been logged and samples
submitted for assay, while the other borheoles are being
logged and sampled.
The internationally accredited laboratory Genalysis
Laboratory Services (Pty) Ltd, a part of Intertek Group plc,
carried out the the assays of the samples.
Summary of results for Boreholes GHV005 and GHV006 over
selected core lengths
Borehole GVH005 results
GRADE CUT | FROM (m) | TO (m) | Total* Width (m) | Sampled** Width (m) | TREO % *** (1) | P2O5 % (1) | Nb2O5 % (1) |
total core | 0.46 | 163.13 | 162.67 | 153.02 | 1.77 | 14.33 | 0.62 |
> 1% REO | 24.72 | 26.51 | 1.79 | 1.79 | 1.87 | 11.16 | 0.48 |
> 1% REO | 28.95 | 43.76 | 14.81 | 8.61 | 1.08 | 6.30 | 0.26 |
> 1% REO | 55.25 | 152.03 | 96.78 | 94.77 | 2.38 | 18.62 | 0.90 |
Main Breccia Zone | 60.1 | 150.79 | 90.69 | 88.68 | 2.44 | 18.87 | 0.93 |
Including | 60.1 | 65.8 | 5.7 | 5.7 | 2.69 | 14.26 | 0.81 |
Including | 100.07 | 103.5 | 3.43 | 3.35 | 3.26 | 22.41 | 1.05 |
Including | 112.88 | 128.57 | 15.69 | 15.69 | 3.75 | 21.17 | 1.24 |
Including | 142.96 | 147.68 | 4.72 | 4.72 | 3.19 | 20.59 | 1.38 |
*Includes core Loss
**excludes core loss
*** excludes Scandium
(1) length weighted averages - calculated using the total sampled width for the interval length
Borehole GVH006 results
GRADE CUT | FROM (m) | TO (m) | Total* Width (m) | Sampled** Width (m) | TREO % *** (1) | P2O5 % (1) | Nb2O5 % (1) |
total core | 0.12 | 141.86 | 141.74 | 124.69 | 1.21 | 4.41 | 0.26 |
> 1% REO | 22.92 | 26.36 | 3.44 | 3.44 | 1.71 | 2.58 | 0.19 |
> 1% REO | 27.42 | 29.19 | 1.77 | 1.77 | 3.30 | 0.99 | 0.12 |
> 1% REO | 34.68 | 37.15 | 2.47 | 2.47 | 1.32 | 1.97 | 0.18 |
> 1% REO | 40.44 | 62.44 | 22 | 21.78 | 3.12 | 11.79 | 0.64 |
> 1% REO | 60.1 | 65.8 | 5.7 | 5.44 | 6.33 | 16.61 | 0.84 |
> 1% REO | 125.77 | 141.86 | 16.09 | 15.81 | 1.45 | 4.90 | 0.29 |
Main Breccia Zone | 42.5 | 62.44 | 19.94 | 19.94 | 3.30 | 12.42 | 0.66 |
Including | 53.73 | 62.44 | 8.71 | 8.71 | 5.51 | 16.96 | 0.99 |
*Includes core Loss
**excludes core loss
*** excludes Scandium
(1) length weighted averages - calculated using the total sampled width for the interval length
For further information, please contact:
Colin Bird Tel +44 (0)20 7581 4477
Chairman & CEO
Richard Wollenberg Tel +44 (0) 1784 437 444
Non-Executive Director
Beaumont Cornish Limited, Tel +44 (0)20 7628 3396
Nominated Advisor and Broker
Roland Cornish/James Biddle
Shore Capital Stockbrokers Limited Tel +44 (0)20 7408
4090
Joint Broker
Jerry Keen/Toby Gibbs
Bishopsgate Communications Tel +44 (0)20 7562 3350
Nick Rome/Shabnam Bashir
A copy of the announcement is available on the Company's
website www.galileoresources.com
Technical Sign-Off
Andrew Sarosi, Technical Director of Galileo, who holds a
B.Sc. Metallurgy and M.Sc. Engineering, University of
Witwatersrand and is a member of The Institute of Materials,
Minerals and Mining, is a 'qualified person' as
defined under the AIM Rules for Companies and a competent
person under the reporting standards. The technical parts of
this announcement have been prepared under Andrew
Sarosi's supervision and he has approved the release of
this announcement.
Note:
Galileo Resources Plc is a natural resource exploration
company. The Company has an experienced management team
with proven technical and commercial background. The flagship
property is the Glenover Phosphate concession, which produced
phosphate for many years. Phosphate however, is now
subordinated to Rare Earth Elements (REEs). The project area
is known to contain REEs and that the grades, if of
sufficient size and continuity may well lead to a medium-
sized operation for the production of REOs.
Galileo Resources currently has an 11.5% interest in the
Glenover Project and has the option, via additional stage
payments as set out in the Company's Admission Document,
to earn up to a maximum interest of 73.73%.
One of the key benefits of the project for a medium-sized
operation is that, if REEs, which have been shown to be
present in the stockpiles from the previous phosphate
operations, can be proven to compliant resource category, the
cost of mining it and the associated risks should
substantially be reduced.
The concession is of considerable size and hosts
mineralisation types suitable for potential REE presence. The
aim is to
investigate the mineralisation types for REE presence and
content with the view to proving up a mineable resource
of
REOs.
The Company also has a number of Iron Ore and Manganese
exploration projects in the Cape, all of which are in
proximity either to current operations or discoveries, which
are not currently being processed.
Galileo has rights to joint venture in an aggregate producing
quarry close to Mthata in the Eastern Cape. The Directors
believe that the quarry is well positioned to supply
construction aggregate for the significant potential
infrastructure programme being undertaken by local
government.
Technical Glossary
Breccia: a rock composed of broken fragments of minerals or
rock cemented together
Facies: a body of rock with specified characteristics
Niobium (Nb2O5): an oxide of
Niobium, a metal whose uses include alloying and coatings
with other metals to improve welding properties (stainless
steel), impart resistance to chemical attack (zirconium,
molten lithium and sodium), corrosion resistance in harsh
chloride-containing solutions (coated copper anodes) and
corrosion resistance at red hot temperatures (rocket
nozzles)
Phosphate (P2O5): an oxide of
phosphorus
Rare earths (REE): a set of fifteen chemical elements in the
periodic table specifically
the lanthanides (plus yttrium ad hoc and scandium) and by
convention categorised as light
REE (the first seven elements plus yttrium) and heavy REE
(the other eight lanthanides)
REO (rare earth oxide): the oxide form of the rare earth
element
TREO: total rare earth oxides
The major rare earth elements in the borehole core sampled
are:
Ce: Cerium Uses include cathode ray tube glass to prevent age
discoloration, in auto catalytic converters, rich red colour
pigments, low energy light bulbs, film studio carbon-arc
lighting and minor use in self cleaning ovens
Eu: Europium Uses include bright red coloration in television
tubes; industrial street lighting to give a more natural
light, thin film superconductor alloys and in lasers
Gd: Gadolinium Uses include neutron capture capability and in
compounds as a contrasting agent in radiography and magnetic
resonance imaging in medical diagnostics
La: Lanthanum Uses include carbon-arc lighting, additive to
glass for lenses and new treatment for bone disease
(osteodysrophy). Potential use for hydrogen (H) storage for
H-fuelled vehicles: being able to absorb hydrogen as much as
400 times its volume
Nd: Neodymium Uses include alloyed with iron and boron to
make one the most powerul permanent magnets known (see also
Samarium below) and found in modern vehicles using motorised
devices; in welders protective glasses and power lasers
Pr: Praseodymium Uses include as an additive to give glass a
pure yellow colour and brilliant pastel greens and yellows
for glazes
Sm: Samarium Uses include alloyed with cobalt to produce
permanent magnets ten thousand times more powerful than iron
and has the highest resistance to demagnetization; in masers
(microwave lasers) capable of cutting steel and bouncing off
the surface of the moon
Y: Yttrium Uses include lasers, as host for europium in TV
red phosphor, alloyed with boron and cobalt high temperature
superconductors and microwave filters
This information is provided by RNS
The company news service from the London Stock Exchange
END
distribué par | Ce noodl a été diffusé par Galileo Resources plc et initialement mise en ligne sur le site http://www.galileoresources.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-16 13:54:51 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
Glenover Project Drilling Update |