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Galileo identifies another copper zone at Concordia

Published: 03:23 27 Apr 2016 EDT

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Galileo can earn-in a 51% beneficial interest in Concordia

Galileo Resources PLC (LON:GLR) has identified a potential new copper deposit, Rietberg, close to the surface at the Concordia project in South Africa.

Rietberg is approximately 10km northwest from the Wheal Julia deposit and contains numerous thick high grade intersections, said the company.

Galileo is working through the historical database at Concordia and said best results at Rietberg were 11.0m at 5.0% copper within 25m of surface, 18.3m at 2.68% Cu from 64m and 64.3m at 1.11% Cu from 70m.

Other areas in Concordia have also being identified with similar characteristics to Rietberg, Galileo said.

Colin Bird, chief executive, said: “Open pittable copper ore close to surface is not the norm in the copper mining industry.”

A mixture of high and low grade bodies are beginning to emerge, he added, which could be phased to feed a central processing plant providing potential flexibility and optionality.

Galileo has the right to earn-in a 51% beneficial interest in the Concordia copper project through spending R10mln (approximately £500 000) over 14 months on exploration and development. 

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on 03/11/2013