JOHANNESBURG (miningweekly.com) – Aim-listed Galileo Resources is still analysing and assessing the information generated by consultants Minxcon on the initial drilling programme at the Concordia copper project, in the Northern Cape.
Under the terms of a January 2016 joint venture agreement with Shirley Hayes, Galileo obtained the right to earn a 51% interest in the Concordia project by spending R10-million on exploration at the project over a 14-month period.
Thereafter, should Galileo decide to continue with exploration on and development of the project, it could increase its stake in the project to 80% by issuing 30-million Galileo shares to Shirley Hayes.
Galileo says it intends to fully understand the drilling results before making a decision to continue with further exploration on the project.