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Mining Capital
EPIC: GLR
Market: AIM
52-week High/Low: 1.49p / 0.41p
Sector: Mining
Market Cap: 2.00M

Galileo Resources Plc is an opportunity driven company whose model is to acquire large data bases generated by major companies and abundant for strategic, corporate, technical and other reasons which do not necessarily reflect the potential value of the project. The current main focus is on the Star Zinc project in Zambia close to Lusaka. Significant zinc intersections have been made in a...

Galileo Resources PLC

www.galileoresources.com

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Big picture - Why invest in Galileo Resources PLC

Galileo Resources PLC Snapshot

Strategy

The strategy is to acquire companies who have themselves acquired positions from major mining companies and in so doing have attained ownership of large raw data packages which would take tens of millions of dollars of expenditures to generate from a cold start.

The management has a history of achieving this in previous other companies and it is considered that this strategy is superior to companies who are developing concepts without the backup of real information.

In essence the Company, by adopting this strategy, leaps the first major hurdle of risks, working more on adding value than initial discovery. Our Glenover project was well researched by Gold Fields of South Africa and sold on to Fe-Min-Ore since Gold Fields elected to return to gold mining as its core business and rare earths at the time of disposal was not well understood or market required.

The St. Vincent Minerals acquisition consists of one major copper/gold project in Nevada, USA which has a 43-101 resource of some 1.6 million oz of gold equivalent and significant upside potential.

Other projects within the St. Vincent stable are less advanced but are in areas which show significant potential for copper, gold, molybdenum and silver.

Star Zinc Project (Zambia)

Star Zinc is a willemite zinc silicate located some 20 km northeast of Lusaka. The deposit has had limited exploration since 1920 and resource statements vary from 250,000 – 350,000 tonnes at a zinc percentage of 20% per tonne. There has been limited mining both formally and informally with the resultant material being treated at the Kabwe plant.

This type of ore body was considered very difficult to process until recent years where a number of operations have come into production. The process generally involves leaching and recent developments show good recoveries with good concentrate grades arising from the unusually high zinc ore input grade.

The Company has embarked upon a fast track exploration programme with the intention of increasing the tonnage of raw ore at similar grades to produce a contained zinc resource in excess of 200,000 tonnes.

Kashitu Project (Zambia)

Kashitu is situated in the far south-east corner of the Kabwe Large-Scale Prospecting Licence (EPN 6990), 7 km SE from the historical Kabwe Pb-Zn mine area, and immediately adjacent to and South of the town of Kabwe, in Zambia. The prospect occurs just to the west of the Kashitu Dambo.

The prospect is underlain by Neo-Proterozoic carbonate units of the Katanga Supergroup which form a WNW plunging synform. NE trending structures within the NW trending stratigraphy are thought to control the development of the Kabwe massive sulphide ore bodies, while disseminated and vein-type mineralisation is found to a lesser or greater degree throughout the entire syncline.

All previous explorers on the licence have been looking for a second Kabwe deposit, with various vintages of RAB, RC and Diamond Drilling targeting sulphide lenses, which all found some sulphide and silicate mineralisation, but no Kabwe-style massive sulphides.

  • There are four target types at Kashitu, ordered by increasing depth;
  • Surficial accumulations of high-grade Pb-Zn-Ag, found in the upper 1m and containing up to 30% Zn
  • Supergene enrichment associated with the near-surface karst interface, varies between 0-10m depth and in the range 10% Zn
  • Low-grade disseminations of sphalerite and willimite associated with blanket seepage-style algal-mat dolomite, or non-massive dolomite, 2-3% Zn  
  • Kabwe-style pipe like massive-sulphide lenses and ore-bodies

Limited surface mining in the area exploited a discordant N-S lenticular willemite body roughly 30m x 3m and grading up to 30-50% Zn.  This operation was mostly illegal in nature and progression was likely hindered by the high-water-table.

Historical soil sampling by Zamanglo outlined a NW verging area 1.2km long by 0.3km wide with up to 15,000ppm Zn, extending West from the historical mine site and the dambo.

Multiple phases of drilling (including rotary air blast RAB, reverse circulation RC and diamond) have all targeted the discovery of deep-seated massive-sulphide Kabwe-style orebodies. While no massive sulphide lenses were discovered the drilling identified large zones of disseminated mineralisation, localised areas of veining and further defined areas of surface enrichment. Highlights include;

  • 170 RAB holes were drilled by BHP on a 50x100m grid, assays were taken at refusal. Where surface data is available the drilling defines a 300m x 250m zone of anomalous zinc > 5% which migrates to the west at depth. A 800m x 400m halo of Zinc >1% continues from surface to 2-3m depth. A strong E-W structural trend was delineated by the zinc at refusal.
  • 33 RC holes were followed-up by BHP on a 50x100m grid and confirm the ENE trend of anomalous zinc with widespread disseminated mineralisation (1-2% Zn) and localised vertical pods and veins of mineralisation with up to 5-20% Zn. The zone of anomalism measures 400m long and 100-150m wide and many holes end in mineralisation and remain open to the west, where a resource of 2.4 Mt at 2-3% Zn was defined at Kashitu West. The best RC hole was KRC5, with a whole hole average grade of 2.42% Zn from surface to EOH 60m, including intersections (7m @ 4.3% Zn from surface, 1m @ 10.25% Zn from 39m, 3m @ 12.7% from 49m and 1m @ 5.5% from 57m), ending in mineralisation.
  • 18 diamond holes have been drilled by ZCCM and BHP, the majority by ZCCM were concentrated in a 150m x 50m area and confirmed the presence of shallow, high-grade willimite veins and lenses with up to 53% Zn. BHP drilled four deep diamond holes across the EW extent of Kashitu, the best holes were KDH2 and KDH3, drilled 150m apart near the ZCCM holes to 251m and 227m respectively, and are two of the best holes drilled on the project. KDH3 contained 227.3m @ 2.57% Zn from surface including 7m @ 6.7% Zn from 172m, with further high-grade intersections (1m @ 16% from 71m, 1m @ 12.6% from 145m, 1m @ 28.3% Zn from 196m and 1m @ 9.37% Zn from 223m), ending in mineralisation. KDH2 contained 236m at 1.16% Zn from surface.

Concordia Copper Project (Northern Cape Province, South Africa)

Previous focus was on narrow steep underground copper ore-bodies that could be mined from underground.

The challenge that resulted from the modelling done was,
- That the narrow modeled ore bodies were very deep (>400m below surface) and,
- That they lacked critical mass to justify the development capital for a large commercial mining operation

Galileo recognised that a different approach was required that could unlock the copper value.

After a review of the entire area it became apparent that any focus on narrow deep copper veins was not the correct approach

We then considered modelling ore-bodies at lower cut off grades and it is becoming evident that the ore bodies are large wide mineralised systems close to surface.

Potential for mining on a large commercial scale similar to the copper super pits of North America.

Next Steps:

  • Complete a Feasibility Study for the project from the perspective of developing a super pit
  • Infill drilling
  • Metallurgical test work
  • Pit optimization
  • EIA
  • Mine planning & Financial modeling
  • Evaluation team available
  • Revised budget & work program in place
  • BEE in place
  • Advanced Prospecting Right status in place

Ferbe Project (Elko County, Nevada, USA)

  • Commodities: Cu, Pb, Zn, Ag, Au, Bi
  • Deposit Type: Contact skarn and replacement in limestone and intrusive adjacent to a major composite intrusive. Possible structural-controlled sediment hosted gold deposit present, as well as a porphyry target.
  • Location: 25 miles south of Wendover, NV, Ferber Hills, Elko County, Nevada.
  • Land Status: 102 un patented lode claims on BLM-controlled land and 9 patented claims.
  • Production: Copper-lead-silver-gold deposits were discovered in the area in the 1880s. Ore was shipped from the Martha Washington, Big Chief, Regent and other small mines intermittently over the years. Limited production figures for the mines list 97,878 pounds copper, 192,613 pounds lead, 11, 851 ounces silver. Cordex Exploration, Royal Gold and FMC have conducted exploration in the area since 1980s-1990s.
  • Geology: The Ferber District consists of a multi-phase Cretaceous-Tertiary igneous complex intruding Pennsylvania-Permian age carbonates. The limestone units are domed around the intrusive. Marble and skarn are developed at the margin of the intrusive complex. The sedimentary and intrusive rock is cut by faults of various orientations. Much of the area is covered by a shallow alluvium.
  • Mineralisation: Mineralisation occurs in skarn, veins, and replacement in limestone. Numerous surface samples taken during past investigations give gold values as high as 0.20 oz/ton, silver up to 5.0 oz/ton and copper >10%. Royal Gold drilled in the district in the mid-late 1990’s. The company reported Mineralisation in metamorphosed sedimentary rocks and intrusive's as follows:

. 35 ft of 0.017 oz/ton Au in contact metamorphosed rocks

. 15 ft of 0.069 oz/ton Au in oxidized intrusive

. 15 ft of 0.718% Cu (oxide) in intrusive

. 85 ft of 0.415% Cu (oxide) in contact zone

. 40 ft of 0.832% Cu (oxide) in contact zone

  • Exploration: St Vincent Minerals will conduct additional exploration on the property to include; mapping, soil sampling and rock chip sampling, geophysics and drilling in the future.

Glenover Rare Earth Project (Limpop Province, RSA)

Based on mineralogy studies carried out by both SGS, South Africa and Xstrata Process Solutions of Canada, Glenover has a comprehensive understanding of the three major rock-types of interest on its large intrusive, namely Apatite Breccia, Pyroxenite and Carbonatite.

The company recently appointed the services of UK-based GBM to perform the project Preliminary Economic Assessment focused on its SAMREC-compliant 10MT breccia resource. This study is being carried out in collaboration with the REE-experienced metallurgical laboratories Anzaplan of Germany and the resulting PEA report will be available by early 2013.

Simultaneously an in-depth PFS-level metallurgy program is underway at a major state-owned REE-laboratory in China with one ton of breccia ore having been provided for ultimate piloting of one of two potential flow-sheets. Feedback from the PEA study may provide useful parameters for this work nevertheless the separation of PEA and PFS mandates is designed to accelerate the overall project. The project team selected the specific Chinese laboratory due to it having demonstrated a great depth of understanding of REE processing, generally unattainable in western laboratories.

  • Short time to market and to realize investment returns: Existing stockpiles of REE-rich minerals have already been mined and are ready for processing
  • Highly accessible REE: The stockpiles present short term processing potential with no mining risk
  • REE-bearing and Niobium-rich materials below the surface: Significant below surface reserves for later stage development
  • Strong local partner: Fer-Min-Ore has 40 years of international construction and processing experience in the mining industry backed by over 100 years of design know how
  • Strategic alternative supply source of REE: China currently controls 97% of global REE production and are taking actions to restrict REE exports

 

Board of Directors

 
 

Colin Bird
Chief Executive Officer & Chairman

Colin Bird has a Diploma in Mining Engineering, is a Fellow of the Institute of Materials, Minerals and Mining and is a certified mine manager both in the UK and in the United States of America. The formative part of his career was spent with the National Coal Board in the UK and thereafter he moved to the Zambia Consolidated Copper Mines and then to South Africa to work in a management position with Anglo American Coal. On his return to the UK he was Technical and Operations Director of Costain Mining Limited, which involved responsibility for gold mining operations in Argentina, Venezuela and Spain.

In addition to his coal mining activities he has been involved in the management of mining nickel, copper, gold and other diverse mineral operations. He has founded and floated several public companies in the resource sector and served on resource company boards in the UK, Canada and South Africa. Notably he was on the board of Kiwara Plc which was successfully sold to First Quantum Plc in February 2010. In addition, he currently serves as Chairman of Jubilee Platinum, an AIM listed platinum exploration company with operations in South Africa.

 
     
   
 

Andrew Francis Sarosi
Executive Director - Finance & Corporate Development
Technical Director
B.Sc. Metallurgy, M.Sc. (Eng.) University of the Witwatersrand, MIMMM

Andrew holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of The Institute of Materials, Minerals and Mining. He has more than 10 years corporate and 30 years operational experience.

Andrew is a mineral processing engineer and consultant in mineral processing research and development, process and plant design, management of pilot to full scale operations and troubleshooting in gold, silver, tungsten, tin, copper, and zinc and diamond ore processing in Saudi Arabia, Ethiopia, South Africa, Botswana and the United Kingdom.

Between 1978 and 1985 Andrew was the senior metallurgist for the Amax Hemerdon Tungsten-Tin project in the UK (currently in production under Wolf Minerals plc). In 1986 and 1995 he was mill superintendent at Mahd Ad’ Dahab Gold Silver Copper Zinc Mine in Saudi Arabia including research and process design of the zinc flotation extension to the mine. From 1990 to 1992 he consulted for Mackay and Schnellmann Limited as adviser to the Ethiopian Mineral Resources Development Corporation’s Lega Dembi Mine Project. From 1996 he set up as an independent consultant. Since 2002 he has served on several resource company’s Boards in UK, South Africa, Canada and Australia including Jubilee Metals Group plc (formerly Jubilee Platinum plc) the latter to June 2018.

 
     
   
 

J Richard Wollenberg
Non-Executive Director

Richard Wollenberg, was, between 1981 and 1996, an investment consultant with Brown Shipley Stockbroking Limited and has over the past 25 years, been actively involved in a number of corporate acquisitions, mergers and capital re-organisations of public and private companies.

Mr.Wollenberg is currently Chairman and Chief Executive Officer of The Cardiff Property Public Limited Company, a quoted property investment and development company.

He was also a Non-Executive Director of Kiwara Plc alongside Colin Bird.

 
     
   
 

Christopher (Chris) Molefe
Non-Executive Director
B.Com (Unin); Post graduate diploma (University of Cape Town)

Mr. Molefe was formerly the Chief Executive of Royal Bafokeng Resources (Pty) Limited and is presently the Non-Executive Chairman of Merafe Resources Limited a publicly listed company on the JSE Securities Exchange, and a non-executive Director of Capital Oil (Pty) Ltd and Jubilee Platinum.

Mr. Molefe has held several positions in corporate banking and industry for the previous 20 years.

He commenced his career as Group Human Resource Manger at Union Carbide Africa Corporation. His subsequent positions include being the Manager of Corporate Affairs at Mobil Oil Southern Africa (Pty) Limited; an Executive Director at Black Management Forum; a Financial Analyst at Chase Manhattan Bank; the Marketing Manager at African Bank Limited; an Executive Manager at Transnet (Propnet) (Pty) Limited; and an Executive Director at Dipapatso Media (Pty).

 
     
 

Key Management

 
   
 

Sylvia Vrska
Manager Corporate/Investor Relations

Sylvia has had some 12 years experience in Marketing/Sales.

Her experience had been global, working for Education First (EF) based in Berlin with responsibilities in central Europe and North America. Thereafter she worked in Dubai in architectural and property marketing.

 
   
 

Carina de Beer
Manager Finance

Carina is a Chartered Accountant (SA). She completed her articles with Price Waterhouse Coopers.

Carina has 13 years’ experience in corporate financial management and reporting, company secretarial practice, compliance and corporate governance. Carina has served as an executive member of a number of JSE listed entities. She is a member of the Institute of Directors as well as the South African Institute for Chartered Accountants. She is also currently heading up the finance division of AtlX and AIM listed Jubilee Platinum Plc.

 

 
   
 

Alex Andersson
Main Project Glenover
B.Sc Mech Eng; MBA from INSEAD in France

Alex graduated as a Mechanical Engineer at Wits where after he worked in the Automotive Industry. He joined the Fer-Min-Ore Group in 1996 as Design Engineer and in 2000 he took over running Fer-Min-Ore's Process Plant Division which designs and constructs process plants for the Metallurgical Industry. In 2008 he became CEO of Fer-Min-Ore Group and over the last 4 years has worked on moving the group more strongly into the development of its own strategic precious metals projects and into consolidating its energy businesses.

Alex serves on 7 company boards and has an MBA from INSEAD in France.

 

 
 

 

Significant Shareholdings

The number of shares in issue as at 19 December 2018 was 304,596,562.

For the purposes of AIM the number of shares not in public hands as at 19 December 2018 was 32.29%.

As at 06 June 2018 the substantial shareholdings (3%+) of which the company is aware were as follows:

 

 
 

 

Name of holder

No. of ordinary shares

% of voting rights and issued capital

   
 

 

Colin Bird

49,435,000

16.23

   
 

 

Peel Hunt Holdings Ltd

42,777,675

14.04

   
 

 

Jim Nominees

29,996,499

9.85

   
 

 

Interactive Investor Services

14,094,207

4.63

   
 

 

Hargreaves Lansdown (Nominees) Ltd

12,048,512

3.96

   
 

 

Hargreaves Lansdown (Nominees) Ltd

11,387,329

3.74

   
 

 

Stuart J Packwood *

11,246,745

3.69

   
 

 

Share Nominees Ltd

10,919,527

3.58

   
 

 

Wealth Nominees Ltd

10,173,138

3.34

   
 

 

HSDL Nominees Ltd

9,644,598

3.17

   
 

 

HSBC Global Custody Nominee (UK) Ltd

9,348,667

3.07

   
 

 

 

 

 

   
 

 

* held in nominee accounts

 

London Office

Waltie van Rensburg
1st Floor 7/8 Kendrick Mews
London SW7 3HG, United Kingdom

Tel +44 (0) 207 581 4477
Fax +44 (0) 207 589 7806
[email protected]

South African Office


7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

Media, Corporate & Investor Relations

Sylvia Vrska
7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

Company Advisers

 
 

Nominated Advisor
Beaumont Cornish Limited
10th Floor
30 Crown Place
London, EC2A 4EB

Tel: +44 (0) 20 7628 3396
Fax: +44 (0) 20 7628 3393
Website: http://www.beaumontcornish.com/
E-mail: [email protected]

 
     
   
 

Company Secretary
Link Company Matters Ltd
34 Beckenham Rd
Beckenham, BR3 4TU, United Kingdom

Tel: +44 (0) 1328 6855
Website: www.linkassetservices.com

 
     
   
 

Broker
NOVUM Securities Limited
8-10 Grosvenor Gardens
London, SW1W 0DH

Tel: +44 (0) 20 7399 9400
Website: https://novumsecurities.com/
E-mail: [email protected]

 
     
   
 

UK Solicitors to the Company
Fladgate LLP
16 Great Queen Street
London WC2B 5DG

T: +44 (0) 20 3036 7000
F: +44 (0) 20 3036 7600
Website: http://www.fladgate.com/
E-mail: [email protected]

 
     
   
 

Auditors
Chapman Davis LLP
2 Chapel Court
London SE1 1HH

Tel: +44 (0) 20 7357 6008
Fax: +44 (0) 20 7357 6159
E-mail: [email protected]

   
     
   
 

Auditors to Glenover
Lucro Auditing
30 Waterford Office Park
Waterford Drive
Fourways
Johannesburg, South Africa

Tel: +27 (0) 11 875-6000
Fax: +27 (0) 11 658-1212
Website: http://www.lucro.co.za/
E-mail: [email protected]

 
     
   
 

Registrars
Neville Registrars
Neville House, 18 Laurel Lane
Halesowen
West Midlands B63 3DA

Tel: +44 (0) 121 585 1131
Fax: +44 (0) 121 585 1132
Website: http://www.nevilleregistrars.co.uk/
E-mail: [email protected]

   
     

London Office

Waltie van Rensburg
1st Floor 7/8 Kendrick Mews
London SW7 3HG, United Kingdom

Tel +44 (0) 207 581 4477
Fax +44 (0) 207 589 7806
[email protected]

South African Office


7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

Media, Corporate & Investor Relations

Sylvia Vrska
7 Einstein Street, Highveld Techno Park
Centurion, 0157, Pretoria, South Africa

Tel: +27 (0) 11 465 1913
Fax: +27 (0) 11 465 1895
[email protected]

 

 

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