Galileo’s ‘suite of resources’ advantage: phosphate, scandium, niobium and rare earth elements
July 26, 2013 – Tracy Weslosky, Publisher of InvestorIntel.com interviews Colin Bird, Chairman and CEO for Galileo Resources Plc (‘Galileo’, AIM: GLR) on an update on their ‘suite of resources’ advantage that includes phosphate, scandium, niobium and rare earths. Starting out with a discussion on their flagship property — the Glenover Phosphate concession, Colin explains how this property has produced phosphate in the past, and was formerly operated by Goldfields before being taken over by Ferminore. Galileo, which is earning up to 51% interest in the Project, with an option to increase its interest further to 74.73%, currently has earned in a 29.71% interest.
The former phosphate mine that has “around 3 million tonnes of stockpiled material out of a total resource of almost 29 million tonnes at 1.24 per cent rare earth…” and with an experienced management team with proven technical and commercial background, the phosphate 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.
In Zambia, the Company can acquire a 35% earn-in interest with option to purchase an additional 15% interest in the rare-earth Nkombwa Hill Project prior to feasibility study. Intensive surface sampling over the last 18 months has identified two drill-ready targets having significant levels of REE mineralisation. Kilogram-scale outcrop (rock chip) samples have returned rare earth contents of up to 23.6% TREO; exploration samples collected over the entire carbonatite complex that contain more than 1% TREO average 3.58% TREO.
Disclaimer: Galileo Resources is an advertorial member of InvestorIntel.
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An accomplished entrepreneur and corporate finance professional, Tracy Weslosky is the CEO for InvestorIntel Corp. and the VP of Business Development for Bellotti Capital Partners ... <Read more about Tracy Weslosky>