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That’s a very significant development Blue 1234 and the key to someone stumping up the finance for mine development. So will it be a Chinese takeaway or did Elon get there first?

That is a very significant development Blue 1234 and the key to unlocking the finance that will be required. So will it be a Chinese takeaway or has Elon got there first?

Well that explains where the recent supply has been coming from. Pretty small beer in the overal scheme of things though.

If that's a director buying this might motor a bit tomorrow :-)

Thought it would be worth reposting the link to the recent note from Shard: www.galileoresources.com/wp-content/uploads/Shard-Capital-Galileo-12-7-2021-R.pdf
This should be mandatory reading for anyone thinking of investing here.

Currency converter for CFA Francs to Sterling : https://www.xe.com/currencyconverter/convert/?Amount=1&From=GBP&To=XOF

As posted on Advfn tonight:
Some developments relating to the grant of mining permits in Togo:

https://www.togofirst.com/en/economic-governance/1008-8301-government-launches-two-websites-to-boost-investment-in-togo

and hTTps://service-public.gouv.tg/cat_procedure/foncier-et-equipements/

So the Government does at last seem to be getting its act together but can KRS tick all the boxes?

Ok it's over 17m now and going through the trades again I can identify 4.45m thaat could be sells. Depends which broker they are using though as I always get better prices when trading through Shard than I do in my ii acount.

Increased volume is our friend (as long as the majority are buys) and lets hope that it is a portent of some news.

And the complete opposite today with over 15m bought already. Leaky leaky?

https://stockhouse.com/news/press-releases/2021/07/06/rackla-metals-to-appoint-new-ceo-and-president

That was a month ago and things will presumably have moved closer to a conclusion by now.

More here on the meeting with Boris:https://presidence.gouv.tg/2021/07/30/rencontre-entre-le-chef-de-letat-et-le-premier-ministre-britannique-a-londres/
Note this bit:"Bilaterally, the Head of State and the Head of the British Government discussed the efforts undertaken by our country to attract the private sector and especially the need to maintain momentum. Indeed, our country has undertaken in recent years ambitious and courageous reforms to create a business climate favorable to local and foreign private investment in several sectors with strong economic potential."
Can't think of any British company with interests in Togo other than KRS, so hopefully Boris had been briefed and sent Gnassingbé away with a flea in his ear about Nayega.

Continued…
Previous work suggests that high grade zinc mineralisation occurs at a shallow depth which could translate to simple, low-cost open pit mining. Ore could then be trucked the short distance directly to the Sable refinery on the back of a commercial agreement with Jubilee. This would be a low capex start-up option for Galileo, with minimal on-site infrastructure needed and the construction of a costly processing plant not required. This development plan could provide meaningful near-term cashflow to subsidise further exploration at Ka****u or be applied to Galileo’s KCB project. The current LME zinc price is US$2945/t. This represents an increase of 45% from $2,035/t 12 months ago (July 2020).
? The Sable refinery. Jubilee has been refurbishing and expanding the Sable refinery since acquiring it from Glencore in a transaction concluded in August 2019. The refinery is now fully operational and is producing copper cathode via the processing of copper concentrates. Ultimately, Jubilee expects the facility to have the capability to produce cobalt, zinc, lead and vanadium in addition to copper. Jubilee states that the Sable refinery will have the capacity to produce up to 8,000tpa zinc.
Jubilee has announced a target to “to complete the zinc refining circuit to produce a zinc concentrate by Q4 2021. The zinc circuit will target the processing of both third-party zinc ore supplies within the region and the Kabwe tails located adjacent to the Sable Refinery”.
? Galileo’s exploration and development plan. Galileo is planning an exploration programme for H2-2021, including a new drill programme to test the grade and continuity of Ka****u mineralisation.

Another extract from the report for you:
Ka****u Zinc
? Zinc silicate deposit. Galileo’s Ka****u Zinc Project is located in Zambia within the 6990- HQ-LML licence and was acquired from BMR Group plc. The licence contains the Ka****u prospect which hosts shallow zinc willemite (Zn2SiO4, a zinc silicate mineral).
? Galileo’s primary zinc project. Ka****u is now Galileo’s key zinc project following the sale of the Star Zinc project in March 2021 for US$750,000 (RNS 4-3-2021) to allow operational responsibilities to be assumed by a Zambian mining company, with Galileo retaining upside through a royalty interest (variable royalty on zinc production - minimum royalty rate is 3% and increasing by 1% for each US$250 increase in the zinc price above US$2,500 per tonne up to a maximum of 10%). Given that Star Zinc is ready to commence production, this could start providing important cash flow to Galileo.
Figure 16 - Location of Galileo’s Ka****u Zinc Project in relation to Jubilee Metals’ Sable Cu-Zn-Pb-V refinery
Source: Galileo Resources, modified by Shard Capital
? Ka****u mineralisation. Mineralisation hosted in dolomite as widespread disseminations with localised higher-grade lenses and pods associated with structure containing steeply dipping high-grade willemite veins.
? Historical background. Limited historical mining exploited a discordant N-S lenticular willemite body roughly 30m x 3m and grading up to 30-50% Zn. A prior soil survey outlined a NW verging area 1.2km long by 0.3km wide with up to 15,000ppm Zn. The licence has seen multiple phases of RAB (rotary air blast), RC (reverse circulation) and diamond drilling by BMR and major operators including BHP and ZCCM. However, the main focus of this exploration was the discovery of deep-seated massive-sulphide Kabwe-style orebodies and not necessarily on the shallow, high-grade surficial and supergene mineralisation. Billiton terminated the project due to the closure of the Zambian office in 1999.
? Historical resource. BMR commissioned Wardell Armstrong to calculate a ‘back of the envelope’ resource estimate (i.e. non- JORC compliant) which amounted to 17.2Mt at 2.5% Zn at surface.

Galileo’s target. Galileo believes that potential remains for a large (+50Mt) low grade (2-5% Zn) open pit-able Zn silicate resource, with further potential for a relatively small (0-5Mt) high-very high grade (>25% Zn + Pb) pods and lenses of Kabwe style mineralisation in the area.
? Near-term revenue prospect. Ka****u has a number of attractive aspects including the fact that Galileo believes that there could be potential for a larger deposit than at Star Zinc. Galileo believes that Ka****u mineralisation has the potential to be processed at Jubilee Metals Group Plc’s (AIM: JLP) integrated Sable Zinc refinery situated a mere 6km away. This potentially offers potential to fast track Ka****u into production.

Part two (continuation )

fast-tracked as gaining importance.

? Sandfire deal. As testament to the prospectivity of Galileo’s landholding, Sandfire Resources Ltd (ASX: SFR, Mkt Cap: A$1.2bn) recently acquired 9 of Galileo’s licences for US$3m, a commitment to spend US$4m on exploration, and success-based payments. Sandfire is now a major shareholder in Galileo which we view as a solid endorsement.

? Botswana is increasingly coming into focus as an attractive exploration destination in Africa. Long regarded as one of the most politically stable and low-risk countries in Africa and with a democratically elected government. Botswana is a mining friendly jurisdiction, and the resource sector reputedly contributes c.80% of the country’s exports. The Fraser Institute ranked Botswana as #1 in Africa and #11 globally, in terms of “investment attractiveness”. On 7th July 2021, Sandfire was granted the Mining Licence for its T3-Motheo copper mine demonstrating the Government of Botswana’s willingness to permit projects into production.

? Galileo’s promising start. Galileo is initially focussing on three high priority licences in the KCB. A heliborne EM and magnetics survey was completed in May 2021. Interpretation of Galileo’s EM data (by the same consultancy that was instrumental in the A4 dome discovery for Sandfire) indicates a 22km long conductive feature on Galileo’s ground. There also appears to evidence of structural repetition, thrust faulting and a regional scale dome structure. Given that faulting and anticlinal dome settings are emerging as key controls on mineralisation, Galileo could not have had a better start. Galileo has mobilised a rig to site to drill 10 priority holes totalling a minimum of 2,500m. Results are expected in Q3.
The KCB is fast becoming a discovery hot spot. The most compelling aspect is that because of the sand cover and minimal outcrop, the potential to discover large, buried deposits remains wide open. Advances in exploration targeting and technology along with greater geological understanding gleamed from recent discoveries (e.g. Sandfire’s A4 deposit) provide a fresh prospective on a highly prospective copper belt in one of Africa’s most stable countries. Given the major structural deficit emerging in the sector, copper exploration has a renewed sense of urgency and Galileo is extremely well placed to press its advantage in Botswana. The current £13m market cap remains unchallenging”

As posted on Advfn:

Shard have issued a comprehensive research note on GLR today running to 22 pages. Maybe this is CB’s way of saying that all is well and just a little more patience is required.

Here’s the summary:

Galileo Resources PLC

Unearthing the secrets of the sands

Galileo is pushing ahead with an exciting exploration programme in the Kalahari Copper Belt (KCB) in Botswana. We view the KCB as one of the largest and most promising underexplored copper belts in the world, one which is starting to be unlocked by advances in geophysics. The KCB already hosts world-class copper-silver deposits and Galileo’s licences are strategically positioned in key parts of the belt along trend from major discoveries.

? New push in the KCB. Galileo has been building a land position in the Kalahari Copper Belt in Botswana. The KCB is a huge belt, extending over 1,000km from northern Botswana to the southwest into central Namibia. Multiple copper-silver (Cu-Ag) deposits have been identified and two major mine complexes have already been established by major operators; Sandfire Resources Ltd and Cupric Canyon Capital (Khoemacau Copper Mining).

Description
? A proper discovery play. Despite its inherent geological prospectivity, the KCB has attracted only a fraction of the exploration dollars spent on the Central African Copper Belt in Zambia and the DRC. 12.9 The reason being that the depth of Kalahari sand cover and lack of outcrop made exploration in the KCB challenging with cover sequences masking the geochemical signature of a potential deposit. However, the situation has changed and advances in geophysical technology mean that techniques such as airborne magnetics and electromagnetics (EM) are able to penetrate sand cover and provide key lithological or structural information about the underlying geology. A case in point, Sandfire’s A4 deposit was discovered through airborne EM interpretation. Recent discoveries in the KCB also provide further information on the structural controls on mineralisation which helps to refine targeting strategies. Thus, the challenge now becomes the opportunity, using modern technology to potentially identify world-class orebodies that historical explorers would simply not have had the technology to discover

? KCB endowment. Key discoveries include Sandfire’s T3 (53.3Mt at 0.9% Cu) and A4 (6.5Mt at 1.5% Cu) deposits and Khoemacau’s Zone 5 (91Mt at 2.13% Cu), Full details in the note. We can only see the KCB gaining prominence as the go-to destination for copper exploration globally as other locations become more challenging. The DRC is beset with political and security risks, and Chile has growing impediments to development including social issues, access to water and infrastructure. Minex consulting (Shodde 2017) sees the average delay between discovery and development for a copper deposit at 16.8 years and that excludes the exploration phase. Thus, we see smaller, high- grade copper discoveries with

Yes, have just noticed the low cut off grade used in the resource upgrade, despite some of the stellar grades they have hit. Probably used that threshold to avoid having to cough up to ARCM at this time I expect, but I note that they are promising a further resource upgrade later this year.

'of' not 'on'.

Whilst the royalty payments are more than welcome some seem to have missed the point that the resource upgrade also triggers the payment on $7.25m as per this RNS:https://www.investegate.co.uk/arc-minerals-limited/rns/sale-of-sturec-update/202008111144498059V/

From the Skipper on Advfn:

"Took my eye off the Metalstech news flow recently and missed the recent update on Sturec where they are hitting bonanza grades:hTTps://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02380409-6A1035123?access_token=83ff96335c2d45a094df02a206a39ff4

The key takeaway from this release is that a significant resource upgrade is expected this month and that should trigger a payment of $7.25m to ARCM.Having recently received at $6m cash payment from Lithium Royalty Corp Metalstech might well be in a position to make the payment, although a cash raise can't be ruled out given that they are stepping up the drilling programme."

There are two market makers on the ask notionally offering 20k lots @ 8.70 but they don't really have any stock to speak of, which is why it goes to 'route to dealer' or buy at 'market best' when you try to buy. The only way to shift this pair off the ask is to use fill or kill orders for 20k lots at full ask or be a hostage to fortune and go for market best or similar, depending on what trading platfrorm you use imo.