REG - Galileo Resources - Completion of Drilling at Luansobe Project

Galileo ResourcesAnnouncement

23/11/2022 10:15

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RNS Number : 3633H  Galileo Resources PLC  23 November 2022

For immediate release

 

23 November 2022

Galileo Resources Plc

("Galileo" or "the Company")

 

Completion of Resource Delineation Drilling at the Luansobe Copper Project,
Zambia

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to confirm
 completion of the Luansobe Copper Project (the "Project") drill programme,
marking an important step towards the generation of a new Mineral Resource
Estimate for the Project. Assay results for the first 15 of 28 holes drilled
have been received and are more fully set out below.

 

 

Highlights

 

·    28 vertical diamond drill holes totalling 3,563.5m completed

·    Drilling has successfully identified wide zones of moderate grade,
near-surface copper mineralisation, potentially offsetting open pit
pre-stripping costs, which could be expected to impact positively on Project
economics

·    Assays for the first fifteen holes received, with peak values
including the following:

o  23.73m @ 2.63% Cu from 85.27m in hole LUDD013

o  2.56m @ 2.78% Cu from 45.44m in hole LUDD005

o  16.39m @ 0.95% Cu from 54.0m in hole LUDD009

o  7.0m @ 0.66% Cu from 21.0m in hole LUDD006

·    Handheld XRF analyses routinely collected during logging on remaining
holes also indicates the presence of copper mineralisation over pronounced
widths that may reflect positively on the expanding open pit model

·    External independent consultant Addison Mining Services will complete
a JORC (2012) Mineral Resource Estimate as soon as the balance of geological
data and supporting assays have been provided by the Galileo

·    The Mineral Resource Estimate will provide the information required
to progress towards a potential open pit mine plan

 

 

Colin Bird Chairman & CEO said: "We are very pleased with the results of
our drilling programme in that we have received confirmation that the deposit
appears to extend closer to surface than previously thought and we have
encountered wide zones of good mineralisation. Our independent consultant
Addison will collate these results and, once the additional drilling results
are received, from that will establish an open bit block model and examine
development options.

 

Our intention is to then to put this model out to the open pit contracting
industry to commence operations as soon as we can in quarter 1, 2023,
following the receipt of the mineral resource estimate and the production of
the block model and theoretical open pit plan".

 

 

Drilling Progress

The diamond drilling programme at Luansobe was planned with input from Addison
Mining Services following initial modelling based on incomplete historic
drilling information. Drilling was focussed on areas where initial modelling
suggested that shallow copper potential was not adequately tested, where no
assay data was available in the historic records or where previous holes
appeared not to have fully tested the main mineral horizons. Several holes
were also 'twinned' to confirm the historic data.

 

28 vertical holes were planned from surface to depths ranging from 60m to
220m. Core logging and sampling is being carried out to high QA/QC standards
in order to comply with requirements for mineral resource estimation in
accordance with JORC (2012), and in preparation for open pit mine modelling
and planning which will be undertaken following receipt of final logs and
assays. All 28 holes have now been drilled, totalling 3,563.5m and copper
assay results have been received for 15 of these, with the principal
intercepts tabulated below.

 

Assaying has been carried out at the ISO accredited SGS laboratory at
Kalulushi in the Zambian Copperbelt. Of particular interest from the results
to date is the confirmation of moderate grade copper intercepts in several
holes within upper horizons at Luansobe that were not recorded by previous
operators. This aligns with the earlier results of historic core resampling by
the Company reported on 4th August 2022. These shallower copper zones can
assist with the economics of any future open pit development by partially
offsetting the cost of pre-stripping.

 

 

 Luansobe Drill Results - Selected Assay Intervals to Date

 (0.2% Cu cutoff)
 Hole No  Depth from (m)*  Depth to (m)  Interval (m)  Total Cu%
 LUDD005  45.44            48.00         2.56          2.78
          79.00            80.00         1.00          1.98

 LUDD006  21.00            28.00         7.00          0.66
          39.00            48.00         9.00          0.41
          86.00            88.00         2.00          0.88

 LUDD009  54.00            70.39         16.39         0.95
          84.40            92.00         6.10          0.96

 LUDD012  64.00            70.00         6.00          0.39
          76.00            82.00         6.00          0.27
          94.00            104.25        10.25         0.90

 LUDD013  40.00            50.00         10.00         0.54
          85.27            109.00        23.73         2.63

 LUDD014  40.27            42.70         2.43          3.51

 LUDD015  56.00            60.70         4.70          0.29
          78.00            81.00         3.00          0.30
          85.00            93.50         8.50          0.33
          96.06            124.00        27.94         0.28
          137.60           151.32        13.72         0.52
          157.00           159.85        2.85          1.82

* Note: Drilling depth from surface

Information will be further updated on receipt of assays for the remaining
holes and this will be followed by an updated mineral resource estimation,
upon which a plan will be developed for a potential open pit mine development.

 

Project Background

The Luansobe area is situated some 15km to the northwest of the Mufulira Mine
in the Zambian Copperbelt which produced well over 9Mt of copper metal during
its operation. It forms part of the northwestern limb of the northwest -
southeast trending Mufulira syncline and is essentially a strike continuation
of Mufulira, with copper mineralisation hosted in the same stratigraphic
horizons. At the Luansobe prospect mineralisation occurs over two contiguous
zones, dipping at 20-30 degrees to the northeast, over a strike length of
about 3km and to a vertical depth of at least 1,250m.

 

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a geologist
with more than 40 years' relevant experience in mineral exploration and
mining, a founder member of the Institute of Geologists of Ireland and is a
Qualified Person under the AIM rules. Mr Slowey has reviewed and approved
this announcement.

 

You can also follow Galileo on Twitter: @GalileoResource

 

For further information, please contact: Galileo Resources PLC

 

 Colin Bird, Chairman                       Tel +44 (0) 20 7581 4477
 Beaumont Cornish Limited - Nomad           Tel +44 (0) 20 7628 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker    +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker  Tel +44 (0) 20 7186 9952

 Damon Heath

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

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