REG - Galileo Resources - Delineation of Gold and Nickel Targets at Bulawayo

Galileo ResourcesAnnouncement

30/11/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221130:nRSd9773Ha&default-theme=true

RNS Number : 9773H  Galileo Resources PLC  30 November 2022

30 November 2022

 

Galileo Resources Plc

("Galileo" or "the Company")

 

 Successful Delineation of Gold and Nickel Targets at Bulawayo Gold Project,
Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders of early successes on priority gold and nickel exploration
targets originally generated from a 1,108km2 airborne geophysical survey over
the Bulawayo Gold Project (the "Project").

 

The Bulawayo Gold Project comprises two exploration licences covering a
combined area of 1,300 sq km near Bulawayo. Galileo has a current interest of
29% in the Project, held through its interest in BC Ventures, along with an
option to earn an additional 51% interest through spending $1.5million on
exploration and evaluation of the Projects by 21 January 2024.

 

 

Highlights

 

Bembeshi Gold

·    Evidence of both historic and current gold mining along a 7km-long
outcropping greenstone trend

·    Exploration has encountered visible sulphides and associated
alteration in multiple shear-hosted quartz veins and stockworks over zones up
to 30m wide

·    High-grade gold is currently being mined by artisans and small-scale
miners at reported average grades of 5 to 7g/t Au

·    Clear scope for the development of a wide zone of gold mineralisation
from surface over widths of approximately 30m with grade supplemented by
high-grade quartz veins

·    At least two targets are drill-ready, with testing planned for first
quarter, 2023

 

Bembeshi Nickel

·    Confirmation based on available evidence for a large buried mafic -
ultramafic body with potential to host nickel

·    XRF field analysis of a cross-cutting structure hosting
mafic-ultramafic rock probably originating from the buried mafic body is shown
to contain nickel using handheld XRF analysis

·    The presence of nickel provides sufficient motivation to issue a
tender for an EM survey to better define the buried ultramafic body prior to
drilling

 

Queens West

·    Review of ground magnetics by two independent geophysicists has
verified the presence of multiple structures forming extensions to known
gold-bearing features beneath cover.

·    Buried structures are sufficiently well-defined to warrant
supplementary IP-Resistivity ground geophysics to generate further drill-ready
gold targets.

·    Discovery multiple quartz veins/stockworks at surface containing
sulphide mineralisation, and active artisanal mining provides clear evidence
of the presence of gold at or close to surface on structural extensions of
features hosting both current and former producing gold mines.

·    Targets expected to be drill-ready for the first quarter, 2023.

 

Colin Bird Chairman & CEO said "We have done a significant amount of
exploration in a short time since acquiring a position in BC Ventures and the
portfolio we commenced with has grown quite significantly. In the Bembeshi
area, geophysics followed by on-ground fieldwork has provided much excitement
and the prospect of drilling in the near-term. Whilst the discovery of nickel
at Bembeshi came as a surprise, the presence of ultramafic rocks in the area
is not uncommon and discovery is partly due to artisanal mining being focused
on gold and unlikely to recognise the significance of ultramafics and
associated nickel mineralisation. Looking to the Queens West targets, the
nearby location of the Queens mine is testament to the presence of high-grade
gold in classic Zimbabwe-type steeply dipping structures and gold mining is
likely to continue in the area for a number of years to come. I am very
encouraged by our early success with our work programmes and I look forward to
bringing in drilling rigs to test our generated targets and hopefully
identifying a gold and/or nickel project for early development."

 

 

Three targets have been prioritised, Queens West, Bembeshi Nickel and Bembeshi
Gold. Exploration comprising ground geophysics to complement the recent
airborne survey, soil geochemistry and detailed geological mapping and
sampling has in every case generated targets of merit that are quickly
evolving into probable drill targets to be tested early in the New Year.

 

The Bulawayo Licences host an impressive number of former producing mines,
active small-scale gold mining operations and artisanal activity. The area
also includes the Queens mine, a commercial underground gold mining operation.
The airborne survey completed earlier this year generated a substantial number
of high-quality, gold and nickel targets the majority of which warrant follow
up. Galileo has selected a small number of these targets to confirm the
veracity of the geophysical data and to consolidate its position in the
Bulawayo region.

 

The presence of an extraordinary number of historic gold operations
supplemented by current artisanal activity all of which are focused on a
plethora of steeply dipping gold-bearing structures provides a solid starting
point for exploration follow up and focused fieldwork. Until the Company
completed its airborne survey there was no means by which explorers could
follow extensions to these productive structures as they plunged beneath
shallow cover. Galileo's survey has revealed a large number of structures that
can be traced back to those areas where they have been mined previously
thereby minimising exploration risk whilst also discovering many new
structural targets that were until recently unknown.

 

Project Background Geology

The Bulawayo area is a granite-greenstone terrane in which numerous gold
occurrences and gold mines are located. The greenstones consist of andesitic
to rhyolitic meta-volcanics mixed with various meta-sediments and gold
mineralisation characteristically occurs in quartz vein "reefs" and
quartz-rich shear zone settings. The area is partially covered by Karoo
sandstone and basalt, as well as some Kalahari sand. The extensive nature of
younger cover historically discouraged exploration where outcrop was absent.
These covered areas, particularly where greenstone host rocks and coincident
geological structures have been interpreted, now offer a unique opportunity
for the discovery of new gold deposits.

 

Mafic and ultramafic rocks within Archean greenstone sequences and the Great
Dyke are known to host nickel deposits in Zimbabwe. Other mafic-hosted
deposits can be found in eastern Botswana on the border with Zimbabwe.
Traditionally, among base metals exploited in Zimbabwe, nickel predominates in
terms of total production value.

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, P.Geo, 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

 

Technical Glossary

 "aeromagnetic"        A survey of the earth's magnetic field carried out from a helicopter or
                       aeroplane

 "alluvial"            Descriptive of sediments which have been deposited by rivers or streams

 "andesite"            A volcanic rock occurring in both modern island arcs and ancient volcanic
                       belts with 52% to 66% silica

 "Au"                  Gold
 "basalt"              A fine-grained volcanic rock with low silica content

 "granite"             A medium to coarse grained granular acid intrusive rock

 "Greenstone Belt"     Zones of variably metamorphosed mafic to ultramafic volcanic sequences with
                       associated sedimentary rocks that occur within Archaean and Proterozoic
                       cratons between granite and gneiss bodies

 "g/t"                 Grammes per tonne
 "intrusions"          Bodies of igneous rock that invade older rocks

 "Karoo"               Sequence of rocks of Palaeozoic to Mesozoic in age, defined in southern Africa

 "lithology"           A synonym for rock-type

 "mafic"               Containing or relating to a group of dark-coloured minerals, composed chiefly
                       of magnesium and iron, that occur in igneous rocks

 "radiometric survey"  The measurement of radiation from radionuclides present at or near the earth's
                       surface

 "reef"                Mineralised rock vein, particularly gold bearing quartz

 "rhyolite"            Fine grained extrusive acid igneous rock

 "sandstone"           A sedimentary rock usually composed essentially of sand-sized quartz grains

 "shear"               Plane of failure in faulted body of rock

 "splay"               A branch off a main structure
 "XRF"                 An analytical method to determine the chemistry of a sample by measuring the
                       fluorescent (or secondary) X-ray emitted from a sample when it is excited by a
                       primary X-ray source

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCMZMZMVLNGZZM