REG - Galileo Resources - Drill Programme over Kamativi Lithium Project

Galileo ResourcesAnnouncement

15/06/2023 07:00

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RNS Number : 7384C  Galileo Resources PLC  15 June 2023

15 June 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Commencement of Drill Programme over Kamativi Lithium Project, Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders that preparations for a drill programme have commenced over the
Kamativi lithium - tin target where the Company announced the discovery of a
previously unknown lithium anomaly in soils and streams (see RNS dated 23
March 2023).

 

Highlights

 

·    A contract has been signed by the Company for a diamond drilling
programme following on quickly from the discovery of a substantial lithium
anomaly in soils on the Kamativi licence EPO 1782 adjoining the historic
Kamativi tin-tantalum mine (in which Galileo does not have an interest) which
contains a significant lithium tailings resource.

 

·    Galileo's Kamativi soil anomaly, which peaks at 1,000ppm Li, extends
over a strike length of almost 3km, comparable to the footprint of the Arcadia
Lithium Project near Harare, considered to be one of the world's biggest hard
rock lithium resources.

 

·    A swarm of coincident pegmatite dykes has been mapped within the
anomaly area which will be targeted in the first phase of drilling, with
approximately 1,000m of drilling planned in at least 10 holes.

 

·    Other anomalies will be evaluated and drill-tested in due course.
This will include one area particularly anomalous in rare earth elements.

 

Colin Bird Chairman and CEO said "We have quickly moved from the discovery of
a widespread lithium soil anomaly to the commencement of a drill programme at
Kamativi. The anomaly is substantial, and we believe it is highly significant
that the target is comparable in size to other large lithium deposits
including the 42.3Mt Arcadia deposit also located in Zimbabwe. We will quickly
evaluate the target with an initial drill programme to test the stacked
lithium-bearing pegmatites and results will determine the extent of follow up
drilling. The programme will also assess tin prospectivity as the recent soil
and rock chip programmes also identified areas anomalous in tin".

 

Kamativi Lithium Project

The Kamativi licence EPO 1782 covers an area of 520 sq km in western Zimbabwe.
Galileo has an option to earn an 80% interest through spending a combined
total of $1.5million on exploration and evaluation in the Project area and
over the Bulawayo gold-nickel property by 21 July 2024.

 

 

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").

 

Technical Glossary

 

 "pegmatite"  Very coarse-grained igneous rock which commonly occurs as dykes in granite
              intrusions

 "tailings"   Reject products from a mineral treatment plant

 "tantalum"   A metallic mineral used in a variety of alloys to add high strength, ductility
              and a high melting point

 

Abbreviations

Li             Lithium

 

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