REG - Galileo Resources - Exploration Start-up Over Lithium & Gold Projects

Galileo ResourcesAnnouncement

26/04/2022 07:30

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RNS Number : 3459J  Galileo Resources PLC  26 April 2022

 

For immediate release

 

26 April 2022

Galileo Resources Plc

("Galileo" or "the Company")

 

Exploration Start-up Over

Lithium & Gold Projects, Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an
update on the commencement of exploration at the lithium and gold projects in
Southwest Zimbabwe, which are the subject of an $1.5million earn-in agreement
as announced by the Company on 7 March 2022.

 

Highlights

·    At the Kamativi Lithium Project, comprising EPO 1782, a
reconnaissance mapping/sampling site visit is planned to commence imminently

·    Permitting work has been initiated to prepare for more advanced
exploration in the coming weeks and months which is aimed at facilitating
early drill testing

·    At the Bulawayo Gold Project, the Company has signed a contract with
Xcalibur Airborne Geophysics (Pty) Ltd. to carry out a fixed-wing airborne
magnetic and radiometric survey over the most prospective parts of EPO 1783
and EPO 1784

·    The survey will comprise 12,184 line km of flying at 100m line
spacing covering extensive Greenstone Belt rock formations that are host to
many small to mid-size quartz reef gold mines and deposits in Zimbabwe

·    Flying has already commenced and is expected to take about 4-5 weeks
to complete, including delivery of processed data, the aim being to map
critical structures and belts linking the many known small-scale gold mines
and deposits to help identify targets for the potential development of a
medium to large scale mine

 

Colin Bird Chairman & CEO said: "We are very pleased to have already
commenced work over the lithium and gold projects in Zimbabwe. The Kamativi
Lithium Project is adjacent to the Kamativi tin mine which hosts a substantial
lithium tailings Resource, mainly in the form of spodumene which is the most
sought-after lithium mineral. Primary lithium grades at the Kamativi mine
could well be higher than reported in tailings.

 

At our Bulawayo Gold Project airborne geophysical surveying is already well
under way over a region with many small to medium sized historic high grade
gold mines. Our work will aim to fingerprint the structural settings of the
known deposits and to identify potential extensions of these zones through our
property, as well as locating new targets underneath thin cover hidden from
the old prospectors."

 

 

For details of the project areas and agreements covering these areas, please
refer to the Company's RNS announcement dated 7(th) March 2022.

 

 

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

 

 "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

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

 "quartz"           A mineral composed of silicon dioxide, SiO2.

 "reef"             Mineralised rock, particularly gold bearing quartz.

 

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