REG - Galileo Resources - Exploration Update at Shinganda, Zambia

Galileo ResourcesAnnouncement

20/09/2023 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:20230920:nRST9830Ma&default-theme=true

RNS Number : 9830M  Galileo Resources PLC  20 September 2023

20 September 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Geophysical Review and Phase 2 Drill Planning at Shinganda, Zambia

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders of the results of a licence-wide geophysical review and planning
for a Phase 2 drilling programme to test multiple targets over the Shinganda
Project Copper-Gold Project, Zambia ("Project"). This follows the Company's
decision to exercise its option to acquire an initial 51% interest in the
Project as announced on 27 June 2023.

 

Highlights

 

·    A study commissioned by the Company of historic airborne and ground
geophysical survey data, combined with Galileo's own geophysical surveys, soil
sampling and prospecting has unlocked the structural framework of the property
and highlighted potential targets for immediate drill testing.

 

·    Among the conclusions of the geophysical study were:

 

o  High resolution aeromagnetics reveal a prospective structural setting with
three large clusters of intense iron alteration towards the west.

o  Historic drilling within and close to iron alteration clusters has
returned ample evidence of wide-spread and, in parts, intense iron-alteration
in the form of hematite, magnetite and lesser pyrite. These boreholes were
never assayed.

o  At the Shinganda copper-gold prospect a higher order splay fault coming
off the Main Fault Zone can be clearly identified in the aeromagnetic data and
probably acts as the primary control to the copper-gold mineralisation.

o  Soil anomalies >285 ppm Cu occur both along the Shinganda Splay Fault
and over iron alteration Cluster A which are prospective mineralisation
targets for copper-gold in the light of an IOCG setting and a new structural
understanding, and warrant follow-up drilling.

o  Several strong, historic IP chargeability anomalies over the iron
alteration clusters have been insufficiently drill tested to date.

 

·    Up to 2,000m of diamond drilling is planned to commence shortly to
test multiple shallow copper-gold targets along, and parallel to, the
Shinganda Splay Fault and to test the IOCG deposit potential related to the
iron alteration clusters and IP targets highlighted by the geophysical study.

 

·    Previous drilling at Shinganda has achieved some highly encouraging
drill results from a limited programme that included drill intercepts peaking
at 50.3m @ 1.54% Cu from 21m downhole depth in hole SHDD002 and
prospecting/exploration pitting that returned gold grades up to 33.90g/t Au
from composite grab samples at one of the planned drill sites.

 

 

Colin Bird Chairman and CEO said: "The up-to-date geophysical interpretation
is an example of how the science of geophysics has progressed.  All of our
fieldwork and drilling, together with historical work, has been modelled by
new technics and we have now a much better understanding of the drivers of
mineralisation."

 

"We are in a very fertile area and our latest understanding will allow us to
direct future drilling programme to potential best effect.  I look forward to
the next phase of exploration to include drilling and gaining more information
on what is a becoming a very exciting project."

 

 

Diagram of Shinganda Aeromagnetic Interpretation:

 

http://www.rns-pdf.londonstockexchange.com/rns/9830M_1-2023-9-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9830M_1-2023-9-19.pdf)

 

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

 

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

 "splay fault"       Plane of failure in faulted body of rock extending from main structure

 "hematite"          A mineral composed of ferric iron oxide

 "IOCG"              Iron Oxide Copper Gold - important deposits of copper, gold and uranium ores
                     hosted within iron oxide dominant gangue assemblages which share a common
                     genetic origin

 "IP chargeability"  A method of ground geophysical surveying which employs the passing of an
                     electrical current into the ground to test for indications of conductive
                     metallic sulphides

 "magnetite"         A magnetic iron oxide, Fe3O4

 "pyrite"            Iron sulphide mineral, FeS2

 

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  MSCBIGDCRBBDGXC