REG - Galileo Resources - Further Drilling Extends Shinganda Project

Galileo ResourcesAnnouncement

18/01/2023 07:00

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RNS Number : 0439N  Galileo Resources PLC  18 January 2023

 

For immediate release

 

18 January 2023

Galileo Resources Plc

("Galileo" or "the Company")

 

Further Drilling Extends Shinganda Copper-Gold Project, Zambia

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an
update on the diamond drilling programme carried out on its Option and Joint
Venture project covering the Shinganda Copper-Gold (Cu-Au) Project, Zambia
(the "Project") where the Company has the right to earn an initial 51%
interest. Full assay results have been received for all nine holes completed
at its Shinganda drilling programme. Copper assay results for the first four
holes were previously reported (RNS dated 20 July 2022) and are reported here
again for completeness.

 

Highlights

 

·    Nine angled diamond drill holes completed at the Shinganda outcrop
prospect totalling 1,227.2m confirm a supergene copper-gold mineralised gossan
zone containing malachite, chalcocite, native copper and associated gold
mineralisation

 

·    Among the assay intersections recorded were:

·    50.3m @ 1.54% Cu, 0.30g/t Au from 21.0m in hole SHDD002

o  Including 7.0m @ 4.36% Cu, 1.51g/t Au from 47.0m

·    43.7m @ 1.01% Cu, 0.18g/t Au from 7.3m in hole SHDD004

 

·    11.0m @ 1.03% Cu, 0.55g/t Au from 102.0m in hole SHDD005

o  Including 3.4m @ 2.89% Cu, 1.61g/t Au from 102.0m

 

·    16.0m @ 0.72% Cu, 0.04g/t Au from 11.0m in hole SHDD006

 

·    The zone as defined so far extends for about 200m x 100m in plan, and
to about 70-80m vertical depth, with a higher-grade core and lower grade
margins

 

·    Drilling towards the west-northwest and the east shows that
mineralisation is not closed off in these directions

 

·    Strong hydrothermal alteration and brecciation is suggestive of a
significant hydrothermal and supergene system at Shinganda, possibly
controlled by regional and local faulting

 

·    Primary chalcopyrite copper mineralisation encountered deeper in hole
SHDD005 may represent the original sulphide source of the remobilised
supergene mineralisation.

 

·    3D modelling of the deposit is proposed to assist in planning
additional drilling, while further evaluation is continuing on other prospects
within the exploration licence showing similar characteristics

 

 

 

 

Colin Bird Chairman & CEO said: "The Shinganda prospect is demonstrating
significant potential as a copper-gold exploration project, with very
encouraging intersection widths from drilling to date. We are continuing to
carry out pitting and trenching on additional nearby targets to demonstrate
further potential within the licence area as we pursue our aim of drill
testing several of these targets during the first half of 2023. Results to
date show that the area is highly prospective, and we look forward to carrying
out and reporting on the next phase of work."

 

 

Drilling Results to Date

Galileo interest in the Shinganda area initially focussed on a historic angled
drill hole completed in 1959, which reportedly cut a near-vertical zone of
heavily veined sediments and copper oxides.

 

Nine follow-up diamond drill holes were completed by the Company in Q3 and Q4
2022 at the Shinganda outcrop prospect totalling 1,227.2m. All holes passed
through a stratigraphic package comprising mainly siltstone, dolomite and
argillite of the Neoproterozoic metasedimentary suite of the Kundelungu Group.
Copper and gold assay results have now been received for all nine holes - see
Table 1 below for a summary of the main intersections of interest.

 

 Table 1 - Shinganda Prospect - Selected DDH Assay Intervals >0.5% Cu over
 2m Minimum Downhole Width
 Hole No.  Dip  Azimuth  From (m)  To (m)  Interval (m)  Cu%   Au g/t
 SHDD001   -50  360      6.0       17.0    11.0          0.63  0.03

 SHDD002   -50  360      21.0      71.3    50.3          1.54  0.30
 Incl.                   47.0      54.0    7.0           4.36  1.51
 Incl.                   47.0      50.0    3.0           7.96  3.13

 SHDD003   -50  360      58.0      60.0    2.0           0.52  0.22
 and                     73.0      77.0    4.0           0.54  0.12
 and                     92.0      94.0    2.0           1.02  0.38

 SHDD004   -55  65       7.3       51.0    43.7          1.01  0.18
 Incl.                   10.0      20.0    10.0          1.61  0.07

 SHDD005   -50  360      87.0      90.0    3.0           0.79  0.06
 and                     102.0     113.0   11.0          1.03  0.55
 Incl.                   102.0     105.4   3.4           2.89  1.61
 and                     126.0     131.0   5.0           0.52  0.77

 SHDD006   -50  180      11.0      27.0    16.0          0.72  0.04
 Incl.                   17.0      20.0    3.0           1.41  0.06
 and                     59.0      61.0    2.0           0.89  0.02

 SHDD007   -50  65       3.0       21.0    18.0          0.53  0.12
 and                     67.0      69.0    2.0           0.72  0.14

 

Galileo's drilling has confirmed and extended the Shinganda hematite breccia
gossan zone copper-gold occurrence, containing supergene malachite, chalcocite
and native copper mineralisation. The core zone on the main profile drilled is
about 35m wide and extends from surface to at least 70m vertical depth. The
overall mineralised zone covers an area of about 200m x 100m in plan and it
has not yet been closed off in several directions, particularly to the east,
the west-northwest.

 

A 25cm interval of semi-massive native copper was noted at approximately 103m
downhole depth in hole SHDD005 within the hematite zone. Chalcopyrite
mineralisation also occurs deeper in hole SHDD005 in bands and associated with
quartz-carbonate veining around 133m-143m downhole depth, which may represent
the original sulphide source of the remobilised supergene mineralisation.

Strong bedrock alteration and brecciation, including quartz-carbonate, silica
and potassic alteration types are seen flooding through intervals of core in
several holes, particularly SHDD003, SHDD005 and SHDD006, suggestive of a
significant hydrothermal and supergene system at Shinganda.

 

3D modelling of the deposit is now proposed to assist in planning additional
drilling, while further evaluation is continuing on other prospects within the
exploration licence showing similar characteristics.

 

 

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

 

 "breccia"            Rock fragmented into angular components

 "chalcocite"         A copper sulphide mineral, Cu(2)S, found in zones of secondary enrichment of

                    copper ores

 "chalcopyrite"       A copper-iron sulphide mineral, CuFeS(2), often found in copper ores

 "fault/shear zone"   Plane of failure in faulted body of rock

 "gossan"             A surface capping of hydrated oxides of iron formed from metallic sulphides

 "hematite"           A mineral composed of ferric iron oxide

 "hydrothermal"       Descriptive of hot magmatic emanations rich in water

 "K-felspar"          Refers to a number of minerals in the felspar group containing potassium

 "malachite"          A green copper carbonate mineral (Cu(2)(OH)2CO(3)) which forms by alteration

                    of copper sulphide minerals

 "native copper"      Copper in its pure elemental form

 "potassic"           Descriptive of alteration of rocks through the introduction of potassium

 "quartz-carbonate"   Referring to alteration of rock by the addition of quartz and carbonate
                      minerals

 "semi-massive"       Mineralisation making up a large part, but not all, of the rock mass

 "silica"             Silicon dioxide, of which the mineral quartz is one form

 "supergene"          Descriptive of a mineral deposit, weathering or alteration formed by
                      descending solutions

 

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