REG - Galileo Resources - Kamativi Lithium-Tin Project – Drill Assay Results

Galileo ResourcesAnnouncement

19/03/2024 07:00

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RNS Number : 2308H  Galileo Resources PLC  19 March 2024

19 March 2024

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Kamativi Lithium-Tin Project - Drill Assay Results

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders regarding full Phase 1 drill assay results received for the
Company's 80% owned Kamativi Lithium-Tin Project in Zimbabwe.

Highlights

·    Full assay results now received from ALS Chemex for the 10-hole Phase
1 angled drilling programme at Kamativi over an area of about 1km x 0.5km show
extensive lithium enhancement focussed on cross-cutting pegmatites/aplites and
within mica-schist host rock.

·    Initial in-country assays in the first hole, KSDD001 (refer to RNS's
dated 21 August 2023 and 17 October 2023) were confirmed by definitive assays
at the accredited ALS Global Laboratories, including a zone of 4m @ 1.03% Li2O
from 35m depth in a discordant pegmatite within a wide 63.94m zone assaying
0.26% Li2O across both pegmatites and mica-schist host rock - see Table 1 and
Figure 1 below.

·    While tin was not specifically targeted in this drill phase,
anomalous values were encountered ranging up to 0.19% Sn over 1.3m from 95.2m
depth in hole KSDD005.

·    Thin section and XRD mineralogical examination have confirmed the
presence of spodumene mineralisation in the KSDD001 intercept, while further
work is required to identify the nature of more widespread lithium
mineralisation within the host rock.

·    The Company believes that the drilling and mapping results indicate
an extensive hydrothermal event at Kamativi which introduced lithium to the
rock package over a substantial area.

·    Geological mapping and prospecting have identified
mineralisation/alteration in pegmatites over at least 1.5km strike length
which has only been partially drill tested to date.

·    Further exploration will focus specifically on cross-cutting
pegmatite/aplite dykes as well as the source of the widespread lithium
occurrences both within the current Target 1 and at four other identified
target zones on the property.

 

Colin Bird Chairman and CEO said "This is our initial reconnaissance drilling
programme which has yielded encouraging results peaking at 1.03% Li2O over 4
metres. An unusual feature of this discovery is the spread of highly anomalous
lithium through the mica schist host rock as opposed to being solely contained
within the pegmatite. We have no doubt that discordant pegmatites are the
drivers to lithium content and our mapping programmes have located more
discordant pegmatites than previously recognised. On the basis that the nearby
Kamativi mine was a long-producing tin operation it comes as no surprise that
we also see anomalous tin associated with these discordant pegmatites, in some
cases coincident with lithium.

We are pleased with the outcome of the reconnaissance drilling programme and
our ongoing field work. We plan to undertake further drilling for lithium and
tin based on this Phase 1 drilling outcome and results of the mapping work.

In addition to the lithium/tin exploration, the Company has also undertaken
exploration over targets in the vicinity of the historic Gwaii Copper Mine in
the southern part of the licence, where new soil anomalies have been
identified. These will be followed up concurrently with the lithium/tin
programme."

 

 Table 1 - Kamativi Phase 1 Drill Assay Averages >0.1% Li2O*
 Hole_ID    From (m)  To (m)  Width (m)  Li2O%

 KSDD001    12.30     76.24   63.94      0.26
 Including  22.10     24.00   1.90       0.28
            25.00     26.00   1.00       0.29
            30.00     39.00   9.00       0.61
 Including  35.00     39.00   4.00       1.03

 KSDD001    45.00     57.17   12.17      0.36
 KSDD001    61.00     65.59   4.59       0.27
 KSDD001    83.28     110.28  27.00      0.12

 KSDD002    40.00     52.00   12.00      0.12
 KSDD002    57.50     59.00   1.50       0.14
 KSDD002    77.00     80.00   3.00       0.15
 KSDD002    84.00     99.05   15.05      0.16
 Including  84.00     85.00   1.00       0.31

 KSDD002    121.33    127.43  6.10       0.18
 KSDD002    131.37    133.98  2.61       0.18

 KSDD003    52.20     53.50   1.30       0.13
 KSDD003    86.60     88.78   2.18       0.11

 KSDD004    8.00      22.30   14.30      0.17
 Including  14.28     15.74   1.46       0.25

 KSDD004    17.00     22.30   5.30       0.27
 KSDD004    32.70     51.00   18.30      0.18
 Including  35.85     39.50   3.65       0.28

 KSDD004    57.50     69.80   12.30      0.16
 KSDD004    74.94     78.82   3.88       0.15

 KSDD005    59.00     83.00   24.00      0.14
 Including  77.07     80.00   2.93       0.27

 KSDD005    93.00     95.20   2.20       0.13

 KSDD006    19.00     23.50   4.50       0.13
 KSDD006    33.00     37.00   4.00       0.19
 KSDD006    49.89     55.79   5.90       0.17
 KSDD006    58.88     61.95   3.07       0.15
 KSDD006    66.22     85.00   18.78      0.15

 KSDD007    84.00     85.31   1.31       0.11

 KSDD008    102.00    110.00  8.00       0.12

 KSDD009    45.68     55.95   10.27      0.16
 Including  54.00     55.95   1.95       0.27

 KSDD009    63.90     70.00   6.10       0.14

 KSDD010    131.72    135.00  3.28       0.19
 KSDD010    140.00    181.00  41.00      0.18
 Including  140.00    143.05  3.05       0.29

 KSDD010    145.10    145.50  0.40       0.29
 KSDD010    147.83    152.28  4.45       0.30
 KSDD010    154.68    158.28  3.60       0.27
 KSDD010    159.11    159.77  0.66       0.28
 KSDD010    162.30    163.00  0.70       0.25
 KSDD010    184.77    189.00  4.23       0.12

* Downhole intervals - true widths not currently known

 

 

Figure 1 - Kamativi Drill Plan Showing Hole Locations and Selected Assay
Intervals >0.1% Li2O

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 Terms

 "aplite"        A fine-grained acid igneous rock with a characteristic texture.
 "hydrothermal"  Descriptive of hot magmatic emanations rich in water.
 "mica"          A platy, flexible mineral which is a common constituent of igneous and
                 metamorphic rocks.
 "pegmatite"     Very coarse-grained igneous rock which commonly occurs as dykes in granite
                 intrusions.
 "schist"        A metamorphic rock with a platy or foliated texture.
 "spodumene"     A lithium aluminium silicate mineral and an important ore of lithium.
 "XRD"           X-Ray Diffraction - a technique for identifying minerals by analysing X-rays
                 passed through a rock.

 

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