REG - Galileo Resources - Kamativi Project Update

Galileo ResourcesAnnouncement

17/10/2023 07:00

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RNS Number : 2664Q  Galileo Resources PLC  17 October 2023

17 October 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Kamativi Project - Update on Lithium Drilling Programme and Further
Exploration

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders regarding progress on drilling and further exploration on the
Kamativi Project in Zimbabwe.

Highlights

·     The Phase 1 drilling programme at Kamativi for lithium and
associated elements over a pegmatite-rich area of about 1km x 0.5km has been
completed, for 1,428.4m in 10 holes.

·    Mineralisation and alteration similar to that reported in the first
hole, KSDD001 (refer to RNS's dated 10 and 21 August 2023), has been observed
in several of the subsequent holes.

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

·    Core logging and sampling is underway, preparing samples for export
to the ALS Laboratory in Johannesburg for lithium and associated element
analysis.

·    Mineralogical examination of samples from KSDD001 carried out at the
University of Zimbabwe has identified spodumene mineralisation in thin
sections - further samples will be subjected to full XRD mineralogical
examination in South Africa.

·    The Company is also undertaking infill soil sampling over a strong
Rare Earth Elements ("REE") soil anomaly in the north-eastern sector of the
licence (previous sampling reported up to almost 0.5% REEs in soils) and
testing for copper in the southern part of the licence for VMS-type
mineralisation.

Colin Bird Chairman and CEO said "We are very pleased with the initial
indications from the Phase 1 reconnaissance drilling programme at Kamativi
which was aimed to test the mapped pegmatites and their continuity, if any.
The programme was expanded from the initial plan to confirm and extend the
target zone along strike due to the positive initial results. All the
peripheral work is pointing in the right direction, thus representing a very
positive start to the overall Kamativi programme. It should be noted that we
have only tested part of the anomalous zone to date which supports the
prognosis that there is good potential to find mineralisation similar to the
nearby Kamativi lithium mine within our concession area.

We also look forward to receiving analytical results for tin which could
represent a significant by-product or even a stand-alone target if found in
the right quantities. We will continue to inform the market as the programme
evolves following this promising start."

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

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

 

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