REG - Galileo Resources - New lithium discovery in Kamativi initial drilling

Galileo ResourcesAnnouncement

10/08/2023 07:00

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RNS Number : 8662I  Galileo Resources PLC  10 August 2023

10 August 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Galileo Makes New Lithium Discovery in Initial Drilling on its Kamativi
Project

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders that initial lithium analyses by an independent accredited
laboratory has confirmed the presence of lithium mineralisation over a
significant width in the first hole completed at the Kamativi Project in
Zimbabwe. Drilling continues to intersect multiple pegmatite dykes, some over
notable widths in the same environment.

Highlights

·     Strongly positive lithium results from assays of core generated
from the first angled drillhole KSDD001 completed at Kamativi.

·    Peak values include 4m @ 1% Li(2)O from 35m downhole depth including
an intercept of 1m at 2.04% Li(2)O within an 18m-wide pegmatite.

·    Additional pegmatites with similar mineral characteristics to that
returning lithium values in hole KSDD001 have been identified elsewhere in the
same hole and in subsequently completed holes - further sampling is currently
being undertaken.

·    Sampling in hole KSDD001 ended in mineralisation and recent results
from soil sampling and visual analysis indicate an extension of the original
anomaly over a considerable distance.

·    Completion of detailed mapping coupled with the results from KSDD001
show a large target area never previously evaluated that will require
additional drilling and an extension of the planned drill programme.

·    pXRF analysis has also indicated the presence of anomalous quantities
of tin in some pegmatites intersected during drilling.

Colin Bird Chairman and CEO said "A new lithium discovery in the Kamativi
region represents a significant find particularly in view of the historic
mining and lithium potential in the region and the intersection of high-grade
lithium in our first hole is particularly pleasing. Our detailed soil surveys
and mapping have identified multiple pegmatites with swarms extending more
than 4km in strike length".

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.

Abbreviations

Li          Lithium

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