REG - Galileo Resources - New Targets Defined on PL039/2018 and PL040/2018

Galileo ResourcesAnnouncement

01/02/2024 07:00

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RNS Number : 5767B  Galileo Resources PLC  01 February 2024

1 February 2024

 

Galileo Resources Plc

("Galileo" or "the Company")

New Kalahari Copper Belt Targets Defined on PL039/2018 and PL040/2018

 

Following the recent announcement of the discovery of three copper targets on
the Galileo licence PL253/2028, the Company is pleased to announce two further
new targets derived from a recent Terraleach(TM)* soil geochemical survey on
licences PL039/2018 and PL040/2018 located towards the south-eastern basin
margin of the Kalahari Copper Belt.

 

Previous scout drilling by Galileo revealed the correct prospective
lithological sequence most typically associated with mineralisation in the
region leading the external consultant to advise that the orientation and wide
separation of these scout drill holes would readily allow for the development
of an economic style deposit to sit between them. Galileo followed up with
ionic leach soil sampling resulting in the discovery of the current anomalous
targets.

 

 

Highlights

 

·      The new Galileo geochemical targets occupy a similar geological
setting ('the Galileo Fold') to that drilled by Khoemacau Copper Mining
('Khoemacau') coincident with the Mowana Fold axis and Zones 5 and 9
mineralisation together with the recently announced drill intercepts by Arc
Minerals ('Arc') on the adjoining Virgo Project.

 

·      At Mowana, Khoemacau reported drill intercepts of 4.3m @ 1.65% Cu
and 6.1m @ 2.56% Cu. Arc also recently drilled scout holes on the same
structure on an adjacent licence and reported 1m intervals assaying up to
3.65% Cu.

 

·    Independent external assessment reported that "the geological and
structural setting of the Galileo Fold is almost identical to that of the
Mowana Fold and is believed to share the same level of prospectivity."

 

·    On PL 039/2018, anomalous soil results are associated with the plunge
nose of the Galileo Fold structure.

 

·    On PL40/2018, three geochemical targets have been identified with the
southern target extending over 2.8km.

 

·    Survey lines were widely spaced, and the Company is assessing
available geophysical data ahead of a drill programme over priority targets.

 

 

Colin Bird Chairman and CEO commented "Following on the back of the recently
announced discoveries on PL253/2028 to the north of these licences our new
targets are very encouraging particularly when you consider that the copper
values in soils on PL39/2018 define an area independently assessed to be
directly analogous to the Khoemacau/Arc Mowana Fold prospect and I would
direct shareholders to the attached figure to see the remarkable similarity
between the two target areas. The scale of our discoveries should also not be
overlooked for example, the southern target on PL40/2018 is the same size as
Khoemacau's Zone 5 target. In the coming months we will undertake further work
to pin down drilling targets in this exciting area."

 

Figure 1 - Galileo PLs 039 & 040 - geological setting and soil
geochemistry

 

 

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.

 

 

*Terraleach(TM): The technique is a partial leach method that assays for
mobile ions which have migrated into the weathering zone, and which are only
weakly or loosely attached to the surfaces of soil particles. Studies have
shown that these ions have the ability to disperse through unmineralised rock
and overburden to surface from depth, thus having the capacity to indicate
buried mineralisation.

 

 

 

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").

 

 

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