REG - Galileo Resources - Preliminary Drill Results at Shinganda Project
20/07/2022 07:00
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RNS Number : 0447T Galileo Resources PLC 20 July 2022
For immediate release
20 July 2022
Galileo Resources Plc
("Galileo" or "the Company")
Preliminary Drill Results and Prospecting Update at
Shinganda Copper-Gold Project, Zambia
Galileo Resources plc ("Galileo "or the "Company") is pleased to provide
preliminary drill results and a prospecting update over 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.
Highlights
· Three of the four angled holes drilled at the Shinganda outcrop
target for which copper assays have been received intersected shallow
intervals of semi-massive hematite mineralisation with strongly disseminated
copper
· Assay results include 50.3m @ 1.53% Cu from 21m downhole depth in
SHDD002, with a sub-interval of 7m @ 4.36% Cu, including 2.0m @ 11.31% Cu.
Gold assays are awaited
· Six angled diamond drill holes from surface totalling 963.9m have
been completed in total to date; the current programme has been extended from
the original plan for three holes due to the positive initial results
· The results so far support and exceed the results of a historically
reported drill intercept at Shinganda which did not include gold assays (1.07%
Cu over a true width of 28.3m)
· Previously reported mapping/prospecting traverses across the
Shinganda licence area by Galileo (30(th) May 2022) identified nine targets
which have been subjected to recent small-scale artisanal excavation. Rock
grab sample assay results have returned strongly anomalous results for copper
and gold from most of these, including 1.42% Cu, 3.14g/t Au from the Shinganda
outcrop and 1.79% Cu, 10.19g/t Au & 3.77% Cu, 1.24g/t Au from other
occurrences within the licence area
· The outcome of the prospecting, showing the presence of copper and
gold mineralisation over an area of at least 12km x 6km on the Shinganda
licence, points to the potential for several shallow copper-gold deposits on
the property or for a potentially larger target
Table 1 - Shinganda - Provisional DDH Selected Assay Intervals
Hole No. Dip Azimuth Depth From (m) Depth To (m) Interval (m) Cu% Au g/t*
SHDD001 -50 360 6.0 17.0 11.0 0.63
SHDD002 -50 360 21.0 71.3 50.3 1.53
Incl. 47.0 54.0 7.0 4.36
Incl. 48.0 50.0 2.0 11.31
SHDD003 -50 360 58.0 60.0 2.0 0.52
and 73.0 77.0 4.0 0.54
and 92.0 94.0 2.0 1.02
SHDD004 -55 065 7.3 51.0 43.7 1.01
Incl. 10.0 20.0 10.0 1.61
*Gold assays awaited
Colin Bird Chairman & CEO said: "Drilling and assaying by the Company has
confirmed the presence of copper in an area previously explored by a large
mining company. There appear to be a number of structural trends several of
which are worthy of follow-up. The Company plans to continue its shallow
drilling programme which, if results are positive, will be followed by ground
geophysics at the appropriate time. Samples from the current drilling
programme have been submitted to South Africa for fire assay to test for gold,
which was not targeted in the historic drilling at Shinganda."
Drilling Results to Date
Initial Galileo interest in the Shinganda area focussed on a historic angled
drill hole completed in 1959, which reportedly cut a near-vertical zone of
heavily veined sediments and copper oxides.
Galileo's drilling has confirmed and extended that occurrence, with current
interpretation suggesting that the zone may strike northwestwards from the
Shinganda outcrop, where recent grab samples have returned values of 1.42% Cu,
3.14g/t Au.
Six angled diamond drill holes, numbered SHDD001 to 006, totalling 963.9m have
been completed to date and drilling is continuing. Copper assay results have
been received for the first four of these. Holes 1, 2 & 5 were drilled on
a single profile angled towards the north. These confirm a steeply dipping
hematite breccia zone with malachite and probable chalcocite mineralisation,
which is up to 35m wide at 40m depth in hole 2 (refer to Table 1). It appears
that hole 1 cut the margin of the zone at the top of the hole. Hole 5 supports
the continuation of the zone to at least 70m depth where it seems to be about
20-25m wide based on preliminary hand-held XRF readings - these are subject to
assay confirmation.
Hole 3 was stepped out 60m to the west and clipped the margin of the hematite
zone, with some short copper intervals, however the siltstone host rock here
is strongly altered and brecciated. Hole 4 was sited about 60m to the NW to
follow an apparent structural trend based on interpretation of the recently
completed ground magnetic survey and was angled towards the NE to cross-cut
this trend. It collared into the hematite breccia zone which was a little less
massively hematitic than hole 2. Not much visible copper mineralisation was
reported in logging, however the assay results have confirmed the positive
readings from the XRF.
Results of Prospecting Programme
As reported on 30(th) May 2022, Galileo Resources Plc undertook a
reconnaissance mapping and sampling exercise over the most prospective western
sector of the licence. Much of the area is covered by a layer of overburden
and duricrust, nevertheless nine target areas with copper-gold mineralisation
or alteration of interest were identified during mapping over an area of 12km
x 6km within the licence. Most were artisanal pit working exposures with
visible copper oxide mineralisation. Selected sample assay results are given
in Table 2:
Table 2 - Shinganda Prospecting Programme - Selected Grab Sample Assay Results
Sample No. Description Cu % Au g/t
SHR007 Shinganda outcrop area - massive hematite, silicified, with disseminated 1.42 3.14
malachite
SHR009 Shinganda outcrop area - semi-massive hematite, weak visible copper 1.78 0.24
mineralisation
SHR014 South Pit - description as above 1.07 0.29
SHR016 South Pit - description as above 0.19 9.76
SHR019 Pit near centre of licence - silicified hematite + disseminated malachite 3.77 1.24
SHR023 Pit and outcrop of bleached shale with disseminated malachite 1.10 0.63
SHR025 Small artisanal pit - massive hematite, silicified, with disseminated 1.79 10.19
magnetite
SHR026 As above 1.28 6.08
Based on the wide spread of occurrences of copper and gold mineralisation over
the Shinganda licence, the Project is considered by the Company to have
potential for a large copper-gold deposit and/or a series of shallow deposits
amenable to small to medium scale open pit mining development.
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
"fault/shear zone" Plane of failure in faulted body of rock
"hematite" A mineral composed of ferric iron oxide
"hydrothermal" Descriptive of hot magmatic emanations rich in water
"intrusives" Bodies of igneous rock that invade older rocks
"magnetite" A magnetic iron oxide, Fe(3)O(4)
"semi-massive" Mineralisation making up a large part, but not all, of the rock mass
"soil anomaly" A concentration of one or more elements in soil that is markedly higher than
background
"supergene" Descriptive of a mineral deposit, weathering or alteration formed by
descending solutions
Appendix 1: Full Assay Results
Appendix I - Shinganda Drilling - Full Assay Results
Hole No. Samp. No. Depth from (m) Depth to (m) Width (m) Cu%
SHDD001 LU17001 4 5 1 0.12
SHDD001 LU17002 5 6 1 0.19
SHDD001 LU17003 6 7 1 0.48
SHDD001 LU17004 7 8 1 0.68
SHDD001 LU17005 8 9 1 0.59
SHDD001 LU17006 9 10 1 0.90
SHDD001 LU17007 10 11 1 1.07
SHDD001 LU17008 11 12 1 0.66
SHDD001 LU17009 12 13 1 0.54
SHDD001 LU17010 13 14 1 0.55
SHDD001 LU17011 14 15 1 0.48
SHDD001 LU17012 15 16 1 0.55
SHDD001 LU17013 16 17 1 0.40
SHDD001 LU17014 17 18 1 0.34
SHDD001 LU17015 18 19 1 0.27
SHDD001 LU17016 19 20 1 0.24
SHDD001 LU17017 20 21 1 0.27
SHDD001 LU17018 21 22 1 0.20
SHDD001 LU17019 22 23 1 0.17
SHDD001 LU17020 23 24 1 0.12
SHDD001 LU17021 24 25 1 0.09
SHDD001 LU17022 25 26 1 0.07
SHDD001 LU17023 26 27 1 0.06
SHDD001 LU17024 27 28 1 0.04
SHDD001 LU17025 28 29 1 0.04
SHDD001 LU17026 29 30 1 0.07
SHDD001 LU17027 30 31 1 0.06
SHDD001 LU17028 31 32 1 0.08
SHDD001 LU17029 32 33 1 0.05
SHDD001 LU17032 33 34 1 0.05
SHDD001 LU17033 34 35 1 0.03
SHDD001 LU17034 35 36 1 0.03
SHDD001 LU17035 36 37 1 0.05
SHDD001 LU17036 37 38 1 0.09
SHDD001 LU17037 38 39 1 0.06
SHDD001 LU17038 39 40 1 0.10
SHDD001 LU17039 40 41 1 0.14
SHDD001 LU17040 41 42 1 0.10
SHDD001 LU17041 42 43 1 0.06
SHDD001 LU17042 43 44 1 0.05
SHDD001 LU17043 50 51 1 0.02
SHDD001 LU17044 51 52 1 0.05
SHDD001 LU17045 52 53 1 0.07
SHDD001 LU17046 53 54 1 0.04
SHDD001 LU17047 54 55 1 0.02
SHDD001 LU17048 75 76 1 0.03
SHDD001 LU17049 76 77 1 0.03
SHDD001 LU17050 77 78 1 0.02
SHDD001 LU17051 78 79 1 0.03
SHDD001 LU17052 79 80 1 <0.01
SHDD001 LU17053 80 81 1 0.03
SHDD001 LU17054 81 82 1 0.05
SHDD001 LU17055 82 83 1 0.03
SHDD001 LU17056 92 93 1 <0.01
SHDD001 LU17057 93 94 1 <0.01
SHDD001 LU17058 94 95 1 <0.01
SHDD001 LU17059 95 96 1 <0.01
SHDD001 LU17062 96 97 1 <0.01
SHDD001 LU17063 97 98 1 <0.01
SHDD001 LU17064 98 99 1 <0.01
SHDD001 LU17065 99 100 1 <0.01
SHDD002 LU17066 2 3 1 0.05
SHDD002 LU17067 3 4 1 0.06
SHDD002 LU17068 4 5 1 0.05
SHDD002 LU17069 5 6 1 0.06
SHDD002 LU17070 6 7 1 0.05
SHDD002 LU17071 7 8 1 0.06
SHDD002 LU17072 8 9 1 0.04
SHDD002 LU17073 9 10 1 0.06
SHDD002 LU17074 10 11 1 0.08
SHDD002 LU17075 11 12 1 0.09
SHDD002 LU17076 12 13 1 0.08
SHDD002 LU17077 13 14 1 0.08
SHDD002 LU17078 14 15 1 0.10
SHDD002 LU17079 15 16 1 0.12
SHDD002 LU17080 16 17 1 0.20
SHDD002 LU17081 17 18 1 0.24
SHDD002 LU17082 18 19 1 0.22
SHDD002 LU17083 19 20 1 0.30
SHDD002 LU17084 20 21 1 0.28
SHDD002 LU17085 21 22 1 0.45
SHDD002 LU17086 22 23 1 0.40
SHDD002 LU17087 23 24 1 0.52
SHDD002 LU17088 24 25 1 0.54
SHDD002 LU17089 25 26 1 0.65
SHDD002 LU17092 26 27 1 0.78
SHDD002 LU17093 27 28 1 0.74
SHDD002 LU17094 28 29 1 1.01
SHDD002 LU17095 29 30 1 1.85
SHDD002 LU17096 30 31 1 2.31
SHDD002 LU17097 31 32 1 1.49
SHDD002 LU17098 32 33 1 1.68
SHDD002 LU17099 33 34 1 1.06
SHDD002 LU17100 34 35 1 0.88
SHDD002 LU17101 35 36 1 1.67
SHDD002 LU17102 36 37 1 0.85
SHDD002 LU17103 37 38 1 1.70
SHDD002 LU17104 38 39 1 2.16
SHDD002 LU17105 39 40 1 2.63
SHDD002 LU17106 40 41 1 2.85
SHDD002 LU17107 41 42 1 2.06
SHDD002 LU17108 42 43 1 1.67
SHDD002 LU17109 43 44 1 0.20
SHDD002 LU17110 44 45 1 0.40
SHDD002 LU17111 45 46 1 0.49
SHDD002 LU17112 46 47 1 0.83
SHDD002 LU17113 47 48 1 1.28
SHDD002 LU17114 48 49 1 11.21
SHDD002 LU17115 49 50 1 11.40
SHDD002 LU17116 50 51 1 1.74
SHDD002 LU17117 51 52 1 1.65
SHDD002 LU17118 52 53 1 1.99
SHDD002 LU17119 53 54 1 1.28
SHDD002 LU17122 54 55 1 0.97
SHDD002 LU17123 55 56 1 0.76
SHDD002 LU17124 56 57 1 0.31
SHDD002 LU17125 57 58 1 0.42
SHDD002 LU17126 58 59 1 0.59
SHDD002 LU17127 59 60 1 0.42
SHDD002 LU17128 60 61 1 0.52
SHDD002 LU17129 61 62 1 0.79
SHDD002 LU17130 62 63 1 0.78
SHDD002 LU17131 63 64 1 0.83
SHDD002 LU17132 64 65 1 1.61
SHDD002 LU17133 65 66 1 1.58
SHDD002 LU17134 66 67 1 1.90
SHDD002 LU17135 67 68 1 0.49
SHDD002 LU17136 68 69 1 0.29
SHDD002 LU17137 69 70 1 1.74
SHDD002 LU17138 70 71 1 0.45
SHDD002 LU17139 71 72 1 0.05
SHDD002 LU17140 72 73 1 0.06
SHDD002 LU17141 73 74 1 0.05
SHDD002 LU17142 74 75 1 0.01
SHDD002 LU17143 75 76 1 <0.01
SHDD002 LU17144 76 77 1 <0.01
SHDD002 LU17145 77 78 1 <0.01
SHDD002 LU17146 78 79 1 <0.01
SHDD002 LU17147 99 100 1 0.02
SHDD002 LU17148 100 101 1 <0.01
SHDD002 LU17149 101 102 1 0.05
SHDD002 LU17152 102 103 1 0.43
SHDD002 LU17153 133 134 1 0.01
SHDD002 LU17154 134 135 1 <0.01
SHDD002 LU17155 135 136 1 0.13
SHDD002 LU17156 136 137 1 <0.01
SHDD002 LU17157 137 138 1 <0.01
SHDD002 LU17158 166 167 1 0.05
SHDD002 LU17159 167 168 1 0.25
SHDD002 LU17160 168 169 1 0.03
SHDD002 LU17161 169 170 1 <0.01
SHDD002 LU17162 185 186 1 <0.01
SHDD002 LU17163 186 187 1 0.05
SHDD002 LU17164 187 188 1 0.02
SHDD003 LU17165 54 55 1 <0.01
SHDD003 LU17166 55 56 1 <0.01
SHDD003 LU17167 56 57 1 0.04
SHDD003 LU17168 57 58 1 0.15
SHDD003 LU17169 58 59 1 0.51
SHDD003 LU17170 59 60 1 0.53
SHDD003 LU17171 60 61 1 0.13
SHDD003 LU17172 61 62 1 0.07
SHDD003 LU17173 62 63 1 0.08
SHDD003 LU17174 64 65 1 0.32
SHDD003 LU17175 65 66 1 0.02
SHDD003 LU17176 66 67 1 <0.01
SHDD003 LU17177 67 68 1 <0.01
SHDD003 LU17178 68 69 1 <0.01
SHDD003 LU17179 69 70 1 0.03
SHDD003 LU17180 70 71 1 0.06
SHDD003 LU17181 71 72 1 0.06
SHDD003 LU17182 72 73 1 0.03
SHDD003 LU17183 73 74 1 0.51
SHDD003 LU17184 74 75 1 0.14
SHDD003 LU17185 75 76 1 0.21
SHDD003 LU17186 76 77 1 1.28
SHDD003 LU17187 77 78 1 <0.01
SHDD003 LU17188 89 90 1 0.05
SHDD003 LU17189 90 91 1 <0.01
SHDD003 LU17192 91 92 1 0.06
SHDD003 LU17193 92 93 1 1.08
SHDD003 LU17194 93 94 1 0.96
SHDD003 LU17195 94 95 1 0.08
SHDD003 LU17196 95 96 1 0.05
SHDD003 LU17197 102 103 1 <0.01
SHDD003 LU17198 103 104 1 0.01
SHDD003 LU17199 104 105 1 0.02
SHDD003 LU17200 105 106 1 <0.01
SHDD004 LU17201 7.3 8 0.7 0.74
SHDD004 LU17202 8 9 1 0.42
SHDD004 LU17203 9 10 1 0.63
SHDD004 LU17204 10 11 1 1.76
SHDD004 LU17205 11 12 1 1.43
SHDD004 LU17206 12 13 1 1.04
SHDD004 LU17207 13 14 1 2.06
SHDD004 LU17208 14 15 1 3.39
SHDD004 LU17209 15 16 1 1.84
SHDD004 LU17210 16 17 1 1.40
SHDD004 LU17211 17 18 1 1.15
SHDD004 LU17212 18 19 1 0.98
SHDD004 LU17213 19 20 1 1.00
SHDD004 LU17214 20 21 1 0.94
SHDD004 LU17215 21 22 1 0.92
SHDD004 LU17216 22 23 1 0.95
SHDD004 LU17217 23 24 1 0.84
SHDD004 LU17218 24 25 1 0.67
SHDD004 LU17219 25 26 1 0.97
SHDD004 LU17220 26 27 1 0.65
SHDD004 LU17221 27 28 1 0.81
SHDD004 LU17222 28 29 1 1.47
SHDD004 LU17223 29 30 1 1.09
SHDD004 LU17224 30 31 1 0.88
SHDD004 LU17225 31 32 1 1.08
SHDD004 LU17226 32 33 1 1.31
SHDD004 LU17227 33 34 1 0.94
SHDD004 LU17228 34 35 1 1.13
SHDD004 LU17229 35 36 1 0.55
SHDD004 LU17232 36 37 1 0.74
SHDD004 LU17233 37 38 1 0.77
SHDD004 LU17234 38 39 1 0.71
SHDD004 LU17235 39 40 1 0.71
SHDD004 LU17236 40 41 1 0.65
SHDD004 LU17237 41 42 1 0.45
SHDD004 LU17238 42 43 1 0.33
SHDD004 LU17239 43 44 1 0.35
SHDD004 LU17240 44 45 1 0.40
SHDD004 LU17241 45 46 1 0.47
SHDD004 LU17242 46 47 1 0.49
SHDD004 LU17243 47 48 1 0.96
SHDD004 LU17244 48 49 1 1.82
SHDD004 LU17245 49 50 1 1.44
SHDD004 LU17246 50 51 1 1.16
SHDD004 LU17247 51 52 1 0.39
SHDD004 LU17248 52 53 1 0.23
SHDD004 LU17249 53 54 1 0.22
SHDD004 LU17250 54 55 1 0.24
SHDD004 LU17251 55 56 1 0.21
SHDD004 LU17252 56 57 1 0.13
SHDD004 LU17253 57 58 1 0.07
SHDD004 LU17254 58 59 1 0.05
SHDD004 LU17255 59 60 1 0.05
SHDD004 LU17256 60 61 1 0.04
SHDD004 LU17257 61 62 1 0.03
SHDD004 LU17258 62 63 1 0.03
SHDD004 LU17259 63 64 1 0.02
SHDD004 LU17262 64 65 1 <0.01
SHDD004 LU17263 65 66 1 <0.01
SHDD004 LU17264 66 67 1 <0.01
SHDD004 LU17265 67 68 1 <0.01
SHDD004 LU17266 68 69 1 0.04
SHDD004 LU17267 72 73 1 0.22
SHDD004 LU17268 73 74 1 0.03
SHDD004 LU17269 74 75 1 0.02
SHDD004 LU17270 75 76 1 0.04
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