REG - Galileo Resources - Three Copper Targets Discovered on PL253/2018

Galileo ResourcesAnnouncement

30/01/2024 07:00

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RNS Number : 2789B  Galileo Resources PLC  30 January 2024

30 January 2024

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Three Copper Targets Discovered on Licence PL253/2018 in Kalahari Copper Belt

 

The Company is pleased to announce the results of its recently completed
Terraleach soil survey over its wholly owned licence PL253/ 2018 in the
Kalahari Copper Belt in Botswana. A recent geochemical survey has revealed
three strong copper targets that are located both along structures proven to
host copper mineralisation and in close proximity to announced copper
mineralisation on neighbouring licences. The integrity of the results is
underpinned by available information in the public domain relating to nearby
deposits and also reflects Galileo's highly successful survey using metal-ion
geochemistry (Terraleach(TM))*. The results combined with proximal discoveries
by third parties demonstrates the emerging potential for new discoveries in
this under-explored portion of the Kalahari Copper Belt.

 

 

Highlights

 

·      Three potential drill targets defined with a combined strike
length of more than 6km. All targets are located within the southern sector of
Licence PL253/2018 bisecting licences held by Cobre Limited ("Cobre"), the
ASX-Listed company recently selected to participate in the "BHP Xplor Program"
for 2024.

 

·      Combining Galileo and Cobre soil anomaly maps (Cobre RNS 29
November 2023), the targets appear contiguous and associated with the same
geological and structural features, subject to confirmatory follow-up work.

 

·      Based on the close correlation with existing neighbouring
projects, a fourth possible target area has been identified to the north of
the recent discoveries and along strike of Cobre's Tlou target.

 

·      The Company is considering its approach to follow up exploration
leading to drilling of better defined targets.

 

 

Colin Bird Chairman and CEO commented "We are very pleased that our immediate
neighbour Cobre Limited has been selected for the 2024 "BHP Xplor Program".
This is indeed a commendation reflecting the Company's efforts and the quality
of its Copper Belt licences. Importantly, current published information quite
clearly shows our new targets to be contiguous with known targets and
mineralisation on these highly prospective licences.  Our own work is very
positive underpinned by the Terraleach(TM)* geochemistry and we look forward
to drilling these targets in the near-term."

 

Figure 1 - PL253_Galileo soil geochemical anomalies

 

 

 

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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