REG - Galileo Resources - Update on progress at the Luansobe Copper Project

Galileo ResourcesAnnouncement

17/05/2022 07:00

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RNS Number : 6922L  Galileo Resources PLC  17 May 2022

For immediate release

 

17 May 2022

Galileo Resources Plc

("Galileo" or "the Company")

 

Update on progress at the Luansobe Copper Project, Zambia

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an
update on progress at the Luansobe Copper Project (the "Project") on the
Zambian Copperbelt where it holds a 75% interest in Small Scale Exploration
Licence No. 28340-HQ-SEL (the "Licence").

 

 

Highlights

 

·    pXRF testing of historic drill core at Luansobe, which is subject to
full assay checking, has provisionally identified an upper mineralised zone of
moderate copper grade, with some higher grade intervals, in several holes
extending up to 36m in thickness, which was not previously reported

·    The newly discovered mineralisation has the potential to add
incremental value to an open pit mining operation

·    The Company has gained access to historic drill core from the Project
area dating from the 1950s and 60s which is in remarkably good condition

·    Core from 21 priority holes has been located and is being re-logged,
checked by pXRF for approximate copper content focussing on zones that may not
have been recognised as copper-bearing in the past, and previously unsampled
zones of particular interest are being cut and sampled for follow-up assaying

·    58 cut core samples from two holes have been collected to date for
laboratory assay to confirm the provisional XRF results and further sampling
is planned

·    At the Project site, historic drill collars have been re-located
which will assist with siting of future twin holes and infill/extension
drilling

 

 

Colin Bird Chairman & CEO said: "We are receiving very satisfactory
results from our work on historic drill core at the Kalulushi core shed, with
positive results to date. Of most encouragement is that there exists a shale
unit which appears to be copper-bearing and, in places, of significant
thickness. The preliminary hand-held XRF analysis suggests significant
individual copper grade values, subject to full laboratory assay testing. The
fact that we can access this old core is extremely cost and time effective,
reducing the amount of new drilling that will be required. The significance of
this logging is that it will migrate into our short term open pit planning as
well as our drilling programme for a larger resource at Luansobe. We continue
to aim for definition of an open pit Resource by end Q3 2022, with the added
advantage that the newly indicated mineralisation is relatively close to
surface and can increase the resource tonnage."

 

 

Project Background

The Luansobe area is situated some 15km to the northwest of the Mufulira Mine
in the Zambian Copperbelt which produced well over 9Mt of copper metal during
its operation. It forms part of the northwestern limb of the northwest -
southeast trending Mufulira syncline and is essentially a strike continuation
of Mufulira, with copper mineralisation hosted in the same stratigraphic
horizons. At the Luansobe prospect mineralisation occurs over two contiguous
zones, dipping at 20-30 degrees to the northeast, over a strike length of
about 3km and to a vertical depth of at least 1,250m.

 

The top 30m from surface is reported to be leached, with oxide mineralisation
occurring below this depth to about 70m below surface. Beyond this depth,
copper generally occurs as sulphides. The deposit is reported to be open and
relatively untested at depth. About 30% of the total contained copper occurs
in acid soluble form (as copper oxide) - this is expected to be higher in the
shallower parts of the deposit.

 

 

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").

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