REG - Galileo Resources - Zambia Drilling Cuts Wide Mineralised Breccia Zone

Galileo ResourcesAnnouncement

07/11/2023 07:00

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RNS Number : 5527S  Galileo Resources PLC  07 November 2023

7 November 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Zambia Drilling Cuts Wide Mineralised Breccia Zone

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to update
shareholders regarding progress on the Phase 2 diamond drilling programme to
test multiple targets over the Shinganda Project Copper-Gold Project, Zambia
("Project").

 

Highlights

 

·    The Shinganda drilling programme (see RNS of 20 September 2023) is
progressing as planned, with seven holes completed to date for 890m advance.

 

·    The most recent hole, SHDD017, sited less than 1km along strike from
the Shinganda copper-gold prospect drilled last year, has intercepted an
extensive interval of alteration and brecciation with associated copper
mineralisation within the Shinganda Fault Splay system - see links to photos
below.

 

·    The angled hole passed through a rock package with a wide zone of
hydrothermal alteration and brecciation, accompanied by variable amounts of
chalcopyrite and pyrite mineralisation over a 264.5m interval from 65.5m
downhole depth.

 

·    Mineralisation, which generally occurs as clusters and disseminations
associated with brecciation and quartz-carbonate veining, is confirmed by pXRF
analysis - sampling for follow-up laboratory assaying is in progress.

 

·    This hole represents the first Galileo hole designed to test the IOCG
deposit potential related to the Shinganda Fault Splay system. Several
follow-up holes are planned through the wide mineralised zone, as well as
further drilling to test the iron alteration clusters and IP targets
highlighted by a previous geophysical study.

 

·    Several other short holes drilled as part of the current programme to
test outcropping supergene gossan occurrences intersected shallow oxide
mineralisation with anomalous copper based on initial pXRF testing; split core
samples are being submitted for laboratory assay for copper, gold and
multi-elements.

 

 

 

Colin Bird Chairman and CEO said: "Hole SHDD017 is a particularly impressive
hole with an intercept length of more than 250m which was heavily brecciated
and accompanied by copper mineralisation throughout its' length, with values
to be determined by assay. The nature of the host environment is not typical
for traditional Copperbelt mineralisation which leads us to believe that this
could be a totally different style of mineralisation.

 

There is good district evidence for IOCG-type mineralisation and we are
targeting drilling with this model in mind. The next hole will be sited 100m
away to test for mineral style repetition and continuity.

 

We will advise shareholders when we receive assays, together with an update on
the outcome of the upcoming borehole."

 

 

Photo 1 - SHDD017 - Disseminated chalcopyrite in hydrothermally altered
breccia

 

http://www.rns-pdf.londonstockexchange.com/rns/5527S_1-2023-11-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5527S_1-2023-11-6.pdf)

 

Photo 2 - SHDD017 - Irregular chalcopyrite cluster in drill core

 

http://www.rns-pdf.londonstockexchange.com/rns/5527S_2-2023-11-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5527S_2-2023-11-6.pdf)

 

Photo 3 - SHDD017 - Strongly brecciated and altered drill interval

 

http://www.rns-pdf.londonstockexchange.com/rns/5527S_3-2023-11-6.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5527S_3-2023-11-6.pdf)

 

 

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

 

 "aeromagnetics"     A survey of the earth's magnetic field carried out from a helicopter or
                     aeroplane

 "chalcopyrite"      A copper-iron sulphide mineral, CuFeS2, often found in copper ores

 "gossan"            A surface capping of hydrated oxides of iron formed from metallic sulphides

 "hematite"          A mineral composed of ferric iron oxide

 "IOCG"              Iron Oxide Copper Gold - important deposits of copper, gold and uranium ores
                     hosted within iron oxide dominant gangue assemblages which share a common
                     genetic origin

 "IP chargeability"  A method of ground geophysical surveying which employs the passing of an
                     electrical current into the ground to test for indications of conductive
                     metallic sulphides

 "magnetite"         A magnetic iron oxide, Fe3O4

 "pXRF"              A hand-held instrument for initial analytical determination in the field

 "pyrite"            Iron sulphide mineral, FeS2

 "splay fault"       Plane of failure in faulted body of rock extending from main structure

 "supergene"         Descriptive of a mineral deposit, weathering or alteration formed by
                     descending solutions

 

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