TIDMGLR
RNS Number : 6660X
Galileo Resources PLC
05 May 2021
For immediate release
5 May 2021
Galileo Resources Plc
("Galileo" or "the Company")
Airborne EM Interpretation
and
Commencement of Drilling on Kalahari Copper Belt
Galileo Resources plc ("Galileo "or the "Company") is pleased to
announce plans for commencement of drilling on its 100% held
prospecting licences ('PLs') in the Kalahari Copper Belt ("KCB") in
western Botswana.
Highlights
-- Further to its announcement of 23 November 2020, Galileo has completed its data processing, interpretation and drill target selection work on the Heliborne-EM geophysical survey carried out over two priority licences in its highly prospective KCB Project
-- Possible stratigraphic/fault repetition interpreted along a
22km conductive zone on PL40/2018 may indicate comparable
geological settings to Khoemacau Copper Mining's major Zone 5 and
Zone 5N deposits, situated only 25 kilometres due west and to
Sandfire Resources large A4 and T3 deposits
-- By analogy with these deposits the Galileo targets on
PL40/2018 represent attractive drill targets
-- Drill planning over PL39/2018 will focus on the margins of a
regional scale dome feature with structural similarities to the
T3/A4 deposits
-- A contract has been signed with an experienced Botswana drill
operator for a minimum of 2,500m of diamond drilling in up to ten
first priority holes, with drilling planned to commence in the
current week
Colin Bird Chairman & CEO said: "The Kalahari Copper Belt is
emerging internationally as a developing region for copper
production. The Galileo licences are well placed among a
conglomeration of discoveries by Cupric Canyon Capital and Sandfire
Resources. These discoveries have resulted in the development of
two mines to date and we are excited about the potential for new
discoveries on our properties.
The whole region has sand cover and geophysics is the primary
tool for identifying concealed orebodies. The results of our
airborne survey have produced strong drill targets, similar to
previous discoveries - we look forward to updating the market as
our drilling work progresses. "
Airborne EM Interpretation and drill planning
As announced on 23 November 2020, the Company completed a
High-Resolution Helicopter-Borne Electromagnetic (EM) and Magnetic
Survey over several prospecting licences within its' KCB licence
block, including PL40/2018 and PL39/2018.
The data obtained were of excellent quality and were processed
and interpreted on Galileo's behalf using a series of EM data
inversions and 3D modelling by Spectral Geophysics, a consultancy
highly experienced in processing geophysical data from the Kalahari
region, and which was instrumental in the recent discovery of the
high grade A4 Dome copper-silver deposit for Sandfire Resources.
Geological interpretation and final drill site selection over the
Galileo ground was then carried out by our in-house team which has
extensive background in discovery of major copper deposits in the
KCB.
On PL40 the north-western side of the airborne EM data clearly
delineates a 22km long, linear, NNE/SSW trending conductive unit
along the full survey extent. This conductive unit is interpreted
to represent a carbonaceous marker horizon dipping moderately to
the ESE. In places, there appears to be a structural repetition,
possibly related to thrust faulting or a stratigraphic repetition
of the marker horizon. Examples of both geological settings
proposed can be found throughout the KCB, often in spatial
association with mineralisation - Khoemacau Copper Mining's Zone 5
deposit just 25km due west has two stratigraphic marker horizons in
a very similar synclinal geological setting and, at Sandfire
Resources A4 and T3 deposits, thrust faults play an integral role
in the distribution of mineralisation. Therefore, by analogy with
these deposit settings, the Galileo targets on PL40 strongly
warrant drill testing.
Drill planning based on the airborne EM results over PL39/2018
will focus on the margins of a regional scale dome feature. The
plan is to target the prospective D'kar Fm/Ngwako Pan Fm contact
below the interpreted carbonaceous marker horizon close to the
erosional surface as well as the marker horizon itself, which has
been found to be mineralised at T3/A4 due to syn-basin inversion
faulting controlling remobilisation of mineralisation.
In all, up to 10 Priority 1 holes are planned, totalling a
minimum of 2,500m of drilling. A contract has been signed with an
experienced local drilling operator and the rig is due to mobilise
and commence drilling during the current week.
Background to the KCB Exploration Programme
The interpreted geological setting beneath the Kalahari sand
deposits for the area covered by PL40/2018 and PL39/2018 is based
on regional aeromagnetic and EM data. This area has strong
similarities to the synclinal geological setting that hosts the
world-class Khoemacau Copper-Silver Project, situated only 25
kilometres due west. The Zone 5 and Zone 5N deposits host a
combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag,
including 185Mt @ 2.0% Cu and 27g/t Ag - refer to Cupric's website
www.khoemacau.com for details. The Galileo licences also lie 140km
along strike from Sandfire Resources' (ASX:SFR) Tshukudu
Exploration Project that comprises the T3 Copper-Silver Project
(60Mt @ 0.98% Cu & 13.6g/t Ag), where a feasibility study is
currently in progress, and the recently discovered high-grade
copper A4 Dome Prospect.
The regional synclinal settings of Galileo's PL40/2018 and
PL39/2018 and the Khoemacau Zone 5 and Zone 5N deposits are
separated by a large-scale horst/anticlinal zone. The original
basin bounding extension faults are believed to have been the
conduits for metal-enriched, hydrothermal fluids. Typically, when
these fluids reach D'kar Fm/Ngwako Pan Formation REDOX boundary,
copper-silver sulphides are precipitated.
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 graduate 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
Roland Cornish/James Biddle 3396
----------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
----------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
J oint Broker 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
"anticline" A fold in rock strata that is convex upward
with a core of older rocks
"carbonaceous" Said of a sedimentary rock containing organic
material
"horst" An area of positive relief between two parallel
faults
"hydrothermal" Descriptive of hot magmatic emanations rich
in water
"marker horizon" Stratigraphic units of distinctive lithology
with a wide geographical extent that are used
in stratigraphic correlation
"REDOX boundary" Oxidation/reduction reaction occurring in
the weathering zone along the water table
"syn-basin inversion Faulting arising from the relative uplift
faulting" of a sedimentary basin or similar structure
as a result of compression
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END
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