TIDMGLR
RNS Number : 5763R
Galileo Resources PLC
08 November 2021
For immediate release
8 November 2021
Galileo Resources Plc
("Galileo" or "the Company")
Update on Drilling Programme over Kalahari Copper Belt
Licences
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide an update on drilling progress on the Kalahari Copper Belt
("KCB") Project in western Botswana.
Highlights
-- A total of over 5,000 metres (m) of mixed core and reverse
circulation drilling has been completed to date on five of the
Kalahari Copper Belt exploration licences in Botswana, including
both the Company's retained licences and the Sandfire Agreement
Licences (see RNS dated 16 September 2021), with the agreement of
Sandfire Resources
-- Drilling on the Sandfire Agreement Licences intersected
visible copper mineralisation at 242.7m in core hole BDDD004 on
PL366/2018 in the form of vein-hosted chalcopyrite. This interval
will be sent for laboratory assay, along with other zones of
interest highlighted by detailed logging of reverse circulation
chips
-- Galileo drilled in two of its retained licences, PL40/2018
and PL253/2018, with most holes intersecting the target
D'kar/Ngwako Pan Fm. While no copper mineralisation was found, one
hole intersected a 6.32m interval of 2-5% fine-grained disseminated
pyrite at the target horizon level which might represent a
hydrothermal mineral system lateral to a copper occurrence
-- Drilling is ongoing on PL253/2018 and drilling has just
commenced on PL39/2018 with the aim of testing an extensive
airborne EM target on this property, focussed on the margins of a
regional scale dome feature
-- The Company looks forward to receiving assay results from the
PL366/2018 copper intersection as well as the results of the
continuing drilling programme
Colin Bird Chairman & CEO said: " We are very pleased that
drilling on the Sandfire Agreement licences hit mineralisation of a
type that can be associated with copper deposits on the KCB. This
intersection site is located within a licence block where Sandfire
has a US$4m exploration commitment over the following two years.
Initial results bode well for our prospects of earning a deferred
consideration and we look forward to results of further drilling by
Sandfire on these licences. Drilling on the other sites is
encouraging in that the target horizon has been successfully found
in most holes and drilling is continuing. We have now commenced
drill testing on a further promising EM target on PL39/2018.
Results to date are very encouraging, with the limited drilling
programme having already encountered copper mineralisation. W e
await with interest the assay results from the drill samples and
the outcome of our ongoing drilling."
Please see the following web link for the location of the
Galileo target areas on the regional geology map of the KCB:
http://www.rns-pdf.londonstockexchange.com/rns/5763R_1-2021-11-7.pdf
Galileo KCB target areas on geology
Figure 1 - link
Aims of Drilling Programme
As announced on 5 May 2021, the Company commenced a drilling
programme over its' Kalahari Copper Belt ('KCB') licences, which is
ongoing and has consisted of a combined Diamond Drilling ("DD") and
Reverse Circulation ("RC") drilling programme utilising several
rigs. There were two elements to the programme - the first was to
drill test targets on PLs 40/2018, 39/2018 and 253/2018 over which
the Company continues to hold a 100% interest, with expenditure
incurred being used to meet licence programme and expenditure
commitments. The second element of the programme was devised in
conjunction with Sandfire Resources Ltd ("Sandfire") covering those
licences held by Galileo which formed part of the Licence Sale
Agreement with Sandfire, as previously announced. As several of
these licences were shortly set to fall due for renewal with
limited previous work completed, a drill programme was prepared by
arrangement with both companies to assist with airborne EM
geological interpretation, as well as testing zones of potential
mineral interest and meeting licence expenditure commitments. The
programme was managed by Galileo as the then licence holders, under
an arrangement with Sandfire which agreed to reimburse all drilling
costs up to a maximum of US$500,000 to Galileo once the licences
were transferred to Sandfire. The licences drilled as part of this
arrangement were PLs 250/2018, 251/2018 and 366/2018. All drill
core, RC samples and information from this element of the programme
have been handed over to Sandfire. Under the terms of the agreement
with Sandfire, Galileo is entitled to a 'Success Payment' based on
a first ore reserve defined on any of the licences subject to the
agreement.
Table 1 - Galileo Retained Licences - Drilling
Summary to Date (Drilling from surface)
Licence Drilling Hole Dip (degrees) Azimuth Final depth
No. type No. (degrees) (m)
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD001 -65 303 188.05
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD002 -80 303 316.58
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD003 -65 303 94.15
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD004 -65 303 517.6
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD005 -65 303 706.5
---------- --------- -------------- ----------- ------------
PL40/2018 DD HHDD006 -75 303 268.65
------------ ---------- --------- -------------- ----------- ------------
Sub-total 2,091.53
----------------------------------- -------------- ----------- ------------
PL253/2018 RC QTRC001 -60 160 200.0
---------- --------- -------------- ----------- ------------
PL253/2018 RC QTRC002 -60 340 155.0
---------- --------- -------------- ----------- ------------
PL253/2018 RC QTRC003 -60 340 300.0
---------- --------- -------------- ----------- ------------
PL253/2018 RC QTRC004 -60 160 200.0
---------- --------- -------------- ----------- ------------
PL253/2018 RC QTRC005 -60 160 220.0
---------- --------- -------------- ----------- ------------
PL253/2018 RC QTRC006 -60 340 211.0
------------ ---------- --------- -------------- ----------- ------------
Sub-total 1,286.0
----------------------------------- -------------- ----------- ------------
Table 2 - Sandfire Sale Agreement Licences
- Drilling Summary (Drilling from surface)
Licence Drilling Hole Dip (degrees) Azimuth Final depth
No. type No. (degrees) (m)
---------- --------- -------------- ----------- ------------
PL250/2018 RC HHDD001 -60 333 55.0
---------- --------- -------------- ----------- ------------
PL250/2018 RC HHDD002 -60 333 133.0
---------- --------- -------------- ----------- ------------
PL250/2018 RC HHDD003 -60 333 180.0
---------- --------- -------------- ----------- ------------
PL251/2018 RC QBRC001 -60 343 121.0
---------- --------- -------------- ----------- ------------
PL251/2018 RC QBRC002 -60 343 169.0
------------ ---------- --------- -------------- ----------- ------------
Sub-total 658.0
----------------------------------- -------------- ----------- ------------
PL366/2018 DD BDDD001 -80 160 142.52
---------- --------- -------------- ----------- ------------
PL366/2018 DD BDDD002 -65 340 91.33
---------- --------- -------------- ----------- ------------
PL366/2018 DD BDDD003 -60 330 358.94
---------- --------- -------------- ----------- ------------
PL366/2018 DD BDDD004 -60 330 517.32
------------ ---------- --------- -------------- ----------- ------------
Sub-total 1,110.11
----------------------------------- -------------- ----------- ------------
Summary of Drilling Results to Date
Holes on all licences were primarily targeted at testing the
interpreted D'kar Fm/Ngwako Pan Fm contact, where copper
mineralisation is typically found at previously discovered copper
deposits in the KCB. Most of the holes were successful in
intersecting the target contact zone. This provides useful
information for further geological modelling and planning for
future targeted drilling. Copper mineralisation was observed in
hole BDDD004 on PL366/2018. In this hole vein-hosted chalcopyrite
was intersected in D'Kar Fm rocks at 242.70m downhole depth.
Further mineralisation observed appears to be primarily iron
hematite, however the zone will be assayed to ascertain the extent
of copper-bearing interval.
Drilling on all the Sandfire agreement licences is now
completed, while drilling is continuing on Galileo's retained
licence PL253/2018, with drill testing just commencing on
PL39/2018.
PL40/2018 :
Six diamond core holes were drilled on PL40/2018 along 20km of
the overall 30km strike length of the projected D'kar Fm/Ngwako Pan
Fm contact zone. The drill programme was successful in intersecting
the interpreted the D'kar Fm/Ngwako Pan Fm contact along much of
the area drill tested. Although no copper mineralisation was
encountered, hole HHDD002 intersected 2-5% fine-grained
disseminated pyrite from 296.83-303.15m downhole depth, just above
the D'Kar/ Ngwako Pan Fm contact. The intersection of iron
sulphides at this contact may represent a hydrothermal system which
is distal, rather than proximal to a copper mineralised setting,
with possible increasing prospectivity on the licence towards the
east. Once the programme is fully evaluated, the data obtained will
be used to update the 3D model with a view to refining targets for
follow-up on the licence.
PL39/2018:
Diamond drilling on this licence has just commenced with the aim
of testing one or more airborne EM targets on the property,
focussed on the margins of a regional scale dome feature.
PL253/2018:
Five RC holes were completed on PL253/2018, with a further hole
in progress. All the holes were designed to test the D'kar/Ngwako
Pan contact where it was interpreted to sub-outcrop at the
erosional surface below the Kalahari overburden. In this area the
D'kar/Ngwako Pan contact is interpreted to be tightly folded and
thrust repeated. The areas chosen were also along strike of
anomalous soil geochemical results in the adjacent tenure held by
Kalahari Metals Limited. The drill programme located the
interpreted the D'kar Fm/Ngwako Pan Fm contact in several of the
holes indicating potential structural mineral traps, although the
contact has not been copper-mineralised to date.
PL250/2018:
Three RC holes were drilled on PL250/2018. The drill holes on
this licence were planned in conjunction with Sandfire to test a
D'kar/Ngwako Pan contact area where it was interpreted to occur at
the erosional surface below the Kalahari overburden. GLRC001 was
abandoned due to hole collapse but GLRC002 and GLRC003 were
successfully drilled. GLRC002 located the D'kar/Ngwako Pan contact
at 113m and GLRC003 located the D'kar/Ngwako Pan contact at
162m.
Hematite iron mineralisation was noted during logging of chip
samples in hole GLRC002 from 109-110m and in hole GLRC003 from
129-133m and 149-151m. RC samples collected from these zones were
passed to Sandfire for assay to test for any associated copper.
PL251/2018:
Two RC holes were drilled on PL251/2018, also with the aim of
testing the prospective D'kar/Ngwako Pan contact area where it was
interpreted to occur at the erosional surface below the Kalahari
overburden. QBRC001 intersected the D'kar/Ngwako Pan contact at 70m
and QBRC002 intersected the D'kar/Ngwako Pan contact 158m. Neither
hole intersected copper mineralisation at the D'kar/Ngwako Pan
contact, but the geological information obtained will be modelled
and utilised in future drill planning.
PL366/2018:
Four diamond core holes were drilled on PL366/2018, all of which
were focussed on the previously discovered Quirinius Prospect.
Drill holes BDDD001 and BDDD002 were planned to test a Spectrum EM
conductor anomaly running along the axis of the Quirinius Fold.
However, both holes drilled into Ngwako Pan Fm rocks below the
target horizon. As no mineralisation has been found in the Ngwako
Pan Fm these drill holes were terminated.
Drill holes BDDD003 and BDDD004 on PL366/2018 were planned with
SFR to drill EM anomalies that were selected from Sandfire's recent
regional SkyTEM survey. BDDD003 intersected D'kar Fm rocks under
the Kalahari overburden at 3.90m and was then drilled to a depth of
358.94m, when excessive water and collapse caused the drill hole to
be abandoned prior to intersecting the D'kar Fm/Ngwako Pan Fm
contact. The hole was left open with a view to possibly re-entering
it at a future date.
BDDD004 was successful in intersecting copper mineralisation in
the form of vein-hosted chalcopyrite in D'Kar Fm rocks at 242.7m.
The cross-cutting mineral style and its position higher than usual
in the stratigraphic column is interpreted to be the result of
re-mobilisation of copper sulphides along structures. Assaying of
samples from this zone will be undertaken by Sandfire.
Background to the KCB Exploration Programme
The interpreted geological setting beneath the Kalahari sand
deposits for the area covered by the Galileo Kalahari licences 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 close
to Sandfire Resources' (ASX:SFR) Motheo Copper Mine (permitted in
July 2021), which comprises the T3 Copper-Silver Project (60Mt @
0.98% Cu & 13.6g/t Ag), where a Definitive Feasibility Study
(DFS) was completed in December 2020, and the A4 Dome Prospect
(9.8Mt @ 1.36% Cu & 21g/t Ag).
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
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
"bornite" A copper-iron sulphide mineral, Cu(5) FeS(4)
, often found in copper ores
"chalcocite" A copper sulphide mineral, Cu(2) S, found
in zones of secondary enrichment of copper
ores
"chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores
"EM (electromagnetic) Geophysical exploration method employing the
survey" related electric and magnetic fields which
can be set up in a conductive body by an artificial
electric field at surface
"Fm" Geological formation
"hematite" A mineral composed of ferric iron oxide
"pyrite" Iron sulphide mineral, FeS(2)
"syn-sedimentary" Occurring during the time of sediment formation
"thrust" A shallow-dipping compressional fault in which
rocks are displaced over relatively large
horizontal distances
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END
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