Galileo Resources PLC Exploration Start-up Over Lithium & Gold Projects (3459J)
26 Abril 2022 - 11:33AM
UK Regulatory
TIDMGLR
RNS Number : 3459J
Galileo Resources PLC
26 April 2022
For immediate release
26 April 2022
Galileo Resources Plc
("Galileo" or "the Company")
Exploration Start-up Over
Lithium & Gold Projects, Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide an update on the commencement of exploration at the lithium
and gold projects in Southwest Zimbabwe, which are the subject of
an $1.5million earn-in agreement as announced by the Company on 7
March 2022.
Highlights
-- At the Kamativi Lithium Project, comprising EPO 1782, a
reconnaissance mapping/sampling site visit is planned to commence
imminently
-- Permitting work has been initiated to prepare for more
advanced exploration in the coming weeks and months which is aimed
at facilitating early drill testing
-- At the Bulawayo Gold Project, the Company has signed a
contract with Xcalibur Airborne Geophysics (Pty) Ltd. to carry out
a fixed-wing airborne magnetic and radiometric survey over the most
prospective parts of EPO 1783 and EPO 1784
-- The survey will comprise 12,184 line km of flying at 100m
line spacing covering extensive Greenstone Belt rock formations
that are host to many small to mid-size quartz reef gold mines and
deposits in Zimbabwe
-- Flying has already commenced and is expected to take about
4-5 weeks to complete, including delivery of processed data, the
aim being to map critical structures and belts linking the many
known small-scale gold mines and deposits to help identify targets
for the potential development of a medium to large scale mine
Colin Bird Chairman & CEO said: " We are very pleased to
have already commenced work over the lithium and gold projects in
Zimbabwe. The Kamativi Lithium Project is adjacent to the Kamativi
tin mine which hosts a substantial lithium tailings Resource,
mainly in the form of spodumene which is the most sought-after
lithium mineral. Primary lithium grades at the Kamativi mine could
well be higher than reported in tailings.
At our Bulawayo Gold Project airborne geophysical surveying is
already well under way over a region with many small to medium
sized historic high grade gold mines. Our work will aim to
fingerprint the structural settings of the known deposits and to
identify potential extensions of these zones through our property,
as well as locating new targets underneath thin cover hidden from
the old prospectors."
For details of the project areas and agreements covering these
areas, please refer to the Company's RNS announcement dated 7(th)
March 2022.
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
Joint 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
"Greenstone Belt" Zones of variably metamorphosed mafic to ultramafic
volcanic sequences with associated sedimentary
rocks that occur within Archaean and Proterozoic
cratons between granite and gneiss bodies
"pegmatite" Very coarse-grained igneous rock which commonly
occurs as dykes in granite intrusions
"quartz" A mineral composed of silicon dioxide, SiO2.
"reef" Mineralised rock, particularly gold bearing
quartz.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLMZGZDVVRGZZG
(END) Dow Jones Newswires
April 26, 2022 10:33 ET (14:33 GMT)
Galileo Resources (AQSE:GLR.GB)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Galileo Resources (AQSE:GLR.GB)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024