Galileo Resources PLC Update on progress at the Luansobe Copper Project (6922L)
17 Maio 2022 - 11:04AM
UK Regulatory
TIDMGLR
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
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").
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