TIDMGLR
RNS Number : 1471N
Galileo Resources PLC
30 May 2022
For immediate release
30 May 2022
Galileo Resources Plc
("Galileo" or "the Company")
First Exploration Update and Drill Planning at
Shinganda Copper-Gold Project, Zambia
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide its first exploration update and information on drill
planning over its' Option and Joint Venture project covering the
Shinganda Copper-Gold (Cu-Au) Project, Zambia entered into at the
end of last year and comprising Large Scale Exploration Licence No.
22990-HQ-LEL (the "Project" ) which gives the Company the right to
earn an initial 51% interest in the Project.
Highlights
-- The Company has engaged a local drilling contractor to
undertake a drilling programme to test the Shinganda pit workings
where very limited historic drilling is reported to have
intersected 1.07% Cu over a true width of 28.3m at shallow depth
within supergene copper oxides
-- Galileo will test for gold as well as copper - previous drill
holes were not assayed for gold, however significantly anomalous
gold is known to occur at other prospects on the property.
-- Systematic mapping/prospecting traverses by Galileo have
identified nine targets of interest, most of which have been
subjected to recent small-scale artisanal pitting and excavation;
rock grab samples have been collected and dispatched for copper and
gold assay
-- Prospects sampled include the Shinganda pit workings and a
small pit to the south with reported historic assay values of
10.45% Cu, 11g/t Au
-- Drill core from previous explorers, including Vale S.A. of
Brazil, which was focussed on the northwest of the Project area has
been located in storage and is available for follow-up logging and
sampling
-- A detailed ground magnetic survey totalling 383 line
kilometres has been completed over the area to the west of the
mineralised Shinganda pit workings - structural interpretation will
be used to guide future exploration
Colin Bird Chairman & CEO said: " I am very pleased with the
outcome of our initial work at the Shinganda project. There is much
indication of the presence of copper and gold, with gold being more
elevated in grade than most projects I have been involved with in
Zambia. There appears to be potential for our target of a small
open pittable resource, with our initial drilling programme giving
an indication of the larger potential along strike and to depth. I
look forward to reporting positive results to the market post the
drilling programme."
Exploration Completed
Galileo Resources Plc undertook a reconnaissance mapping and
sampling exercise over the most prospective western sector of the
licence. A series of north-south lines about 1km apart were
traversed, covering a total of about 95 line kilometres. The main
aim of the survey was to characterise the lithology, structure and
mineralisation of the licence. Much of the area is covered by a
layer of overburden and duricrust, nevertheless nine target areas
with mineralisation or alteration of interest were identified
during mapping. Almost all were artisanal pit working exposures
with visible copper oxide mineralisation. Altogether 27 rock chip
samples were collected for copper and gold analysis from the
exposed rocks, all of which have been submitted to the SGS
laboratory on the Zambian Copperbelt for copper and gold assay.
In order to assist with mapping of the structural framework
beyond the Shinganda outcrop to the west-northwest, a Zambian
geophysical contractor was engaged to undertake a detailed ground
magnetic survey on north-south lines at 100m line spacing, with 10m
station intervals, covering 383 line kilometres in total. Results
have just been received and are currently being modelled to help
guide future exploration.
Planned Drilling
Initial Galileo interest in the Shinganda area focussed on a
historic angled drill hole completed in 1959, WS1, which was
drilled beneath the Shinganda outcrop pits through a silicified
ironstone capping or gossan. The hole reportedly cut a
near-vertical zone of heavily veined sediments with copper oxides
assaying 1.07% Cu over a true width of 28.3m at a vertical depth of
approximately 40-50m, with peak values >2.5% Cu.
A step-back hole, WS5, was subsequently drilled beneath WS1.
This cut the same zone over a circa 75m downhole interval at
approximately 150-200m vertical depth, at which depth
mineralisation comprised primary chalcopyrite/pyrite sulphide veins
of considerably lower grade, with individual samples up to 0.5% Cu
(no average grade recorded). It appears that there is an element of
supergene copper enhancement in the upper oxidised levels of the
structure. It is notable that no gold assay results were reported
although it is known that several mineralised occurrences in the
area carry significant gold values.
Given the age of the historic drilling and the limited data
available, it is proposed to re-drill the mineralised structure at
Shinganda in up to three holes to a vertical depth of approximately
100m to obtain fresh core and sample material for copper and gold
analysis. Drilling is expected to commence shortly.
Project Potential
The Company believes that there may be considerable further
potential around the Shinganda target, as previous drilling there
appears very limited (just 2 holes known) and there remains
considerable untested strike potential. Higher copper-gold grades
are recorded to the west in the ex-Vale property, and two open pits
were previously developed along the Gerhard structure to the east.
The target for Galileo would be primarily supergene-enhanced
shallow copper-gold mineralisation which is amenable to small to
medium scale open pit mining development and that can be readily
tested by shallow drilling.
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
"fault/shear zone" Plane of failure in faulted body of rock
"hematite" A mineral composed of ferric iron oxide
"hydrothermal" Descriptive of hot magmatic emanations rich
in water
"intrusives" Bodies of igneous rock that invade older rocks
"magnetite" A magnetic iron oxide, Fe(3) O(4)
"soil anomaly" A concentration of one or more elements in
soil that is markedly higher than background
"supergene" Descriptive of a mineral deposit, weathering
or alteration formed by descending solutions
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