TIDMGLR
RNS Number : 3707X
Galileo Resources PLC
26 August 2022
For immediate release
26 August 2022
Galileo Resources Plc
("Galileo" or "the Company")
Discovery of Nickel Targets at the Bulawayo Gold Project,
Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") is pleased to
report that several potential nickel targets were also highlighted
in the recent airborne geophysical survey over the two exploration
licences ("the Licences") comprising the Bulawayo Gold Project in
Zimbabwe alongside the gold potential targets in the survey
reported in the announcement of 16 August 2022.
Highlights
-- In addition to the recently reported gold targets generated
by the interpretation of a new aeromagnetic and radiometric
geophysical survey undertaken by Xcalibur Airborne Geophysics (Pty)
Ltd, the external consultant has reported on several areas with
nickel potential that have also been identified in combination with
geological mapping and historic soil geochemical data
-- The Licences include large areas covered by younger rocks and
alluvium. The recent interpretation of geophysical data indicates
the presence of greenstone belts, banded iron formation and
geological structures conducive to both gold and nickel
mineralisation found beneath this cover where historically no
exploration has taken place.
-- Nickel sulphide deposits in Zimbabwe are located in Archean
rocks of komatiitic composition within greenstone belts, mafic -
ultramafic intrusions or the Great Dyke. The recent interpretation
has identified both potential mafic and komatiitic host rocks on
the Licences.
-- Three nickel targets with the potential for follow up have
been identified together with several further sites of
interest:
o A 1.5km long soil geochemical anomaly up to 1,700ppm Ni with a
coincident magnetic signature has been highlighted from historic
sampling in the Fingo area in close association with a nearby
granite body and faulting. Mineralisation is hosted by an
elliptical meta-basalt, a known receptive host for nickel
mineralisation.
o An entirely new discovery has also been made, a second
magnetic elliptical feature within the same granite which does not
appear on the relevant Zimbabwean geological map covering the area.
The rocks are interpreted as meta-gabbro and meta-basalt, both
suitable nickel hosts.
o The Kenyane Dyke Target is a 12.6km long north-south trending
magnetic anomaly that passes largely beneath Karoo cover. This
extensive, previously unmapped feature comprises up to three dykes
merging into one very wide structure. The structure is thought to
comprise meta-gabbro and possibly layered ultra-mafic lithologies
which are suitable hosts for nickel mineralisation.
-- Several other potential nickel targets within the Licences
are characterised by komatiitic rock, an ultra-mafic host
associated with nickel mineralisation found at the Shangani nickel
mine situated outside the licences NNE of Bulawayo. These other
targets often have granitic intrusions and geological structures in
close association, potentially providing features diagnostic of
nickel mineralisation.
Colin Bird Chairman & CEO said "We are delighted also to
report that one outcome of the recent survey has been an early
indication of the possibility of the presence of nickel on our
licences which was unexpected and a bonus to the Company's gold
mission . A review of the geological archive has highlighted
potential by referencing Phoenix, Selkirk, Empress, Hunters Road,
Epoch, Damba, Mimosa, Trojan and Selukwe among the better-known
Zimbabwe and Botswana nickel sulphide deposits associated with
greenstone belts, faults, and the Great Dyke. The majority of these
deposits are greenstone-hosted deposits found in meta-gabbro rocks
similar to the principal targets we have identified in our survey.
The Shangani mine located closest to our 12.6km long Kenyane nickel
target contains an estimated 12Mt of ore at 0.56% Ni and is an
integral part of the Bindura Nickel Corporation's portfolio. We
look forward to evaluating the principal targets identified so far
together with the other nickel anomalies now in the exploration
inventory and will report back to shareholders as work
advances."
Airborne Survey
The Survey comprised an Xcalibur aeromagnetic - radiometric
survey, flown at low-level (35m) and on 100m line spacing. The
low-lying topography and limited powerlines crossing the survey
area allowed for low-level flight and an extremely high-quality
data set for interpretation. A small area of the Survey had been
previously flown by another recognised contractor at 60m elevation
and on 75m line spacing and this data was re-interpreted along with
the newer Xcalibur data set.
The objective of the survey and subsequent interpretation is to
map both magnetic greenstone lithologies under cover and geological
structure, in as much detail as possible. The interpretation will
then direct further exploration, particularly in the thinly covered
areas. The known nickel and gold occurrences, soil data, mines and
mining claims in the area provide additional information layers
that will be used to aid interpretation.
Project Geology
The area surveyed is a granite-greenstone terrane in which
numerous gold occurrences and gold mines are located. The
greenstones consist of andesitic to rhyolitic meta-volcanics mixed
with various meta-sediments. Gold mineralisation characteristically
occurs in "reefs" and quartz-rich shear zone settings. With the
exception of a granite outcrop in the SE part of the area under
licence, the northern, western, and central parts are partially
covered by Karoo sandstone and basalt, as well as some Kalahari
sand. The extensive nature of younger cover historically
discouraged exploration where outcrop was absent. These covered
areas, particularly where greenstone host rocks and coincident
geological structures have been interpreted now offer a unique
opportunity for the discovery of new gold deposits.
Mafic and ultramafic rocks within Archean greenstone sequences
and the Great Dyke are known to host nickel deposits in Zimbabwe.
Other mafic-hosted deposits can be found in eastern Botswana on the
border with Zimbabwe. Traditionally, among base metals exploited in
Zimbabwe, nickel predominates in terms of total production value.
Nickel is produced from several mines located within greenstone
belts and as a by-product from mining of Platinum Group Metals.
Technical Sign-Off
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, P.Geo, 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
Roland Cornish/James Biddle Tel +44 (0) 20 7628 3396
Novum Securities Limited - Joint Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
Shard Capital Partners LLP - Joint Broker
Damon Heath Tel +44 (0) 20 7186 9952
Technical Glossary
"aeromagnetic" A survey of the earth's magnetic field carried
out from a helicopter or aeroplane
"andesite" A volcanic rock occurring in both modern island
arcs and ancient volcanic belts with 52% to
66% silica
"Archean" The oldest of the two divisions of the Precambrian
Era; older than 2,500 million years ago
"Banded Iron Formation Chemical sedimentary rock composed of finely
(BIF)" alternating layers of silica and iron oxide,
iron silicates or iron carbonates
"basalt" A fine-grained volcanic rock with low silica
content
"dyke" A tabular intrusive rock cross-cutting the
host strata at a high angle
"gabbro" A coarse grained mafic intrusive rock composed
of pyroxene and plagioclase, similar in composition
to dolerite
"granite" A medium to coarse grained granular acid intrusive
rock
"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
"intrusions" Bodies of igneous rock that invade older rocks
"Karoo" Sequence of rocks of Palaeozoic to Mesozoic
in age, defined in southern Africa
"komatiite" A type of ultramafic mantle-derived volcanic
rock defined as having crystallised from a
lava of at least 18 wt% MgO
"mafic" Containing or relating to a group of dark-coloured
minerals, composed chiefly of magnesium and
iron, that occur in igneous rocks
"meta-volcanic" A metamorphosed volcanic rock
"radiometric survey" The measurement of radiation from radionuclides
present at or near the earth's surface
"rhyolite" Fine grained extrusive acid igneous rock
"sandstone" A sedimentary rock usually composed essentially
of sand-sized quartz grains
"semi-massive" Mineralisation making up a large part, but
not all, of the rock mass
"soil anomaly" A concentration of one or more elements in
soil that is markedly higher than background
"ultramafic" Igneous rocks of mantle origin with low silica
content
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END
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