TIDMGLR
RNS Number : 0439N
Galileo Resources PLC
18 January 2023
For immediate release
18 January 2023
Galileo Resources Plc
("Galileo" or "the Company")
Further Drilling Extends Shinganda Copper-Gold Project,
Zambia
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide an update on the diamond drilling programme carried out on
its Option and Joint Venture project covering the Shinganda
Copper-Gold (Cu-Au) Project, Zambia (the "Project" ) where the
Company has the right to earn an initial 51% interest. Full assay
results have been received for all nine holes completed at its
Shinganda drilling programme. Copper assay results for the first
four holes were previously reported (RNS dated 20 July 2022) and
are reported here again for completeness.
Highlights
-- Nine angled diamond drill holes completed at the Shinganda
outcrop prospect totalling 1,227.2m confirm a supergene copper-gold
mineralised gossan zone containing malachite, chalcocite, native
copper and associated gold mineralisation
-- Among the assay intersections recorded were:
-- 50.3m @ 1.54% Cu, 0.30g/t Au from 21.0m in hole SHDD002
o Including 7.0m @ 4.36% Cu, 1.51g/t Au from 47.0m
-- 43.7m @ 1.01% Cu, 0.18g/t Au from 7.3m in hole SHDD004
-- 11.0m @ 1.03% Cu, 0.55g/t Au from 102.0m in hole SHDD005
o Including 3.4m @ 2.89% Cu, 1.61g/t Au from 102.0m
-- 16.0m @ 0.72% Cu, 0.04g/t Au from 11.0m in hole SHDD006
-- The zone as defined so far extends for about 200m x 100m in
plan, and to about 70-80m vertical depth, with a higher-grade core
and lower grade margins
-- Drilling towards the west-northwest and the east shows that
mineralisation is not closed off in these directions
-- Strong hydrothermal alteration and brecciation is suggestive
of a significant hydrothermal and supergene system at Shinganda,
possibly controlled by regional and local faulting
-- Primary chalcopyrite copper mineralisation encountered deeper
in hole SHDD005 may represent the original sulphide source of the
remobilised supergene mineralisation.
-- 3D modelling of the deposit is proposed to assist in planning
additional drilling, while further evaluation is continuing on
other prospects within the exploration licence showing similar
characteristics
Colin Bird Chairman & CEO said: "The Shinganda prospect is
demonstrating significant potential as a copper-gold exploration
project, with very encouraging intersection widths from drilling to
date. We are continuing to carry out pitting and trenching on
additional nearby targets to demonstrate further potential within
the licence area as we pursue our aim of drill testing several of
these targets during the first half of 2023. Results to date show
that the area is highly prospective, and we look forward to
carrying out and reporting on the next phase of work. "
Drilling Results to Date
Galileo interest in the Shinganda area initially focussed on a
historic angled drill hole completed in 1959, which reportedly cut
a near-vertical zone of heavily veined sediments and copper
oxides.
Nine follow-up diamond drill holes were completed by the Company
in Q3 and Q4 2022 at the Shinganda outcrop prospect totalling
1,227.2m. All holes passed through a stratigraphic package
comprising mainly siltstone, dolomite and argillite of the
Neoproterozoic metasedimentary suite of the Kundelungu Group.
Copper and gold assay results have now been received for all nine
holes - see Table 1 below for a summary of the main intersections
of interest.
Table 1 - Shinganda Prospect - Selected DDH Assay
Intervals >0.5% Cu over 2m Minimum Downhole Width
Hole From To Interval Au
No. Dip Azimuth (m) (m) (m) Cu% g/t
---- -------- ------ ------ --------- ----- -----
SHDD001 -50 360 6.0 17.0 11.0 0.63 0.03
---- -------- ------ ------ --------- ----- -----
SHDD002 -50 360 21.0 71.3 50.3 1.54 0.30
---- -------- ------ ------ --------- ----- -----
Incl. 47.0 54.0 7.0 4.36 1.51
---- -------- ------ ------ --------- ----- -----
Incl. 47.0 50.0 3.0 7.96 3.13
---- -------- ------ ------ --------- ----- -----
SHDD003 -50 360 58.0 60.0 2.0 0.52 0.22
---- -------- ------ ------ --------- ----- -----
and 73.0 77.0 4.0 0.54 0.12
---- -------- ------ ------ --------- ----- -----
and 92.0 94.0 2.0 1.02 0.38
---- -------- ------ ------ --------- ----- -----
SHDD004 -55 65 7.3 51.0 43.7 1.01 0.18
---- -------- ------ ------ --------- ----- -----
Incl. 10.0 20.0 10.0 1.61 0.07
---- -------- ------ ------ --------- ----- -----
SHDD005 -50 360 87.0 90.0 3.0 0.79 0.06
---- -------- ------ ------ --------- ----- -----
and 102.0 113.0 11.0 1.03 0.55
---- -------- ------ ------ --------- ----- -----
Incl. 102.0 105.4 3.4 2.89 1.61
---- -------- ------ ------ --------- ----- -----
and 126.0 131.0 5.0 0.52 0.77
---- -------- ------ ------ --------- ----- -----
SHDD006 -50 180 11.0 27.0 16.0 0.72 0.04
---- -------- ------ ------ --------- ----- -----
Incl. 17.0 20.0 3.0 1.41 0.06
---- -------- ------ ------ --------- ----- -----
and 59.0 61.0 2.0 0.89 0.02
---- -------- ------ ------ --------- ----- -----
SHDD007 -50 65 3.0 21.0 18.0 0.53 0.12
---- -------- ------ ------ --------- ----- -----
and 67.0 69.0 2.0 0.72 0.14
---- -------- ------ ------ --------- ----- -----
Galileo's drilling has confirmed and extended the Shinganda
hematite breccia gossan zone copper-gold occurrence, containing
supergene malachite, chalcocite and native copper mineralisation.
The core zone on the main profile drilled is about 35m wide and
extends from surface to at least 70m vertical depth. The overall
mineralised zone covers an area of about 200m x 100m in plan and it
has not yet been closed off in several directions, particularly to
the east, the west-northwest.
A 25cm interval of semi-massive native copper was noted at
approximately 103m downhole depth in hole SHDD005 within the
hematite zone. Chalcopyrite mineralisation also occurs deeper in
hole SHDD005 in bands and associated with quartz-carbonate veining
around 133m-143m downhole depth, which may represent the original
sulphide source of the remobilised supergene mineralisation.
Strong bedrock alteration and brecciation, including
quartz-carbonate, silica and potassic alteration types are seen
flooding through intervals of core in several holes, particularly
SHDD003, SHDD005 and SHDD006, suggestive of a significant
hydrothermal and supergene system at Shinganda.
3D modelling of the deposit is now proposed to assist in
planning additional drilling, while further evaluation is
continuing on other prospects within the exploration licence
showing similar characteristics.
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
"breccia" Rock fragmented into angular components
"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
"fault/shear zone" Plane of failure in faulted body of rock
"gossan" A surface capping of hydrated oxides of iron
formed from metallic sulphides
"hematite" A mineral composed of ferric iron oxide
"hydrothermal" Descriptive of hot magmatic emanations rich
in water
"K-felspar" Refers to a number of minerals in the felspar
group containing potassium
"malachite" A green copper carbonate mineral (Cu(2) (OH)2CO(3)
) which forms by alteration of copper sulphide
minerals
"native copper" Copper in its pure elemental form
"potassic" Descriptive of alteration of rocks through
the introduction of potassium
"quartz-carbonate" Referring to alteration of rock by the addition
of quartz and carbonate minerals
"semi-massive" Mineralisation making up a large part, but
not all, of the rock mass
"silica" Silicon dioxide, of which the mineral quartz
is one form
"supergene" Descriptive of a mineral deposit, weathering
or alteration formed by descending solutions
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END
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