TIDMGLR
RNS Number : 5381U
Galileo Resources PLC
29 March 2023
29 March 2023
Galileo Resources Plc
("Galileo" or "the Company")
Exploration Update over Kalahari Copper Belt Licences Sold
Pursuant to Agreement with Sandfire Resources Limited
Galileo Resources plc ('Galileo" or the "Company") is pleased to
provide an update on the Kalahari Copperbelt Project in western
Botswana and work undertaken and planned on those licences sold
pursuant to an agreement (see RNS dated 16 September 2021) with
Sandfire Resources Limited ("Sandfire") (the "Sandfire
Licences").
Encouraging results are attributable to several licences where
Sandfire is exploring for typical Kalahari Copperbelt style
mineralisation and follow-up exploration has been recommended by
Sandfire. Interpretation of airborne magnetic and radiometric
surveys by Sandfire and subsequent drilling on the Okwa Project
covering licences PL044/2018 and PL045/2018 has identified
disseminated sulphides, including copper, in intermediate and
felsic volcanics.
Highlights
-- Work has been undertaken on prospecting licences PL044/2018,
PL045/2018, PL122/2020, PL154/2018, PL251/2018, PL366/2018 and
PL367/2018
-- PL250/2020 - approximately 7.24km of prospective Lower D'Kar
contact has been identified warranting a Terraleach(TM) * soil
geochemical survey. Area will also be covered by regional airborne
gravity survey ('AGG')
-- PL367/2018 - Four multi-element soil anomalies identified as
priority targets with infill Terraleach(TM) soil surveys
planned.
-- PL251/2020 - Scheduled Terraleach(TM) * soil survey over an
area described by Sandfire as a T3/A4-type target. AGG survey also
to be flown.
-- PL366/2018 - Soil anomaly identified warranting additional
soil geochemistry in conjunction with Sandfire's announced AGG
regional survey.
-- PL044/2018 & PL045/2018 - Airborne magnetic and
radiometric geophysics and follow up drilling confirmed the
presence of magnetite and disseminated copper-zinc mineralisation
in intermediate to acid volcanic rocks - follow up under
review.
-- PL122/2020 & PL154/2020 - Considered low order priorities
with no additional work planned in the short to medium-term subject
to results of the pending AGG survey.
*Terraleach(TM) : The technique is a partial leach method that
assays for mobile ions which have migrated into the weathering
zone, and which are only weakly or loosely attached to the surfaces
of soil particles. Studies have shown that these ions have the
ability to disperse through unmineralized rock (e.g. hundreds of
metres vertically) possibly by micro-bubble, vapour, ground-water
flow, capillary rise, or electrochemical processes. The technique
therefore has the capacity to indicate buried mineralisation.
Colin Bird Chairman and CEO commented "A considerable amount of
work has been completed on the Sandfire Licences and the results to
date are very encouraging. In terms of the Kalahari Copperbelt type
mineralisation, multiple targets have been identified for follow up
and we look forward to the next round of results generated by
Sandfire.
There is intense activity in the Kalahari Copperbelt with
traditional thought being overtaken by new concepts and new ideas
which are being proven in practice. The Sandfire Licences and our
retained licences which were not sold to Sandfire are all in pole
position relative to the activity which should help accelerate our
efforts".
SUMMARY OF PROGRESS
PL250/2020
Airborne magnetics has indicated the presence of Lower D'Kar
stratigraphy and an approximate 7.24km of strike length of Lower
D'Kar contact which is considered prospective. Soil surveys are
planned over the area using the Terraleach(TM) * process. The
licence will also be covered by the AGG airborne gravity survey
previously announced by Sandfire.
PL367/2018
The Mokoro prospect has been soil sampled resulting in the
discovery of four priority multi-element anomalies warranting
follow up. Infill soil programmes have been planned.
PL251/2020
Lower D'Kar lithology is interpreted to occur within the licence
although no Lower D'Kar geology has been identified at surface.
Potential for T3/A4-style of mineralisation will be covered by a
Terraleach(TM) * soil survey. The Licence will also be covered by
the scheduled AGG survey.
PL366/2018
An historic soil anomaly located along the southern boundary of
the Licence has been re-investigated by Sandfire (designated as the
T15 Target) and warrants a new soil survey prior to drill testing.
The Licence will also be covered by the AGG survey.
PL044/2018 & PL045/2018
Sandfire has drilled a total of nine drillholes on the Okwa
Project, two diamond drillholes and seven reverse circulation holes
of which four were also subject to downhole EM geophysical surveys.
This identified a magnetite-bearing intermediate to acid volcanic
system with disseminated chalcopyrite mineralisation.
Sandfire is now considering the next stage of exploration over
the two licences.
PL122/2020 & PL154/2020
Recent interpretation of new magnetic data indicates the absence
of prospective geology on these two licences and no further work is
scheduled in the short to medium-term. The upcoming AGG survey may
indicate potential which would then be investigated on merit.
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
"breccia" Rock fragmented into angular components
"chlorite" Dark green, platy, hydrous silicate mineral
related to mica
"D'kar lithology" Sedimentary rock unit that hosts many of the
Botswana Copperbelt copper deposits
"EM" Geophysical exploration method employing the
related electric and magnetic fields which
can be set up in a conductive body by an artificial
electric field at surface
"hematite" A mineral composed of ferric iron oxide
"mafic" Containing or relating to a group of dark-coloured
minerals, composed chiefly of magnesium and
iron, that occur in igneous rocks
"magnetite" A magnetic iron oxide, Fe3O4
"T3/A4-type target" Refers to Sandfire Resources copper-silver
deposits operating as the Motheo copper mine
currently under development in the Kalahari
Copperbelt
https://www.sandfire.com.au/where-we-operate/motheo/
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END
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