Galileo Resources PLC Kamativi Lithium Project - Exploration Update (9805I)

TIDMGLR

RNS Number : 9805I

Galileo Resources PLC

08 December 2022

For immediate release

8 December 2022

Galileo Resources Plc

("Galileo" or "the Company")

Kamativi Lithium Project - Reconnaissance and Follow-up Sampling Programmes

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an update on a reconnaissance mapping and sampling programme completed over the Kamativi Lithium Project ("Project") in southwest Zimbabwe. The Project area comprises exploration licence EPO 1782 covering an area of 520 sq km in western Zimbabwe. Galileo has a current interest of 29% in the Project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending a combined total of $1.5million on exploration and evaluation in the Project area and over the Bulawayo gold-nickel property by 21 January 2024.

Highlights

-- Detailed reconnaissance mapping and sampling over the Kamativi lithium project has identified four target zones with potential for pegmatite-hosted lithium, tin and tantalum

-- The target zones lie along strike extensions or on parallel structures to the Kamativi Tin Mine which contains a JORC (2012) compliant Indicated Mineral Resource of lithium in tailings of 26.3Mt @ 0.58% Li2O (Lithium Oxide)

-- Former workings for tin, tantalum and tourmaline are noted within the Project area on the historic geological maps but lithium was not targeted at that time

-- Possible visual identification of spodumene and petalite mineralisation by the Galileo field team in rock chip samples from one site will require laboratory confirmation

-- 1,661 samples, comprising rock chips, stream sediments and soil samples have been dispatched to an assay laboratory for a range of elements, including lithium, tin and tantalum

   --    Confirmed targets will be identified for follow up work which may include drilling 

Colin Bird Chairman & CEO said: "We have meticulously sampled the pegmatites over four target zones across our Kamativi lithium project licence area with the mission of identifying lithium occurrences, as well as testing the significant potential for tin and tantalum. We await the results of laboratory analysis and, if appropriate, we will aim to progress confirmed prospects to drill testing stage. We also have a substantial number of additional samples in storage for analyses, depending on the results of the current batch.

The prospects for lithium remain strong and Zimbabwe is an emerging source of this new age metal. "

Kamativi Reconnaissance Mapping and Sampling Programme

The Company announced the intended reconnaissance mapping/sampling programme at Kamativi on 26 April 2022 and this has been completed over four target zones on the Kamativi licence area to check for pegmatite hosted lithium mineralisation, as well as associated elements such as tin and tantalum. The targets were chosen based on location along structures on strike from and/or parallel to the Kamativi tin mine zone which contains an associated lithium resource in tailings, as well as mapped pegmatite dyke occurrences and historic workings on the Galileo property.

A total of 5,326 samples were collected in the form of rock chip, stream sediment and soil samples, the sample type being dictated by the extent of bedrock exposure, and the terrain. Of these samples, 1,661 were initially selected for laboratory analysis based on pXRF analysis, comprising 79 rocks, 87 streams and 1,495 soils. Soil sampling was carried out on a 400m x 40m grid spacing. Analysis is planned for a suite of elements including lithium, tin, tantalum, tungsten and a range of potential lithium indicator elements.

Positive results arising from this programme will be followed up by detailed mapping, sampling and possible geophysics, with the aim of identifying priority targets for drill testing.

The Company will provide a map of these areas once all assay results are received.

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 [phone] 
                                       4477 
 Beaumont Cornish Limited - Nomad     Tel [phone] 
  Roland Cornish/James Biddle          3396 
                                    ---------------------- 
 Novum Securities Limited - Joint 
  Broker 
  Colin Rowbury /Jon Belliss          [phone] 
                                    ---------------------- 
 Shard Capital Partners LLP -         Tel [phone] 
  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

 
 "amblygonite"   A fluorophosphate mineral, composed of lithium, 
                  sodium, aluminium, phosphate, fluoride and 
                  hydroxide 
 "fluorite"      A mineral of composition CaF2 common in some 
                  base metal deposits 
 "gneiss"        Metamorphic rock, often of granitic origin 
 "granite"       A medium to coarse grained granular acid intrusive 
                  rock 
 "lepidolite"    A lilac-grey or rose-coloured member of the 
                  mica group of minerals; sometime ore of lithium 
 "mica"          A platy, flexible mineral which is a common 
                  constituent of igneous and metamorphic rocks 
 "pegmatite"     Very coarse-grained igneous rock which commonly 
                  occurs as dykes in granite intrusions 
 "petalite"      A lithium aluminium phyllosilicate mineral 
                  and an ore of lithium 
 "schist"        A metamorphic rock with a platy or foliated 
                  texture 
 "spodumene"     A lithium aluminium silicate mineral and an 
                  important ore of lithium 
 "tailings"      Reject products from a mineral treatment plant 
 
 "tantalum"      A metallic mineral used in a variety of alloys 
                  to add high strength, ductility and a high 
                  melting point 
 
 "tourmaline"    Silicate mineral containing sodium, aluminium 
                  and boron 
 

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December 08, 2022 02:00 ET (07:00 GMT)