Galileo Resources PLC Exploration Update at Shinganda Project (1471N)

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 [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] 
  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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May 30, 2022 02:00 ET (06:00 GMT)