Galileo Resources PLC Update on Kalahari Copper Belt Project (6660X)

TIDMGLR

RNS Number : 6660X

Galileo Resources PLC

05 May 2021

For immediate release

5 May 2021

Galileo Resources Plc

("Galileo" or "the Company")

Airborne EM Interpretation

and

Commencement of Drilling on Kalahari Copper Belt

Galileo Resources plc ("Galileo "or the "Company") is pleased to announce plans for commencement of drilling on its 100% held prospecting licences ('PLs') in the Kalahari Copper Belt ("KCB") in western Botswana.

Highlights

   --     Further to its announcement of 23 November 2020, Galileo has completed its data processing, interpretation and drill target selection work on the Heliborne-EM geophysical survey carried out over two priority licences in its highly prospective KCB Project 

-- Possible stratigraphic/fault repetition interpreted along a 22km conductive zone on PL40/2018 may indicate comparable geological settings to Khoemacau Copper Mining's major Zone 5 and Zone 5N deposits, situated only 25 kilometres due west and to Sandfire Resources large A4 and T3 deposits

-- By analogy with these deposits the Galileo targets on PL40/2018 represent attractive drill targets

-- Drill planning over PL39/2018 will focus on the margins of a regional scale dome feature with structural similarities to the T3/A4 deposits

-- A contract has been signed with an experienced Botswana drill operator for a minimum of 2,500m of diamond drilling in up to ten first priority holes, with drilling planned to commence in the current week

Colin Bird Chairman & CEO said: "The Kalahari Copper Belt is emerging internationally as a developing region for copper production. The Galileo licences are well placed among a conglomeration of discoveries by Cupric Canyon Capital and Sandfire Resources. These discoveries have resulted in the development of two mines to date and we are excited about the potential for new discoveries on our properties.

The whole region has sand cover and geophysics is the primary tool for identifying concealed orebodies. The results of our airborne survey have produced strong drill targets, similar to previous discoveries - we look forward to updating the market as our drilling work progresses. "

Airborne EM Interpretation and drill planning

As announced on 23 November 2020, the Company completed a High-Resolution Helicopter-Borne Electromagnetic (EM) and Magnetic Survey over several prospecting licences within its' KCB licence block, including PL40/2018 and PL39/2018.

The data obtained were of excellent quality and were processed and interpreted on Galileo's behalf using a series of EM data inversions and 3D modelling by Spectral Geophysics, a consultancy highly experienced in processing geophysical data from the Kalahari region, and which was instrumental in the recent discovery of the high grade A4 Dome copper-silver deposit for Sandfire Resources. Geological interpretation and final drill site selection over the Galileo ground was then carried out by our in-house team which has extensive background in discovery of major copper deposits in the KCB.

On PL40 the north-western side of the airborne EM data clearly delineates a 22km long, linear, NNE/SSW trending conductive unit along the full survey extent. This conductive unit is interpreted to represent a carbonaceous marker horizon dipping moderately to the ESE. In places, there appears to be a structural repetition, possibly related to thrust faulting or a stratigraphic repetition of the marker horizon. Examples of both geological settings proposed can be found throughout the KCB, often in spatial association with mineralisation - Khoemacau Copper Mining's Zone 5 deposit just 25km due west has two stratigraphic marker horizons in a very similar synclinal geological setting and, at Sandfire Resources A4 and T3 deposits, thrust faults play an integral role in the distribution of mineralisation. Therefore, by analogy with these deposit settings, the Galileo targets on PL40 strongly warrant drill testing.

Drill planning based on the airborne EM results over PL39/2018 will focus on the margins of a regional scale dome feature. The plan is to target the prospective D'kar Fm/Ngwako Pan Fm contact below the interpreted carbonaceous marker horizon close to the erosional surface as well as the marker horizon itself, which has been found to be mineralised at T3/A4 due to syn-basin inversion faulting controlling remobilisation of mineralisation.

In all, up to 10 Priority 1 holes are planned, totalling a minimum of 2,500m of drilling. A contract has been signed with an experienced local drilling operator and the rig is due to mobilise and commence drilling during the current week.

Background to the KCB Exploration Programme

The interpreted geological setting beneath the Kalahari sand deposits for the area covered by PL40/2018 and PL39/2018 is based on regional aeromagnetic and EM data. This area has strong similarities to the synclinal geological setting that hosts the world-class Khoemacau Copper-Silver Project, situated only 25 kilometres due west. The Zone 5 and Zone 5N deposits host a combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including 185Mt @ 2.0% Cu and 27g/t Ag - refer to Cupric's website www.khoemacau.com for details. The Galileo licences also lie 140km along strike from Sandfire Resources' (ASX:SFR) Tshukudu Exploration Project that comprises the T3 Copper-Silver Project (60Mt @ 0.98% Cu & 13.6g/t Ag), where a feasibility study is currently in progress, and the recently discovered high-grade copper A4 Dome Prospect.

The regional synclinal settings of Galileo's PL40/2018 and PL39/2018 and the Khoemacau Zone 5 and Zone 5N deposits are separated by a large-scale horst/anticlinal zone. The original basin bounding extension faults are believed to have been the conduits for metal-enriched, hydrothermal fluids. Typically, when these fluids reach D'kar Fm/Ngwako Pan Formation REDOX boundary, copper-silver sulphides are precipitated.

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 graduate 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

 
 "anticline"            A fold in rock strata that is convex upward 
                         with a core of older rocks 
 "carbonaceous"         Said of a sedimentary rock containing organic 
                         material 
 
   "horst"                An area of positive relief between two parallel 
                          faults 
 "hydrothermal"         Descriptive of hot magmatic emanations rich 
                         in water 
 
 "marker horizon"       Stratigraphic units of distinctive lithology 
                         with a wide geographical extent that are used 
                         in stratigraphic correlation 
 "REDOX boundary"       Oxidation/reduction reaction occurring in 
                         the weathering zone along the water table 
 
 "syn-basin inversion   Faulting arising from the relative uplift 
  faulting"              of a sedimentary basin or similar structure 
                         as a result of compression 
 
 
 
 
 
 
 

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