REG - Galileo Resources - Bulawayo Gold - surveys and target selection

Galileo ResourcesAnnouncement

16/08/2022 13:00

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RNS Number : 2076W  Galileo Resources PLC  16 August 2022

 

For immediate release

 

16 August 2022

Galileo Resources Plc

("Galileo" or "the Company")

 

Interpretation of Airborne Geophysical Surveys and Gold Target Selection at
Bulawayo Gold Project, Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide
shareholders with an update following receipt of a final interpretation report
on the 1,108km(2) airborne geophysical survey ("Survey") and the delineation
of a significant number of targets for immediate follow up. The interpreted
geophysical data has been circulated around the Company's technical group and
the Group's conclusions and those of the independent consultants can be found
in the highlights.

 

Highlights

 

·    Multiple gold targets have been identified based on the
interpretation of the recent high quality Xcalibur Airborne Geophysics (Pty)
Ltd's aeromagnetic and radiometric survey. Targets are associated with
prospective lithologies and geological structures known to provide the setting
for both historic gold producers and operating mines within the two
exploration licences ("the Licences") that comprise the Bulawayo Gold Project.

 

·    The Survey has successfully mapped magnetic greenstone lithologies,
the most likely host for gold mineralisation in the region, together with
geological structures, which typically act as conduits for mineralising
fluids. These greenstones have remained unexplored, hidden beneath relatively
shallow alluvial and Karoo sandstone cover.

 

·    North-south, northwest-southeast and northeast-southwest regional
shears and splays that have hosted former producing gold mines, such as the
historic Queen's Group mines, are prevalent and can be seen extending under
cover, therefore offering specific targets for follow up.

 

·    Granite intrusions detected in the Survey which are the likely heat
driver and source of mineralising fluids are intruded into the greenstone
country rock and associated with faulting around the contact of the granite
bodies, offering further optimal settings for mineralisation.

 

·    There are numerous targets which have been generated within the
various prospective areas of the Licences and the Company is currently
prioritising targets for further exploration, integrating the new geophysical
data with existing gold deposit and soil geochemical datasets. Shareholders
can expect further announcements once a target hierarchy has been
established.

 

 

Colin Bird Chairman & CEO said "The area covered by our licences and the
recent airborne survey has historically been a prolific source of small-scale
gold mines and continues to support operating mines today. Our mission was to
examine the potential for a major gold system and evidence certainly points to
the possibility of a large gold system discovery. The team is currently on the
ground, prioritising targets for follow up and the main targets will be
drilled as soon as possible."

 

 

Airborne Survey

The Survey comprised an Xcalibur aeromagnetic - radiometric survey, flown at
low-level (35m) and on 100m line spacing. The low-lying topography and limited
powerlines crossing the survey area allowed for low-level flight and an
extremely high-quality data set for interpretation. A small area of the Survey
had been previously flown by another recognised contractor at 60m elevation
and on 75m line spacing and this data was re-interpreted along with the newer
Xcalibur data set.

 

The objective of the survey and subsequent interpretation was to map both
magnetic greenstone lithologies under cover and geological structure, in as
much detail as possible. The interpretation will then direct further
exploration, particularly in the thinly covered areas. The known gold
occurrences, soil geochemical data, mines and mining claims in the area
provide additional layers of data that will be used to aid interpretation.

 

Project Geology

The area surveyed is a granite-greenstone terrane in which numerous gold
occurrences and gold mines are located. The greenstones consist of andesitic
to rhyolitic meta-volcanics mixed with various meta-sediments and gold
mineralisation characteristically occurs in quartz vein "reefs" and
quartz-rich shear zone settings. With the exception of a granite outcrop in
the southeast part of the area under licence, the northern, western and
central parts are partially covered by Karoo sandstone and basalt, as well as
some Kalahari sand. The extensive nature of younger cover historically
discouraged exploration where outcrop was absent. These covered areas,
particularly where greenstone host rocks and coincident geological structures
have been interpreted, now offer a unique opportunity for the discovery of new
gold deposits.

 

Gold Mining in Zimbabwe

Zimbabwe has long been a significant gold producer, primarily from Greenstone
Belt quartz 'reef' deposits. The largest current producer is Caledonia Mining
Corporation Plc from its Blanket Gold Mine, which currently operates at a
depth of about 750m below surface on multiple ore shoots and produced
approximately 55,000 ounces of gold in 2019. A new deepening of the mine will
raise production to 80,000 ounces from 2022 and extend the mine life. To date,
in excess of 1 million ounces of gold have been produced from the property.

 

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, P.Geo, 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 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker    +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker  Tel +44 (0) 20 7186 9952

 Damon Heath

 

Technical Glossary

 "aeromagnetic"        A survey of the earth's magnetic field carried out from a helicopter or
                       aeroplane

 "alluvial"            Descriptive of sediments which have been deposited by rivers or streams

 "andesite"            A volcanic rock occurring in both modern island arcs and ancient volcanic
                       belts with 52% to 66% silica

 "basalt"              A fine-grained volcanic rock with low silica content

 "granite"             A medium to coarse grained granular acid intrusive rock

 "Greenstone Belt"     Zones of variably metamorphosed mafic to ultramafic volcanic sequences with
                       associated sedimentary rocks that occur within Archaean and Proterozoic
                       cratons between granite and gneiss bodies

 "intrusions"          Bodies of igneous rock that invade older rocks

 "Karoo"               Sequence of rocks of Palaeozoic to Mesozoic in age, defined in southern Africa

 "lithology"           A synonym for rock-type

 "radiometric survey"  The measurement of radiation from radionuclides present at or near the earth's
                       surface

 "reef"                Mineralised rock vein, particularly gold bearing quartz

 "rhyolite"            Fine grained extrusive acid igneous rock

 "sandstone"           A sedimentary rock usually composed essentially of sand-sized quartz grains

 "shear"               Plane of failure in faulted body of rock

 "splay"               A branch off a main structure

 

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