REG - Galileo Resources - Commencement of IP Geophysical Surveying

Galileo ResourcesAnnouncement

14/10/2024 07:00

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RNS Number : 9623H  Galileo Resources PLC  14 October 2024

RNS Number : 9623H

Galileo Resources PLC

14 October 2024

Galileo Resources Plc

("Galileo" or the "Company")

 

Commencement of IP Geophysical Surveying in Botswana Copperbelt

 

The Company plans to follow-up previously identified soil geochemical targets
on licences PL039/2018 and PL040/2018 located towards the south-eastern basin
margin of the Kalahari Copperbelt by undertaking an IP geophysical survey over
selected geochemical anomalies to assist in defining drilling targets.

 

Highlights

 

·    Galileo will shortly commence a contract with a geophysical survey
provider to undertake a series of IP/resisitivity geophysical profiles across
previously identified soil geochemical targets (refer to RNS dated 01 February
2024), with preparatory groundwork already completed.

 

·    The system has the capability to penetrate to 400m depth and can help
in defining the geological and structural framework as well as directly
detecting sulphide mineralisation.

 

·    The Galileo geochemical targets occupy a similar geological setting
('the Galileo Fold') to that drilled historically by Khoemacau Copper Mining
('Khoemacau' - now owned by MMG) coincident with the Mowana Fold axis and
Zones 5 and 9 mineralisation together with recently announced drill intercepts
by Arc Minerals ('Arc') on the adjoining Virgo Project.

 

·    At Mowana, which is located approximately 15km from the Galileo Fold,
Khoemacau reported drill intercepts of 4.3m @ 1.65% Cu and 6.1m @ 2.56% Cu.
Arc also recently drilled scout holes on the same structure on an adjacent
licence to Mowana and reported 1m intervals assaying up to 3.65% Cu.

 

·    Independent external assessment commissioned by Galileo reported that
"the geological and structural setting of the Galileo Fold is almost identical
to that of the Mowana Fold and is believed to share the same level of
prospectivity."

 

 

Colin Bird Chairman & CEO said: "We are pleased to announce commencement
of our ground geophysical programme in the Botswana Copperbelt. In the last
two years the architecture of the Copperbelt has been subjected to much
scrutiny, with new discoveries being made based on various concepts. Our own
licences PL039 and PL040 are very prospective, and this programme should help
us to delineate drill targets as part of the outcome".

 

 

 

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 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

 

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").

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

 

 

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