REG - Galileo Resources - Delineation of Gold Targets at Bulawayo Project

Galileo ResourcesAnnouncement

29/06/2023 07:15

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RNS Number : 3639E  Galileo Resources PLC  29 June 2023

29 June 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

 Discovery and Delineation of Extensive Gold Targets at Bulawayo Project,
Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform
shareholders of the discovery of a number of substantial gold targets based on
new soil analytical results in the area around the Queen's mine located close
to Bulawayo, Zimbabwe.

 

 Highlights

 

·    Several gold-in-soils targets up to 2.1g/t Au (2,100ppb) delineated
by laboratory analyses of 2,455 samples marginal to the Queen's gold mine (not
part of the Galileo licence area) where historical gold production >440,000
ounces was reported up to 1984 when reliable record keeping ceased.

·    New gold-in-soil anomaly covering more than 5 square kilometres
peaking at 680ppb Au over a number of structures defined by airborne
geophysics southeast of the Queen's mine.

·    Further anomalous zones along strike to the southwest from the
Queen's mine deposit cluster.

·    pXRF analyses show coincident anomalies of associated elements
providing additional strong encouragement.

·    New targets represent extensions of known gold-bearing structures
that typically host both commercial and small-scale gold mining operations in
the Queen's mine region.

·    Several drill targets will be selected ahead of the commencement of
an evaluation programme to test gold-bearing structures at a range of depths
below surface.

·    Further soil sampling has also been carried out to test geochemical
responses over other structural targets in the area.

 

 

Colin Bird Chairman and CEO said "The recent completion of a gold-in-soil
geochemical survey in the prolific Queen's area has been highly successful in
that it has clearly defined a number of targets where we have gold associated
with underlying structures that extend from known mineralisation that has
sustained both commercial and artisanal mining. Our intention now is to
prioritise anomalies with a view to commencement of drill-testing by the end
of the Third Quarter 2023".

 

Galileo Bulawayo Target Map

http://www.rns-pdf.londonstockexchange.com/rns/3639E_1-2023-6-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3639E_1-2023-6-29.pdf)

Bulawayo Project Background

The Bulawayo Gold Project comprises two exploration licences covering a
combined area of 1,300 sq km near Bulawayo. 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 $1.5million on
exploration and evaluation on the Projects by 21 July 2024.

 

The Bulawayo area is a granite-greenstone terrane in which numerous gold
occurrences and small-medium scale 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. The area is 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.

 

 

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").

 

Technical Glossary

 

 "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

 "Au"               Gold
 "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

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

 "lithology"        A synonym for rock-type

 "mafic"            Containing or relating to a group of dark-coloured minerals, composed chiefly
                    of magnesium and iron, that occur in igneous rocks

 "ppb"              Parts per billion

 "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

 "pXRF"             A hand-portable analytical method to determine the chemistry of a sample by
                    measuring the fluorescent (or secondary) X-ray emitted from a sample when it
                    is excited by a primary X-ray source

 

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