REG - Galileo Resources - Discovery of Nickel Targets at Bulawayo Project

Galileo ResourcesAnnouncement

26/08/2022 09:15

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RNS Number : 3707X  Galileo Resources PLC  26 August 2022

For immediate release

 

26 August 2022

 

 

Galileo Resources Plc

("Galileo" or "the Company")

Discovery of Nickel Targets at the Bulawayo Gold Project, Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to report that
several potential nickel targets were also highlighted in the recent airborne
geophysical survey over the two exploration licences ("the Licences")
comprising the Bulawayo Gold Project in Zimbabwe alongside the gold potential
targets in the survey reported in the announcement of 16 August 2022.

 

Highlights

 

·    In addition to the recently reported gold targets generated by the
interpretation of a new aeromagnetic and radiometric geophysical survey
undertaken by Xcalibur Airborne Geophysics (Pty) Ltd, the external consultant
has reported on several areas with nickel potential that have also been
identified in combination with geological mapping and historic soil
geochemical data

 

·    The Licences include large areas covered by younger rocks and
alluvium. The recent interpretation of geophysical data indicates the presence
of greenstone belts, banded iron formation and geological structures conducive
to both gold and nickel mineralisation found beneath this cover where
historically no exploration has taken place.

 

·    Nickel sulphide deposits in Zimbabwe are located in Archean rocks of
komatiitic composition within greenstone belts, mafic - ultramafic intrusions
or the Great Dyke. The recent interpretation has identified both potential
mafic and komatiitic host rocks on the Licences.

 

·    Three nickel targets with the potential for follow up have been
identified together with several further sites of interest:

 

o  A 1.5km long soil geochemical anomaly up to 1,700ppm Ni with a coincident
magnetic signature has been highlighted from historic sampling in the Fingo
area in close association with a nearby granite body and faulting.
Mineralisation is hosted by an elliptical meta-basalt, a known receptive host
for nickel mineralisation.

o  An entirely new discovery has also been made, a second magnetic elliptical
feature within the same granite which does not appear on the relevant
Zimbabwean geological map covering the area. The rocks are interpreted as
meta-gabbro and meta-basalt, both suitable nickel hosts.

o  The Kenyane Dyke Target is a 12.6km long north-south trending magnetic
anomaly that passes largely beneath Karoo cover. This extensive, previously
unmapped feature comprises up to three dykes merging into one very wide
structure. The structure is thought to comprise meta-gabbro and possibly
layered ultra-mafic lithologies which are suitable hosts for nickel
mineralisation.

 

·    Several other potential nickel targets within the Licences are
characterised by komatiitic rock, an ultra-mafic host associated with nickel
mineralisation found at the Shangani nickel mine situated outside the licences
NNE of Bulawayo. These other targets often have granitic intrusions and
geological structures in close association, potentially providing features
diagnostic of nickel mineralisation.

 

 

Colin Bird Chairman & CEO said "We are delighted also to report that one
outcome of the recent survey has been an early indication of the possibility
of the presence of nickel on our licences which was unexpected and a bonus to
the Company's gold mission. A review of the geological archive has highlighted
potential by referencing Phoenix, Selkirk, Empress, Hunters Road, Epoch,
Damba, Mimosa, Trojan and Selukwe among the better-known Zimbabwe and Botswana
nickel sulphide deposits associated with greenstone belts, faults, and the
Great Dyke. The majority of these deposits are greenstone-hosted deposits
found in meta-gabbro rocks similar to the principal targets we have identified
in our survey.  The Shangani mine located closest to our 12.6km long Kenyane
nickel target contains an estimated 12Mt of ore at 0.56% Ni and is an integral
part of the Bindura Nickel Corporation's portfolio. We look forward to
evaluating the principal targets identified so far together with the other
nickel anomalies now in the exploration inventory and will report back to
shareholders as work advances."

 

 

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 is 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 nickel and
gold occurrences, soil data, mines and mining claims in the area provide
additional information layers 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. Gold
mineralisation characteristically occurs in "reefs" and quartz-rich shear zone
settings. With the exception of a granite outcrop in the SE 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.

 

Mafic and ultramafic rocks within Archean greenstone sequences and the Great
Dyke are known to host nickel deposits in Zimbabwe. Other mafic-hosted
deposits can be found in eastern Botswana on the border with Zimbabwe.
Traditionally, among base metals exploited in Zimbabwe, nickel predominates in
terms of total production value. Nickel is produced from several mines located
within greenstone belts and as a by-product from mining of Platinum Group
Metals.

 

 

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

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

 "Archean"                      The oldest of the two divisions of the Precambrian Era; older than 2,500
                                million years ago

 "Banded Iron Formation (BIF)"  Chemical sedimentary rock composed of finely alternating layers of silica and
                                iron oxide, iron silicates or iron carbonates

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

 "dyke"                         A tabular intrusive rock cross-cutting the host strata at a high angle

 "gabbro"                       A coarse grained mafic intrusive rock composed of pyroxene and plagioclase,
                                similar in composition to dolerite

 "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

 "komatiite"                    A type of ultramafic mantle-derived volcanic rock defined as having
                                crystallised from a lava of at least 18 wt% MgO

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

 "meta-volcanic"                A metamorphosed volcanic rock

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

 "rhyolite"                     Fine grained extrusive acid igneous rock

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

 "semi-massive"                 Mineralisation making up a large part, but not all, of the rock mass

 "soil anomaly"                 A concentration of one or more elements in soil that is markedly higher than
                                background

 "ultramafic"                   Igneous rocks of mantle origin with low silica content

 

 

 

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