REG - Galileo Resources - Drilling update on Shinganda Licence

Galileo ResourcesAnnouncement

03/10/2024 07:00

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RNS Number : 7346G  Galileo Resources PLC  03 October 2024

Galileo Resources PLC

03 October 2024

Galileo Resources Plc

("Galileo" or the "Company")

 

Drilling update on Shinganda Licence, Central Western Zambia

 

The Company advised on 21 August 2024 at the commencement of drilling of the
Phase 3 Reverse Circulation ("RC") drilling programme on the Shinganda Licence
that it would update shareholders with any material updates.

 

Highlights

 

·    A total of 30 holes and 2,213 metres of RC drilling has been
completed with six fences of angled short holes typically drilled to an end of
hole length of 80 metres.

 

·    Based on visual inspection, intercepts of the supergene enrichment
zone representing the most likely setting for the highest copper and gold
grades were seen at the base of several drillholes.

 

·    As a result, the Company elected to immediately follow up with a
short Phase 4 diamond drill programme to ensure maximum recovery of core in
this zone and therefore a more accurate assessment of grade than that offered
by RC drill chips.

 

·    A total of three diamond drill holes and 310 metres of drilling has
been completed to date to specifically target the supergene zone, intersecting
both iron-rich oxides and copper sulphide mineralisation.

 

Colin Bird Chairman & CEO said: "We are pleased with the outcome of this
drilling programme both RC and diamond drilling. The mineralisation appears
to extend over 6km cumulatively on the two mineralised structures at varying
widths from 6m to 47.5m. Whilst the core and RC chips appear to be well
mineralised we have sent samples for assay. The Shinganda Project is shaping
up to be significant in terms of copper and gold contribution and we eagerly
await the assay results in order to proceed with the next phase of extension
and infill with the objective of establishing a JORC (2012) Mineral
Resource".

 

 

Phase 3 RC Drilling Programme

 

Holes along each fence were drilled at an angle to intersect anticipated
mineralisation within the previously identified prospective fracture systems
dominated by hematitic alteration.

 

Fences were drilled to cover targets on both the Shinganda Splay and the Main
Fault. The cumulative strike length tested by fences on the Splay totalled
4,000m and on the Main Fault 2,000m.

 

Several of the drillholes SHRC001 to SHRC022 testing extensions of the Splay
intersected significant package widths of sulphide and oxide
alteration/mineralisation identified during previous drill programmes to
contain copper and gold.

 

Peak sulphide/oxide alteration intercepts in RC holes included (Table 1):

 

 Table 1
 Borehole No.  Alteration/mineralisation width (m)  Notes
 SHRC010       19.0 - 40.0*                         *Open to depth - hole stopped due to groundwater
 SHRC017       17.0 - 36.0
 SHRC021       51.0 - 66.0

 

RC holes SHRC023 to SHRC030 testing extensions of the Main Fault intersected
notable widths of sulphide alteration with the potential to host copper and
gold mineralisation.

 

Samples for the RC programme have already been prepared for dispatch to a
recognised independent assay laboratory in Zambia for copper analysis.

 

Phase 4 Diamond Drilling Programme

 

Of the three holes completed to date, it appears all holes intersected
sulphide mineralisation and/or supergene enrichment of sulphide
mineralisation.

 

Peak sulphide/oxide alteration intercepts in diamond drill holes included
(Table 2):

 

 Table 2
 Borehole No.  Alteration/mineralisation width (m)
 SHDD023       31.0 - 63.5
 SHDD024       67.0 - 114.5
 SHDD025       23.0 - 29.0
 SHDD025       67.0 - 80.0

 

An estimated 135 metres of drilling in one hole remain to be completed on the
diamond programme before samples are prepared for dispatch for independent
copper analysis.

 

Hole SHDD024 core sample with massive copper and iron sulphides

 

Hole SHDD023 - Semi-massive hematite-limonite iron oxide in core

 

 

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.

 

 

Technical Glossary

 

 Reverse Circulation Drilling  A form of percussion drilling using compressed air to flush rock cuttings out
                               of the drill hole in a controlled manner.
 Diamond Drilling              Drilling using a rotary drill with a diamond drill bit attached in order to
                               generate lengths of rock in the form of drill core.
 Splay Fault                   Plane of failure in faulted body of rock extending from main structure

 Hematite or Hematitic         A mineral composed of ferric iron oxide

 Sulphide                      Any member of a group of compounds of sulphur with one or more
                               metals.

 IOCG                          Iron Oxide Copper Gold - important deposits of copper, gold and uranium ores

                             hosted within iron oxide dominant gangue assemblages which share a common
                               genetic origin
 Strike or Strike Length       Strike refers to the line formed by the intersection of a horizontal plane
                               and an inclined surface. Dip is the angle between that horizontal plane (such
                               as the top of this block) and the tilted surface (the geologic contact between
                               the tilted layers).

 

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