REG - Galileo Resources - Exploration Developments over KCB Licences

Galileo ResourcesAnnouncement

15/05/2023 07:00

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RNS Number : 3124Z  Galileo Resources PLC  15 May 2023

15 May 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Exploration Developments over 100% Held Kalahari Copper Belt Licences

 

Galileo Resources plc ('Galileo" or the "Company") is pleased to provide an
update on Airborne Gravity and Advanced Soil Geochemistry surveys commencing
over the Company's 100% held licences PL253/2018, PL039/2018 and PL040/2018 in
the Kalahari Copper Belt (KCB) in western Botswana. The Airborne Gravity
Survey has been jointly commissioned by Cobre Limited ('Cobre') and Sandfire
Resources ('Sandfire') with coverage to include part of Galileo licence
PL253/2018 whilst Galileo itself is planning to undertake a soil sampling
programme over the three licence areas.

 

 

Highlights

 

·      Galileo has been informed that data collection on Cobre and
Sandfire joint Airborne Gravity Gradient (AGG) survey has now commenced, with
coverage to include part of Galileo licence PL253/2018 for which the Company
will receive the data at no cost; results are expected in Q3 2023.

 

·      The survey covers a large portion of the KCB, including Cobre's
new Ngami, Kitlanya West and Kitlanya East copper discoveries on a licence
adjacent to PL253/2018, where Cobre has recently reported downhole drill
intercepts up to 12.2m @ 2.7% CuEq (Cobre announcement 1 February 2023)

 

·      AGG results are expected to provide valuable information on KCB
basin architecture and the location of copper-silver bearing trap-sites
analogous to Sandfire's neighbouring T3 and A4 deposits, providing new targets
for drill testing.

 

·      Galileo has also commenced preparations for a soil sampling
programme for low detection mobile metal-ion geochemistry (Terraleach(TM))*
over critical contact zones across the three Galileo licences - more than
3,000 samples are planned, with sampling to be completed in Q2 2023, and
results expected in Q3.

 

·      Sampling coverage includes ground adjacent to the licence hosting
Cobre's recent drill discoveries at Ngami and Kitlanya where that company has
been undertaking extensive similar soil programmes as part of its drill target
identification.

 

·      Galileo will utilise the soil geochemical results, in conjunction
with the results of the AGG survey, to develop new targets for drill testing
on its 100% held ground later in the dry season.

 

*Terraleach(TM): The technique is a partial leach method that assays for
mobile ions which have migrated into the weathering zone, and which are only
weakly or loosely attached to the surfaces of soil particles. Studies have
shown that these ions have the ability to disperse through unmineralised rock
and overburden to surface from depth, thus having the capacity to indicate
buried mineralisation.

 

Colin Bird Chairman and CEO commented "The Kalahari Copper Belt is receiving
much global attention, with new entrants making positive inroads towards
discovery, in many cases providing new thinking on mineralisation controls and
trends. The work that we and Sandfire are carrying out is consistent with this
new thinking and licence PL253/2018 in particular appears very prospective. We
look forward to the results of our programme and will report as soon as
results are received and processed.

 

Overall we are very well positioned within the Kalahari Copper Belt in
relation to Sandfire's T3 and A4 deposit discoveries and other new positive
developments in the Belt".

 

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").

 

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