REG - Galileo Resources - Kalahari Copper Belt - Exploration Update

Galileo ResourcesAnnouncement

29/03/2023 07:00

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RNS Number : 5381U  Galileo Resources PLC  29 March 2023

29 March 2023

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Exploration Update over Kalahari Copper Belt Licences Sold Pursuant to
Agreement with Sandfire Resources Limited

 

Galileo Resources plc ('Galileo" or the "Company") is pleased to provide an
update on the Kalahari Copperbelt Project in western Botswana and work
undertaken and planned on those licences sold pursuant to an agreement (see
RNS dated 16 September 2021) with Sandfire Resources Limited ("Sandfire") (the
"Sandfire Licences").

 

Encouraging results are attributable to several licences where Sandfire is
exploring for typical Kalahari Copperbelt style mineralisation and follow-up
exploration has been recommended by Sandfire. Interpretation of airborne
magnetic and radiometric surveys by Sandfire and subsequent drilling on the
Okwa Project covering licences PL044/2018 and PL045/2018 has identified
disseminated sulphides, including copper, in intermediate and felsic
volcanics.

 

Highlights

·    Work has been undertaken on prospecting licences PL044/2018,
PL045/2018, PL122/2020, PL154/2018, PL251/2018, PL366/2018 and PL367/2018

 

·    PL250/2020 - approximately 7.24km of prospective Lower D'Kar contact
has been identified warranting a Terraleach(TM)* soil geochemical survey. Area
will also be covered by regional airborne gravity survey ('AGG')

 

·    PL367/2018 - Four multi-element soil anomalies identified as priority
targets with infill Terraleach(TM) soil surveys planned.

 

·    PL251/2020 - Scheduled Terraleach(TM)* soil survey over an area
described by Sandfire as a T3/A4-type target. AGG survey also to be flown.

 

·    PL366/2018 - Soil anomaly identified warranting additional soil
geochemistry in conjunction with Sandfire's announced AGG regional survey.

 

·    PL044/2018 & PL045/2018 - Airborne magnetic and radiometric
geophysics and follow up drilling confirmed the presence of magnetite and
disseminated copper-zinc mineralisation in intermediate to acid volcanic rocks
- follow up under review.

 

·    PL122/2020 & PL154/2020 - Considered low order priorities with no
additional work planned in the short to medium-term subject to results of the
pending AGG survey.

 

*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 unmineralized rock
(e.g. hundreds of metres vertically) possibly by micro-bubble, vapour,
ground-water flow, capillary rise, or electrochemical processes. The technique
therefore has the capacity to indicate buried mineralisation.

 

Colin Bird Chairman and CEO commented "A considerable amount of work has been
completed on the Sandfire Licences and the results to date are very
encouraging. In terms of the Kalahari Copperbelt type mineralisation, multiple
targets have been identified for follow up and we look forward to the next
round of results generated by Sandfire.

 

There is intense activity in the Kalahari Copperbelt with traditional thought
being overtaken by new concepts and new ideas which are being proven in
practice. The Sandfire Licences and our retained licences which were not sold
to Sandfire are all in pole position relative to the activity which should
help accelerate our efforts".

 

 

SUMMARY OF PROGRESS

 

PL250/2020

Airborne magnetics has indicated the presence of Lower D'Kar stratigraphy and
an approximate 7.24km of strike length of Lower D'Kar contact which is
considered prospective. Soil surveys are planned over the area using the
Terraleach(TM)* process. The licence will also be covered by the AGG airborne
gravity survey previously announced by Sandfire.

 

PL367/2018

The Mokoro prospect has been soil sampled resulting in the discovery of four
priority multi-element anomalies warranting follow up. Infill soil programmes
have been planned.

 

PL251/2020

Lower D'Kar lithology is interpreted to occur within the licence although no
Lower D'Kar geology has been identified at surface. Potential for T3/A4-style
of mineralisation will be covered by a Terraleach(TM)* soil survey. The
Licence will also be covered by the scheduled AGG survey.

 

PL366/2018

An historic soil anomaly located along the southern boundary of the Licence
has been re-investigated by Sandfire (designated as the T15 Target) and
warrants a new soil survey prior to drill testing. The Licence will also be
covered by the AGG survey.

 

PL044/2018 & PL045/2018

Sandfire has drilled a total of nine drillholes on the Okwa Project, two
diamond drillholes and seven reverse circulation holes of which four were also
subject to downhole EM geophysical surveys. This identified a
magnetite-bearing intermediate to acid volcanic system with disseminated
chalcopyrite mineralisation.

 

Sandfire is now considering the next stage of exploration over the two
licences.

 

PL122/2020 & PL154/2020

Recent interpretation of new magnetic data indicates the absence of
prospective geology on these two licences and no further work is scheduled in
the short to medium-term. The upcoming AGG survey may indicate potential which
would then be investigated on merit.

 

 

 

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

 

 "breccia"            Rock fragmented into angular components

 "chlorite"           Dark green, platy, hydrous silicate mineral related to mica

 "D'kar lithology"    Sedimentary rock unit that hosts many of the Botswana Copperbelt copper
                      deposits

 "EM"                 Geophysical exploration method employing the related electric and magnetic
                      fields which can be set up in a conductive body by an artificial electric
                      field at surface

 "hematite"           A mineral composed of ferric iron oxide

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

 "magnetite"          A magnetic iron oxide, Fe3O4

 "T3/A4-type target"  Refers to Sandfire Resources copper-silver deposits operating as the Motheo
                      copper mine currently under development in the Kalahari Copperbelt

                      https://www.sandfire.com.au/where-we-operate/motheo/
                      (https://www.sandfire.com.au/where-we-operate/motheo/)

 

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