REG - Galileo Resources - Licence 28001 Update, Western Foreland, NW Zambia

Galileo ResourcesAnnouncement

05/03/2025 14:00

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RNS Number : 5058Z  Galileo Resources PLC  05 March 2025

5 March 2025

 

RNS Number: 5058Z

Galileo Resources Plc

("Galileo" or the "Company")

 

Licence 28001 Update, Western Foreland, NW Zambia

 

The Company is pleased to provide an update on exploration and drilling on
Licence 28001 - HQ - LEL in Northwest Zambia. The Licence located within the
Western Foreland geological domain is targeting combinations of lithology
typically associated with redox fronts analogous to Kamoa-Kakula-type copper
mineralisation.

 

Highlights

 

·    Drilling of two holes totalling 706.4m successfully established the
stratigraphy of the wider licence area and have informed future exploration
with regard to hole location and priority stratigraphic sequences most likely
to generate redox fronts and therefore potential copper mineralisation.

 

·   Detailed ground geophysics, interpretation of historical geophysical
data, mapping and stream sediment sampling has established that portion of the
Licence most likely to host the geological and architectural features required
for Kamoa - Kakula-type mineralisation.

 

·   Priority areas within the Licence have been identified and planning for
follow-up work is underway to ensure exploration can commence at the end of
the current rainy season with the aim of identifying focussed targets for
drill testing.

 

 

Colin Bird Chairman & CEO said: "Galileo is undertaking geological
exploration in its truest sense in the Western Foreland where it has been
necessary to first drill to verify that the Licence is located within the
Western Foreland domain.   The potential benefits for successful exploration
and discovery is significant particularly as the Western Foreland in
neighbouring DRC hosts the second richest copper mines in the world. We have
now reduced our search area to the most prospective parts of the Licence and
look forward to the next exploration campaign after the rainy season".

 

 

Western Foreland Exploration

The Licence overlays the Western Foreland geological domain. The known extent
of the Western Foreland overlies Northwestern Zambia, neighbouring DRC and
Angola (Figure 1).

Figure 1: Galileo Licence (blue outline) and boreholes drilled in 2024.

 

Recent discoveries by Ivanhoe, within the DRC's extension of the Western
Foreland, reaffirmed the stratabound nature of mineralisation, governed by
redox fronts associated with particular combinations of overlying strata.

 

Mapping, geophysical interpretation and focused ground magnetic surveying was
undertaken to infer stratigraphy and determine the best locations for diamond
drilling. Two diamond core holes, totalling 706.4m were drilled. The holes
established the stratigraphy of the targeted area and will help direct future
drilling.

 

The 2025 exploration programme will focus on the potential redox boundaries
inferred from the defined stratigraphy. A focused soil and stream sediment
survey, followed by ground electro -magnetic (EM) surveying is planned.
Positive results will be followed up with diamond core drilling.

 

 

 

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

 

 

Technical Glossary

 

 "Kamoa-Kakula type mineralisation"  Sediment-hosted stratiform copper deposit with a similar geological setting to
                                     the major Kamoa-Kakula deposits in DRC

 "redox"                             Oxidation/reduction reaction occurring in the weathering zone along the water
                                     table.

 "stratabound"                       Occurring within a particular strata or layer

 "stratigraphy"                      Composition sequence and correlation of stratified rocks in the Earth's crust

 

 

 

 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.

 

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'' ''could'' "should" ''envisage''
''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those
variations or comparable expressions including references to assumptions.
These forward-looking statements are not based on historical facts but rather
on the Directors' current expectations and assumptions regarding the Company's
future growth results of operations performance future capital and other
expenditures (including the amount. Nature and sources of funding thereof)
competitive advantages business prospects and opportunities. Such forward
looking statements reflect the Directors' current beliefs and assumptions and
are based on information currently available to the Directors. A number of
factors could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks associated with
vulnerability to general economic and business conditions competition
environmental and other regulatory changes actions by governmental authorities
the availability of capital markets reliance on key personnel uninsured and
underinsured losses and other factors many of which are beyond the control of
the Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be reasonable
assumptions. The Company cannot assure investors that actual results will be
consistent with such forward-looking statements.

 

 

 

 

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