REG - Galileo Resources - New drill programme for Shinganda

Galileo ResourcesAnnouncement

09/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240809:nRSI8011Za&default-theme=true

RNS Number : 8011Z  Galileo Resources PLC  09 August 2024

 

August 9 2024

 

 

Galileo Resources Plc

("Galileo" or the "Company")

 

Phase 3 Drill Programme to Commence at Shinganda

The Board of Galileo Resources Plc ("Galileo" or the "Company") is pleased to
confirm the granting of a contract to undertake the Shinganda Phase 3 drill
programme to assess up to 10km strike length of Cu - Au mineral-bearing fault
structures broadly defined by the Company to date.

 

Highlights

 

·     The planned Reverse Circulation (RC) drilling programme will focus
on delineating further shallow, open-pittable copper-gold mineralisation along
a combined strike length of about 10km on the Shinganda Main Fault and Splay
structures

 

·     The programme objective is to define a substantial resource of
supergene mineralisation ranging up to 2% CuEq grade at shallow depths,
following on from previous drill intercepts, such as 50.3m @ 1.77% CuEq from
21m depth in Galileo hole SDDD002 and 17m @ 2.00% CuEq from 7m depth in
historic Vale hole DH0004.

 

·     Drilling profiles have been selected based on the recommendations
of a recently completed geophysical modelling study on the airborne magnetic
data as well as knowledge gained from the earlier drill phases.

 

·     Drilling is scheduled to commence about mid-August 2024, with an
initial programme of up to 30 holes for 2,400m and possible additional
meterage to be determined by the results of the Phase 3 programme.

 

 

 

Colin Bird, Executive Chairman said: "The Shinganda exploration area has met
all our expectations and still presents a number of mineral styles to be
explored. We have however homed in on zones of clearly defined, structurally
controlled copper-gold bearing iron carbonate alteration close to surface with
significant strike potential. The drill programme is expected to commence
shortly, and we are excited about the specific concession target and the
licence area in general. We will keep the market informed of the outcome of
the drilling and field work as we progress."

 

 

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, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.

 

END

 

 

Technical Glossary

 

 "Supergene"  Descriptive of a mineral deposit, weathering or alteration formed by
              descending solutions.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDPPMFTMTBMBPI