REG - Galileo Resources - Phase 3 Drilling Results at Shinganda Project

Galileo ResourcesAnnouncement

25/03/2025 07:00

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RNS Number : 8860B  Galileo Resources PLC  25 March 2025

25 March 2025

 

RNS Number:

Galileo Resources Plc

("Galileo" or the "Company")

 

Phase 3 Drilling Results at Shinganda Project and Phase 4 Exploration, Zambia

 

The Company has completed logging and initial assaying of rock chips and core
from its most recent reverse circulation ("RC") and diamond drilling
programmes completed on the Shinganda Licence. Sufficient work has been
completed to warrant the implementation of a Phase 4 programme focusing on the
Main Fault target. Galileo has a 75% interest in the Project.

 

 

Highlights

 

Phase 3 Drilling

 

·    Recent drilling potentially extends the shallow oxide copper-gold
mineralisation reported previously at the Shinganda outcrop zone to an area of
350m x 150m within the large Shinganda Splay Fault zone that is intermittently
mineralised over more than 20km.

 

·    Assay results were inconclusive in some areas due to poor diamond
drill core and RC chip recoveries owing to unfavourable ground conditions.

 

·    Results included 22m @ 0.34% Cu from 18m depth in RC hole SHRC010, as
well as several one metre sample intervals assaying up to 1.13% Cu and 0.16%
Co in separate holes.

 

·    A total of 30 holes and 2,213 metres of RC drilling was completed in
the recent programme, with six fences of angled short holes drilled to an end
of hole length of up to 80 metres, along with 3 diamond drill holes totalling
310m along the Shinganda Splay Fault and Main Fault zones.

 

·    More than half of the known and projected Shinganda Splay structure
remains untested by drilling.

 

 

Phase 4 Exploration

 

·    A RC drilling profile across the Main Fault at Shinganda intersected
intrusive rocks as well as strongly hydrothermal iron-mineralised breccias
coincident with magnetic anomalies. These are associated high permeability and
fluid flow that provide many of the conditions required for significant
accumulations of copper-gold mineralisation.

 

·    The Company will focus further drilling on the identification of
structural mineral trap sites related to pressure shadows surrounding the
magnetic highs in this extensive IOCG setting.

 

 

Colin Bird Chairman & CEO said: "The drill programmes have confirmed the
presence of mineralised dilation zones confined to the hematite-rich
lithological unit associated with the Shinganda Splay. A better understanding
of the scale of mineralisation will in time require further drilling both
along strike to pick up the individual mineralised lenses and to test the full
extent of each dilation zone.

 

Before embarking on this programme, we will turn our attention to the Main
Fault. Our earlier drilling intersected a substantial iron-rich breccia which
is indicative of a permeable host rock through which large amounts of fluid
have passed. Combine this with the multiple magnetic anomalies coincident with
the larger area and we have a very prospective target where we can look for
trap sites likely to produce a redox style trap as well as the pressure
shadows associated with the magnetic highs. We will provide shareholders with
updates as the programme develops with work planned to commence once the rainy
season is over and access is again possible".

 

Shinganda location map:

 

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.

 

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.

 

 

Technical Glossary

 

 "Reverse Circulation (RC) Drilling"  A form of percussion drilling using compressed air to flush rock cuttings out
                                      of the drill hole in a controlled manner

 "breccia"                            Rock fragmented into angular components

 "Co"                                 Cobalt

 "Cu"                                 Copper

 "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

 "hematite or hematitic"              A mineral composed of ferric iron oxide

 "hydrothermal"                       Descriptive of hot magmatic emanations rich in water

 "intrusive"                          A body of igneous rock that invades older rocks

 "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

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

 "strike"                             Horizontal direction or trend of a bed of rock or a geological structure

 

 

 

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