REG - Galileo Resources - Update on Fieldwork on Targets at Bulawayo Project

Galileo ResourcesAnnouncement

01/11/2022 07:00

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RNS Number : 7966E  Galileo Resources PLC  01 November 2022

1 November 2022

 

Galileo Resources Plc

("Galileo" or "the Company")

 

Update on Fieldwork on Selected Gold and Nickel Targets at Bulawayo Gold
Project, Zimbabwe

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to update
shareholders on the detailed follow-up fieldwork on five initial priority gold
and nickel targets generated from the recent review of a 1,108km(2) airborne
geophysical survey over the Bulawayo Gold Project (the "Project"). Galileo has
a current interest of 29% in the Project, held through its interest in BC
Ventures, along with an an option to earn an additional 51% interest through
spending $1.5million on exploration and evaluation of the Projects by 21
January 2024. The Bulawayo Gold Project comprises EPO 1783 and EPO 1784 and
covers a large 1,300 sq km licence area near Bulawayo with extensive
Greenstone Belt rock formations that are host to many small to mid-size quartz
reef gold mines and deposits in Zimbabwe.

 

 

Highlights

 

·    Extensions to historic gold mining and artisanal activity in the
vicinity of Queens mine: Initial targets have been selected for follow-up of
likely gold-bearing structures identified occurring under surface cover
extending away from current and historic gold mining activity. Historic gold
in soil analyses ranging from 0.5 to 1.0g/t Au are considered highly anomalous
and support this follow-up.

 

·    Two sets of gold-bearing structures west of Queens mine: Two separate
targets have been identified with structures known to host gold mineralisation
plunging under a shallow sandstone cover to the west of Queens mine. Ground
geophysical surveys (Resistivity and Magnetic) are underway. The survey has
been completed on the southernmost target revealing structures requiring
further investigation. The survey has recently commenced on the northern
target.

 

·    6km-long greenstone gold target hosting former producing mines: A
wide-spaced soil survey has commenced over the target area to confirm the
continuity of gold mineralisation ahead of a more detailed survey.

 

·    Fingo nickel target: A 1.5km-long soil geochemical anomaly with up to
1,700ppm Ni has been highlighted from historic sampling in the Fingo area with
an underlying magnetic signature confirmed by Galileo's airborne survey.
Infill and extension soil lines are planned on the prospect.

 

·    New Bembeshi Nickel Target:  Located east of the Fingo Prospect and
representing an entirely new potential nickel host that does not appear on the
geological maps of Zimbabwe. The underlying geophysical signature is
reminiscent of meta-basalt and meta-gabbroic rocks known to host nickel
located a few kilometres to the west. Recent soil sampling by the Company has
returned encouraging Ni results from preliminary handheld XRF analysis.

 

·    In parallel with the ongoing exploration, Galileo has commissioned an
external geological contractor to build a small-scale mining database for
legally held small mining claims within the larger Bulawayo Licence to assist
with exploration in the medium-term.

 

·    All work being undertaken is viewed as a precursor to drilling of
delineated targets.

 

Colin Bird Chairman & CEO said "An extraordinary amount of historic
small-scale and artisanal mining has taken place in certain areas within our
licences clearly reflecting the presence of significant amounts of gold. The
majority of the historic mining is associated with easily identifiable
structures and host rocks exposed at surface. With the benefit of modern
technology, we are the exclusive owners of the first airborne geophysical
survey to be flown over the area in more than 50 years. With this information
we have identified many targets for follow up and this early selection of
targets represents a small proportion of the total. The nickel potential
within the licences appears to have been overlooked historically and with the
current nickel price and escalating demand for the metal, we are excited to
include nickel exploration in our wider programme. We are now established on
the ground with well-drilled exploration teams, and we have recognised the
opportunity to start a dialogue with commercial and small-scale miners to
share information and if possible, work more closely with groups that have an
intimate knowledge of the geology and local mining potential."

 

Airborne Survey

The objective of the survey and subsequent interpretation was to map both
magnetic greenstone lithologies under cover and geological structure, in as
much detail as possible. The interpretation is being used to direct further
exploration, particularly in the thinly covered areas. The known gold
occurrences, soil geochemical data, mines and mining claims in the area
provide additional layers of data that are being utilised to aid
interpretation.

 

The airborne survey highlighted multiple targets indicative of extensions to
gold-bearing structures that in many cases host active or former gold mining
activity at both an artisanal and commercial level together with previously
unknown geological structures underlying historic nickel in soil anomalies.
The initial six target areas represent a small proportion of the targets
generated within the two Bulawayo licences.

 

Project Geology

The area surveyed is a granite-greenstone terrane in which numerous gold
occurrences and gold mines are located. The greenstones consist of andesitic
to rhyolitic meta-volcanics mixed with various meta-sediments and gold
mineralisation characteristically occurs in quartz vein "reefs" and
quartz-rich shear zone settings. Apart from a granite outcrop in the southeast
part of the area under licence, the northern, western, and central parts are
partially covered by Karoo sandstone and basalt, as well as some Kalahari
sand. The extensive nature of younger cover historically discouraged
exploration where outcrop was absent. These covered areas, particularly where
greenstone host rocks and coincident geological structures have been
interpreted, now offer a unique opportunity for the discovery of new gold
deposits.

 

Mafic and ultramafic rocks within Archean greenstone sequences and the Great
Dyke are known to host nickel deposits in Zimbabwe. Other mafic-hosted
deposits can be found in eastern Botswana on the border with Zimbabwe.
Traditionally, among base metals exploited in Zimbabwe, nickel predominates in
terms of total production value.

 

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed)
Slowey, BSc, P.Geo, 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

 

Technical Glossary

 "aeromagnetic"        A survey of the earth's magnetic field carried out from a helicopter or
                       aeroplane

 "alluvial"            Descriptive of sediments which have been deposited by rivers or streams

 "andesite"            A volcanic rock occurring in both modern island arcs and ancient volcanic
                       belts with 52% to 66% silica

 "basalt"              A fine-grained volcanic rock with low silica content

 "granite"             A medium to coarse grained granular acid intrusive rock

 "Greenstone Belt"     Zones of variably metamorphosed mafic to ultramafic volcanic sequences with
                       associated sedimentary rocks that occur within Archaean and Proterozoic
                       cratons between granite and gneiss bodies

 "intrusions"          Bodies of igneous rock that invade older rocks

 "Karoo"               Sequence of rocks of Palaeozoic to Mesozoic in age, defined in southern Africa

 "lithology"           A synonym for rock-type

 "radiometric survey"  The measurement of radiation from radionuclides present at or near the earth's
                       surface

 "reef"                Mineralised rock vein, particularly gold bearing quartz

 "rhyolite"            Fine grained extrusive acid igneous rock

 "sandstone"           A sedimentary rock usually composed essentially of sand-sized quartz grains

 "shear"               Plane of failure in faulted body of rock

 "splay"               A branch off a main structure

 

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