TIDMGLR
RNS Number : 6894P
Galileo Resources PLC
11 October 2023
RNS Number :
Galileo Resources PLC
11 October 2023
Galileo Resources Plc
("Galileo" or "the Company")
Exploration and Projects Update
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide shareholders with an update on the Kalahari Copper Belt
Project in Botswana, Shinganda copper-gold project and the Star
Zinc Project, Zambia.
Kalahari Copper Belt - Sandfire JV & Retained Licences
-- Galileo has completed a soil sampling programme for low
detection TerraLeach mobile metal-ion geochemistry over critical
contact zones across three Galileo retained licences, PLs 253, 39
and 40, which was first announced on 15 May 2023.
-- In total, 3,373 samples (excluding QAQC inserts) were
collected in two phases after some delay in obtaining farm access
permissions, and the samples have been dispatched to the Intertek
analytical laboratory in Perth, Australia via a laboratory sample
preparation facility in South Africa.
-- Sampling coverage includes ground adjacent to the licence
hosting Cobre Limited's recent drill discoveries at Ngami and
Kitlanya where that company has been undertaking extensive similar
soil programmes as part of its drill target identification.
In relation to the regional Airborne Gravity Gradient (AGG)
being jointly funded by Sandfire Resources and Cobre Limited,
Galileo has now been informed by Sandfire that, due to technical
issues, they hope the survey will be completed and data available
before the end of the year.
-- The AGG survey includes part of Galileo licence PL253/2018
for which the Company will receive the data at no cost.
Shinganda
-- Drilling proposed in an announcement of 20 September 2023 has commenced on schedule.
-- The bulk of drilling for the current programme is expected to
be concluded prior to the commencement of the rainy season later in
Q4 2023.
Star Zinc
-- Galileo has received unsubstantiated reports that mining is
taking place at Star Zinc and is making enquiries from Siege
Mining, the purchaser of the Project, for clarification of the
situation.
-- Zopco, the official marketing agent for the Project reports
that it has recently received no zinc concentrate and therefore no
income from Siege Mining.
Colin Bird chairman and CEO commented "On our Kalahari project,
we look forward to receipt of the ionic leach sample results
particularly with regard to Licence PL253/2018 and its location
relative to reported discoveries on the two Cobre Limited licences
located immediately east and west of our ground holding. Our
interpretation of the results will drive subsequent follow up work
most likely to include drilling. The Shinganda Project in our view
shows significant copper and gold potential with gold values
greater than typically experienced in Zambia. Our work to date has
focused on the refinement of previous geological work by Vale and
others which has led to new concepts which we will follow up post
the current drill programme. Amounts due from the disposal of Star
Zinc have been previously fully provided against in our accounts
but despite this we are investigating unconfirmed reports of active
mining and continue to pursue payment of the outstanding amounts
due ".
Kalahari Copper Belt (Retained Licences)
PL253/2018
The Licence is located in the north-western portion of the
Kalahari Copper Belt with part of the Licence sandwiched between
Cobre/KML licences. Cobre/KML have recently issued a series of
press releases that demonstrate the emergence of a potential new
discovery in this under-explored portion of the Belt. In this area
the D'Kar/Ngwako Pan contact is interpreted to be tightly folded
and thrust repeated. Detailed TerraLeach soil geochemistry has been
carried out by Galileo over this area.
PL039/2018
The north-eastern section of the Licence is dominated by a
prominent NNW-SSE trending conductor, the geometry of which
suggests this area is situated at the southwest end of a conductive
dome. If the interpretation is correct, the potential exists for
the discovery of the highly prospective D'Kar Formation/Ngwako Pan
Formation contact. The setting of a conductive dome with major
faulting within the Licence suggests that a A4/T3 style dome drill
target with possible mineralisation at the stratigraphic boundary
between the Ngwako Pan/D'Kar and remobilized upwards via low-angle
thrusts is the most likely exploration model for this area. Soil
sampling has been carried out over this target.
PL040/2018
The interpreted strike length of the prospective D'Kar formation
contact extends over 30km within the Licence. Historic wide-spaced
drilling reportedly intersected D'Kar /Ngwako contact but did not
intercept mineralisation. Historic soil sampling identified the
D'Kar Formation/Ngwako Pan Formation contact further to the
southwest of the licence. The Company has selected priority zones
for soil sampling along the interpreted 30km strike of the contact
with a view to identifying potential higher-grade zones along
strike of and in between the current widely spaced drill holes.
Shinganda
Reference announcement 20 September 2023. A study commissioned
by the Company of historic airborne and ground geophysical survey
data, combined with Galileo's own geophysical surveys, soil
sampling and prospecting has unlocked the structural framework of
the property and highlighted potential targets for immediate drill
testing.
Among the conclusions of the geophysical study were:
- High resolution aeromagnetics reveal a prospective structural
setting with three large clusters of intense iron alteration
towards the west.
- Historic drilling within and close to iron alteration clusters
has returned ample evidence of wide-spread and, in parts, intense
iron-alteration in the form of hematite, magnetite and lesser
pyrite. These boreholes were never assayed.
- At the Shinganda copper-gold prospect a higher order splay
fault coming off the Main Fault Zone can be clearly identified in
the aeromagnetic data and probably acts as the primary control to
the copper-gold mineralisation.
- Soil anomalies >285 ppm Cu occur both along the Shinganda
Splay Fault and over iron alteration Cluster A which are
prospective mineralisation targets for copper-gold in the light of
an IOCG setting and a new structural understanding, and warrant
follow-up drilling.
- Several strong, historic IP chargeability anomalies over the
iron alteration clusters have been insufficiently drill tested to
date.
Up to 2,000m of diamond drilling is planned to test multiple
shallow copper-gold targets along, and parallel to, the Shinganda
Splay Fault and to test the IOCG deposit potential related to the
iron alteration clusters and IP targets highlighted by the
geophysical study.
Previous drilling at Shinganda has achieved some highly
encouraging drill results from a limited programme that included
drill intercepts peaking at 50.3m @ 1.54% Cu from 21m downhole
depth in hole SHDD002 and prospecting/exploration pitting that
returned gold grades up to 33.90g/t Au from composite grab samples
at one of the planned drill sites.
Star Zinc
As reported in the accounts for the year ended 31 March 2022 the
Company made a full provision for the balance consideration of
US$700k and royalties due from Siege Mining Limited in relation to
the Star Zinc project as the amounts due had not been paid and
similarly the Company notes that royalties expected from Siege
Mining as announced on 11 February 2022 were not received. The
Company has recently become aware of unsubstantiated reports of
mining at the Star Zinc project and has been informed by Zopco S.A.
which is the marketing agent for the Star Zinc project that they
have not received any material from the Star Zinc project. The
Company is in the process of following up with Siege Mining Limited
to ascertain if they or others have been mining at the Star Zinc
project.
By way of background in March 2021 the Company announced the
ceding of ownership and operation of the Star Zinc project close to
Lusaka, as it was proving difficult due to its close proximity to
municipality housing and industry, even though the Company had
attempted a small mining approach with a local group. Further the
possibility of blasting and use of large trucks appeared to be a
limitation on the project, since housing and population density has
increased further since project initiation.
For clarification, the Company continues to provide 100% against
all amounts due from the purchaser of the Project and doesn't
foresee this situation changing.
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
Roland Cornish/James Biddle Tel +44 (0) 20 7628 3396
Novum Securities Limited - Joint Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
Shard Capital Partners LLP - Joint Broker
Damon Heath Tel +44 (0) 20 7186 9952
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").
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 or visit 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.
END
DRLEAKEEFFPDFFA
(END) Dow Jones Newswires
October 11, 2023 02:00 ET (06:00 GMT)
Galileo Resources (AQSE:GLR.GB)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Galileo Resources (AQSE:GLR.GB)
Historical Stock Chart
Von Dez 2023 bis Dez 2024
