30 January 2024
Galileo Resources
Plc
("Galileo" or "the
Company")
Three Copper Targets
Discovered on Licence PL253/2018 in Kalahari Copper
Belt
The Company is pleased to announce
the results of its recently completed
Terraleach soil survey over its wholly owned licence PL253/ 2018 in
the Kalahari Copper Belt in Botswana. A
recent geochemical survey has revealed three strong copper targets
that are located both along structures proven to host copper
mineralisation and in close proximity to announced copper
mineralisation on neighbouring licences. The integrity of the
results is underpinned by available information in the public
domain relating to nearby deposits and also reflects Galileo's
highly successful survey using metal-ion
geochemistry (TerraleachTM)*. The results combined with proximal discoveries by third
parties demonstrates the emerging potential
for new discoveries in this under-explored portion of the Kalahari
Copper Belt.
Highlights
· Three
potential drill targets defined with a combined strike length of
more than 6km. All targets are located
within the southern sector of Licence PL253/2018 bisecting licences
held by Cobre Limited ("Cobre"), the ASX-Listed company recently
selected to participate in the "BHP Xplor Program" for
2024.
· Combining Galileo and Cobre soil anomaly maps (Cobre RNS 29
November 2023), the targets appear contiguous and associated with
the same geological and structural features, subject to
confirmatory follow-up work.
· Based
on the close correlation with existing neighbouring projects, a
fourth possible target area has been identified to the north of the
recent discoveries and along strike of Cobre's Tlou
target.
· The
Company is considering its approach to follow up exploration
leading to drilling of better defined targets.
Colin Bird Chairman and CEO commented
"We are very
pleased that our immediate neighbour Cobre Limited has been
selected for the 2024 "BHP Xplor Program". This is indeed a
commendation reflecting the Company's efforts and the quality of
its Copper Belt licences. Importantly, current published
information quite clearly shows our new targets to be contiguous
with known targets and mineralisation on these highly prospective
licences. Our own work is very positive underpinned by
the TerraleachTM* geochemistry
and we look
forward to drilling these targets in the
near-term."
Figure 1 - PL253_Galileo soil geochemical
anomalies
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.
*TerraleachTM: The technique is a partial leach
method that assays for mobile ions which have migrated into the
weathering zone, and which are only weakly or loosely attached to
the surfaces of soil particles. Studies have shown that these ions
have the ability to disperse through unmineralised rock and
overburden to surface from depth, thus having the capacity to
indicate buried mineralisation.
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").