TIDMGLR
RNS Number : 9060U
Galileo Resources PLC
04 August 2022
For immediate release
4 August 2022
Galileo Resources Plc
("Galileo" or "the Company")
Commencement of drilling at the Luansobe Copper Project,
Zambia
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide an update on progress and drill planning at the Luansobe
Copper Project (the "Project" ) on the Zambian Copperbelt where it
holds a 75% interest in Small Scale Exploration Licence No.
28340-HQ-SEL (the "Licence").
Highlights
-- Contract signed for a programme of approximately 3,000m of
core drilling on potentially open pittable copper deposit at
Luansobe; drilling to commence imminently
-- Hole layout planned with input from Addison Mining Services
of the UK, designed to infill gaps in historic drilling and twin
selected holes, with a particular focus on shallow up-dip
projections of the Luansobe deposit
-- The aim will be to complete mineral resource estimates
reported in accordance with JORC (2012) which will be used as the
basis for potential open pit mine planning
-- Re-logging of historic drill core dating from the 1950s and
1960s was completed, with core from five vertical holes being split
for assaying of possible copper-bearing zones not previously
recognised or considered of interest by earlier operators.
-- Selected assay results received are shown in the table below and include:
o 16m @ 1.20% Cu from 58m in hole L0071
o 14m @ 0.99% Cu from 70m in hole L0069
-- The new data will be added to the drilling database and have
the potential to improve open pit economics by extending the
intervals of known copper mineralisation
Colin Bird Chairman & CEO said: "We are very pleased with
our overall desktop review of the historic drill data for Luansobe
and independent overview by Addison Mining Services. Re-examination
of the old drill core found previously unrecognised copper-bearing
zones of significant length. The work undertaken adds value to the
modelling of a potential open pit and the new drill programme will
define the extent and copper content, if any, of pre-strip for such
a pit. We will aim to put a development contract out to tender
early in Q4, 2022.
In essence, we are very pleased that our original prognosis
regarding the open pit potential at Luansobe has been more than
confirmed to date and our fast-track efforts have been
fruitful."
Historic Core Re-logging/Assaying
Re-logging of core from 30 historic drill holes was carried out
for Galileo, comprising:
-- Pre-cursor core search, retreival and remedial work
-- Geotechnical logging
-- Core photography
-- Summary geological logging
-- Noting of key / significant or obvious structural
features
-- pXRF screening of drill core
-- Core cutting and re-sampling of drill core
Holes examined included both those within the conceptual open
pit area, as well as holes along strike and down-dip which might be
of value to an eventual underground mining operation on deeper
mineralisation.
Based on first pass pXRF analytical measurements, intervals from
five shallow holes, totalling 96 samples were selected for assay
checking at the SGS Laboratory in Kalulushi on the Zambian
Copperbelt. Of particular interest was an intermittently
mineralised shale unit overlying the main stratigraphic target at
Luansobe which had not been checked during the historic drilling.
The more significant assay intervals are tabulated below:
Luansobe Historic Core Assaying -
Selected Intervals
Hole Depth Depth Interval
No. from (m) to (m) (m) Cu%
---------- -------- --------- -----
L0066 70 84 14 0.99
---------- -------- --------- -----
L0071 58 74 16 1.20
---------- -------- --------- -----
Incl. 61 74 13 1.42
---------- -------- --------- -----
L0040A 124 127 3 0.55
---------- -------- --------- -----
The new data highlights the need to test this shallower zone in
future holes and a positive outcome could improve the open pit
project economics in future modelling.
Drill Planning
A programme of approximately 3,000m of core drilling is planned
at Luansobe in up to 30 holes within, and marginal to, the
conceptual open pit as currently modelled by Addison Mining
Services of the UK. Planned holes will cover areas where
re-modelling of the deposit shows that shallow copper potential was
not adequately tested, where no assay data is available in the
historic records or where previous holes appear not to have fully
tested the main mineral horizons. Several holes will also be
'twinned' to confirm the historic data. When drilling and assaying
is completed, mineral resource estimate will be prepared and
reported in accordance with JORC (2012), which will then be
utilised in open pit evaluation and planning.
Project Background
The Luansobe area is situated some 15km to the northwest of the
Mufulira Mine in the Zambian Copperbelt which produced well over
9Mt of copper metal during its operation. It forms part of the
northwestern limb of the northwest - southeast trending Mufulira
syncline and is essentially a strike continuation of Mufulira, with
copper mineralisation hosted in the same stratigraphic horizons. At
the Luansobe prospect mineralisation occurs over two contiguous
zones, dipping at 20-30 degrees to the northeast, over a strike
length of about 3km and to a vertical depth of at least 1,250m.
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
Roland Cornish/James Biddle 3396
---------------------------------- ----------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
---------------------------------- ----------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
Joint Broker 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").
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
MSCEZLBBLVLEBBB
(END) Dow Jones Newswires
August 04, 2022 02:00 ET (06:00 GMT)
Galileo Resources (AQSE:GLR.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Galileo Resources (AQSE:GLR.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
