TIDMGLR
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
Tel +44 (0) 20
Colin Bird, Chairman 7581 4477
Beaumont Cornish Limited - Nomad Tel +44 (0) 20
Roland Cornish/James Biddle 7628 3396
Novum Securities Limited - Joint Broker +44 (0) 20 7399
Colin Rowbury /Jon Belliss 9400
Shard Capital Partners LLP - Joint Broker Tel +44 (0) 20
Damon Heath 7186 9952
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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