TIDMGLR
RNS Number : 3633H
Galileo Resources PLC
23 November 2022
For immediate release
23 November 2022
Galileo Resources Plc
("Galileo" or "the Company")
Completion of Resource Delineation Drilling at the Luansobe
Copper Project, Zambia
Galileo Resources plc ("Galileo "or the "Company") is pleased to
confirm completion of the Luansobe Copper Project (the "Project")
drill programme, marking an important step towards the generation
of a new Mineral Resource Estimate for the Project. Assay results
for the first 15 of 28 holes drilled have been received and are
more fully set out below.
Highlights
-- 28 vertical diamond drill holes totalling 3,563.5 m completed
-- Drilling has successfully identified wide zones of moderate
grade, near-surface copper mineralisation, potentially offsetting
open pit pre-stripping costs, which could be expected to impact
positively on Project economics
-- Assays for the first fifteen holes received, with peak values including the following:
o 23.73m @ 2.63% Cu from 85.27m in hole LUDD013
o 2.56m @ 2.78% Cu from 45.44m in hole LUDD005
o 16.39m @ 0.95% Cu from 54.0m in hole LUDD009
o 7.0m @ 0.66% Cu from 21.0m in hole LUDD006
-- Handheld XRF analyses routinely collected during logging on
remaining holes also indicates the presence of copper
mineralisation over pronounced widths that may reflect positively
on the expanding open pit model
-- External independent consultant Addison Mining Services will
complete a JORC (2012) Mineral Resource Estimate as soon as the
balance of geological data and supporting assays have been provided
by the Galileo
-- The Mineral Resource Estimate will provide the information
required to progress towards a potential open pit mine plan
Colin Bird Chairman & CEO said: " We are very pleased with
the results of our drilling programme in that we have received
confirmation that the deposit appears to extend closer to surface
than previously thought and we have encountered wide zones of good
mineralisation. Our independent consultant Addison will collate
these results and, once the additional drilling results are
received, from that will establish an open bit block model and
examine development options.
Our intention is to then to put this model out to the open pit
contracting industry to commence operations as soon as we can in
quarter 1, 2023, following the receipt of the mineral resource
estimate and the production of the block model and theoretical open
pit plan".
Drilling Progress
The diamond drilling programme at Luansobe was planned with
input from Addison Mining Services following initial modelling
based on incomplete historic drilling information. Drilling was
focussed on areas where initial modelling suggested that shallow
copper potential was not adequately tested, where no assay data was
available in the historic records or where previous holes appeared
not to have fully tested the main mineral horizons. Several holes
were also 'twinned' to confirm the historic data.
28 vertical holes were planned from surface to depths ranging
from 60m to 220m. Core logging and sampling is being carried out to
high QA/QC standards in order to comply with requirements for
mineral resource estimation in accordance with JORC (2012), and in
preparation for open pit mine modelling and planning which will be
undertaken following receipt of final logs and assays. All 28 holes
have now been drilled, totalling 3,563.5 m and copper assay results
have been received for 15 of these, with the principal intercepts
tabulated below.
Assaying has been carried out at the ISO accredited SGS
laboratory at Kalulushi in the Zambian Copperbelt. Of particular
interest from the results to date is the confirmation of moderate
grade copper intercepts in several holes within upper horizons at
Luansobe that were not recorded by previous operators. This aligns
with the earlier results of historic core resampling by the Company
reported on 4th August 2022. These shallower copper zones can
assist with the economics of any future open pit development by
partially offsetting the cost of pre-stripping.
Luansobe Drill Results - Selected Assay
Intervals to Date
(0.2% Cu cutoff)
Hole Depth from Depth Interval Total
No (m)* to (m) (m) Cu%
----------- -------- --------- ------
LUDD005 45.44 48.00 2.56 2.78
----------- -------- --------- ------
79.00 80.00 1.00 1.98
----------- -------- --------- ------
LUDD006 21.00 28.00 7.00 0.66
----------- -------- --------- ------
39.00 48.00 9.00 0.41
----------- -------- --------- ------
86.00 88.00 2.00 0.88
----------- -------- --------- ------
LUDD009 54.00 70.39 16.39 0.95
----------- -------- --------- ------
84.40 92.00 6.10 0.96
----------- -------- --------- ------
LUDD012 64.00 70.00 6.00 0.39
----------- -------- --------- ------
76.00 82.00 6.00 0.27
----------- -------- --------- ------
94.00 104.25 10.25 0.90
----------- -------- --------- ------
LUDD013 40.00 50.00 10.00 0.54
----------- -------- --------- ------
85.27 109.00 23.73 2.63
----------- -------- --------- ------
LUDD014 40.27 42.70 2.43 3.51
----------- -------- --------- ------
LUDD015 56.00 60.70 4.70 0.29
----------- -------- --------- ------
78.00 81.00 3.00 0.30
----------- -------- --------- ------
85.00 93.50 8.50 0.33
----------- -------- --------- ------
96.06 124.00 27.94 0.28
----------- -------- --------- ------
137.60 151.32 13.72 0.52
----------- -------- --------- ------
157.00 159.85 2.85 1.82
----------- -------- --------- ------
* Note: Drilling depth from surface
Information will be further updated on receipt of assays for the
remaining holes and this will be followed by an updated mineral
resource estimation, upon which a plan will be developed for a
potential open pit mine development.
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").
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