TIDMGLR
RNS Number : 6444O
Galileo Resources PLC
02 February 2023
For immediate release
02 February 2023
Galileo Resources Plc
("Galileo" or "the Company")
Initial Exploration Results from wider area at Shinganda
Project, Zambia:
High Gold Grades Encountered
Galileo Resources plc ("Galileo "or the "Company") is pleased to
report on work progress on a number of new prospects, including
discovery of high-grade gold and associated copper mineralisation,
at the Shinganda Copper-Gold (Cu-Au) Project, Zambia (the
'Project") where the Company has the right to earn an initial 51%
interest. Follow-up exploration over additional ground to that
focused on to date has revealed highly anomalous surface gold and
associated copper results on three of eight selected targets
several kilometres distant from the Shinganda outcrop zone where
lengthy drill intervals of copper-gold mineralisation were recently
reported (see RNS dated 18 January 2023).
Highlights
-- Target 1 bedrock grab samples returned the highest grade gold
assays for the Shinganda project to date peaking at 33.90g/t Au,
20.16g/t Au and 8.54g/t Au.
-- This target is also anomalous in copper, returning grades of
0.28%, 0.46% and 0.24% Cu respectively for the high-grade gold
results.
-- Target 1 which shows an east-west anomalous gold trend over a
minimum area of 120m by 25m remains open to the east, west and
south and is a priority candidate for further testing of the strike
extensions prior to drilling.
-- Target 7, a 25m-wide pit located 8km from Target 1 returned
peak gold and copper values of 3.44g/t Au and 0.53% Cu from a
chip/channel sampling programme. This zone remains open in several
directions.
-- Soil sampling over Target 9, returned two separate soil
anomalies, 500m apart with pXRF values of up to 409ppm Cu
(approximately 10 times background levels). These results are
consistent with previous Galileo grab sampling that returned values
of 1.10% Cu, 0.63g/t Au at the same location.
-- The high-grade gold results often with complementary copper
values warrant a commitment to a significant programme of
exploration in 2023. Work planned will include testing of strike
extensions of the three targets highlighted by means of pitting and
possibly soil surveys followed by drilling to test depth
extent.
-- The targets that have been tested were selected largely based
on exposure of bedrock. Whilst cover is shallow, often less than
1.0m to 2.0m, the strike rate in terms of anomalous gold and copper
values discovered is considered by the Company to be very
significant.
-- The Company has commissioned a re-interpretation of ground
magnetic geophysical data to better define possible additional
targets and, based on recent success, may also expand soil
geochemical surveys to test for other blind targets.
Colin Bird Chairman & CEO said: " The Shinganda project has
a number of small-scale workings within the licence area showing a
similar style of mineralisation. Historic and current exploration
by Galileo has broadly defined an area of high prospectivity
covering 12km by 6km. Live exploration updates such as the recent
grab and soil samples returning a peak gold value of 33.90g/t Au
only serve to confirm the exciting opportunity offered by
Shinganda. It is becoming increasingly evident that the only
quality technical activity was carried out by a Major Mining House
which identified certain geological trends which are holding up and
being confirmed and extended by our activities. The only other work
undertaken was for immediate gain high-grade open pitting with no
follow up thereafter. The more we explore the more positive we
become about the Project. Our focus now is to identify the
mineralisation driver as well as prove up a meaningful resource.
"
Exploration Results to Date
While initial work to date has focussed on the recently drilled
copper-zinc deposit at the Shinganda outcrop area (see RNS dated 18
January 2023), the Company has also followed up eight other known
copper and gold occurrences on the property, collecting a set of
grab samples for assay. Reconnaissance visits were made to all the
occurrences in August 2022 and four of these were selected for
priority follow-up, designated as Targets 1, 7, 8 and 9, with work
completed to date on Targets 1, 7 and 9.
It is noteworthy that the targets investigated were all selected
because of outcropping bedrock. The licence area is largely covered
by shallow surficial material that is often no more than 1 to 2m
thick, implying that the prognosis for further discoveries with
additional exploration aimed at blind targets using trenching and
soil geochemistry is good.
Target 1:
Located 5km southeast from the previously drill-tested Shinganda
outcrop occurrence that reported a peak drill intercept of 50.3m @
1.54% Cu, 0.30g/t Au from 21.0m , Target 1 comprises a small
shallow open pit working covering about 10m x 7m, oriented almost
east-west. The exposure consists mainly of massive, siliceous
hematite with malachite occurring as fine disseminations and in
vugs. This prospect had the highest gold grades encountered during
the reconnaissance sampling programme, with grab samples assaying
up to 10.19g/t Au and 4.43% Cu.
The Company subsequently undertook a follow-up programme of
exploration pitting to penetrate the hard laterite cover in the
area with the aim of extending the footprint of the discovery and
checking the grades along the strike of the zone. Thirteen pits
were dug on three profiles to a maximum of 3.5m depth. Where
bedrock was encountered, it was logged, and a grab sample collected
for assay from the base of the pit. One pit failed to get to
bedrock but, of the others, ten encountered varying styles of
siliceous, hematite breccia similar to that seen in the old
excavation, with copper oxide in the form of malachite reported in
one pit.
Grab samples were assayed at the SGS laboratory for gold by fire
assay and copper by Atomic Absorption Spectrometry. Results
returned highly anomalous gold values, with accompanying anomalous
copper, including by far the highest values encountered on the
Shinganda licence to date at 33.90g/t Au, 0.28% Cu and 20.16g/t Au,
0.46% Cu - refer to Table 1.
Table 1: Shinganda Target 1
Exploration Pit Peak Assay Results
PIT ID Depth (m) Assay Assay
Au g/t Cu%
------------ --------- ------
1 0.45 3.53 0.03
------------ --------- ------
7 1.0 8.54 0.24
------------ --------- ------
8 2.8 0.16 0.02
------------ --------- ------
9 0.5 33.90 0.28
------------ --------- ------
11 1.6 20.16 0.46
------------ --------- ------
12 2.1 0.32 0.07
------------ --------- ------
The anomalous zone currently covers a minimum area of about 120m
long and 25m wide and remains open to the east, west and south.
Follow-up plans for 2023 include a programme of scout core drilling
to further extend the occurrence and to test its' continuity to
depth, as well as to obtain core samples for assay.
Target 7:
This is a relatively large, exposed pit working, approximately
25m across, located about 5km southwest from the Shinganda outcrop
occurrence. Massive b anded/bedded siliceous hematite is exposed in
the pit face dipping towards the south, with sparse finely
disseminated malachite. The regional host rock exposed in the east
side of the pit comprises pink shale/siltstone. There is a possible
fault between this unit and the massive hematite.
First-pass reconnaissance grab sampling by Galileo at this pit
(refer to RNS dated 20 July 2022) returned values of 3.77% Cu,
1.24g/t Au from malachite-mineralised siliceous hematite and 0.23%
Cu, 1.45g/t Au from hematite with no visible copper mineralisation.
Also, the pink shale/siltstone exposed in the eastern corner of the
pit returned anomalous copper in a grab sample at 1.21% Cu with
negligible gold content, although no copper mineralisation was
observed.
Recent work by the Company comprised more systematic sampling
across the full width of the exposure in the pit get a better
handle on the geology and structure, as well as the distribution of
mineralisation (see Table 2 below). Results confirmed the initial
reconnaissance sample results, with significantly anomalous gold
results in the hematite gossan up to 3.44g/t Au along with
accompanying copper up to 0.50% Cu. The adjoining shale again
returned anomalous copper values up to 0.53% Cu, with trace
gold.
Table 2: Shinganda Target 7
Rock Chip Sampling Peak Assay Results from
Exposed Pit
Sample Sample Description Assay Assay
No. Au g/t Cu%
---------------------------------- -------- ------
Hematitic silicified breccia
A04705 fragments from fault contact 1.83 0.37
---------------------------------- -------- ------
Dark reddish-brown hematitic
A04708 silicified breccia 3.44 0.16
---------------------------------- -------- ------
Hematitic silicified breccia
A04709 with no visible mineralisation 0.80 0.50
---------------------------------- -------- ------
Hematitic silicified breccia
A04713 with no visible mineralisation 0.73 0.24
---------------------------------- -------- ------
The mineralised gossan zone appears to dip at a shallow angle
towards the south away from the exposure in the pit. Follow-up
plans for 2023 at this target will also include a programme of
scout core drilling to further extend the occurrence down-dip and
along strike and to test the gold and copper grades.
Target 9:
This comprises an outcrop zone of pale whitish, siliceous
siltstone located about 4km west of the Shinganda outcrop
occurrence. There is a small exploration pit and trench at the
site, with bedrock exhibiting steep bedding and striking almost
east-west. Malachite copper mineralisation occurs as fine
disseminations and in blebs/clusters weathering from chalcopyrite.
A previous grab sample from this pit returned values of 1.10% Cu,
0.63g/t Au.
As there is no hard pan layer evident at this site, a soil
sampling programme was carried out comprising 600 samples on a 50m
x 50m grid over a 2 square kilometre area to establish the extent
and trend of the mineralisation. The samples were tested for copper
using a hand-held XRF instrument. Results show two clearly
anomalous target zones, one centred on the mineralised outcrop
extending for about 1km on strike and a further anomaly centred
about 500m to the north, covering a core area of 450m x 250m, with
values up to 409ppm Cu (about 10 times background). There is no
bedrock exposure at the second site.
Galileo plans to follow up these two anomalous zones by
undertaking a trenching and sampling programme to assist in
defining drill targets.
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
J oint 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").
Technical Glossary
"breccia" Rock fragmented into angular components
"chalcopyrite" A copper-iron sulphide mineral, CuFeS(2) ,
often found in copper ores
"fault/shear zone" Plane of failure in faulted body of rock
"gossan" A surface capping of hydrated oxides of iron
formed from metallic sulphides
"hematite" A mineral composed of ferric iron oxide
"hydrothermal" Descriptive of hot magmatic emanations rich
in water
"malachite" A green copper carbonate mineral (Cu(2) (OH)2CO(3)
) which forms by alteration of copper sulphide
minerals
"silica" Silicon dioxide, of which the mineral quartz
is one form
"supergene" Descriptive of a mineral deposit, weathering
or alteration formed by descending solutions
"pXRF" A hand-held instrument to determine the chemistry
of a sample by measuring the fluorescent (or
secondary) X-ray emitted from a sample when
it is excited by a primary X-ray source
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
DRLQFLFBXLLZBBQ
(END) Dow Jones Newswires
February 02, 2023 02:00 ET (07:00 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
