TIDMGLR
RNS Number : 3151Z
Galileo Resources PLC
17 September 2020
For immediate release
17 September 2020
Galileo Resources Plc
("Galileo" or "the Company")
Dissemination of a regulatory announcement that contains
inside information according to Regulation (EU) number 596/2014
(MAR)
EM Survey commences over Highly Prospective Kalahari Copper Belt
tenure
Galileo Resources plc ("Galileo "or the "Company") is, further
to its announcement on 12 August 2020, pleased to announce that it
has commenced a Helicopter-borne Electromagnetic Survey (EM) over
two of its' highly prospective tenures within its 100% held
Kalahari Copper Belt ("KCB") Project in western Botswana and
expects to announce preliminary results by 31 October 2020.
Highlights
-- Galileo has commenced the planned Helicopter-borne High
Resolution Electromagnetic (EM) and Magnetic Survey over sections
of PL40/2018 and PL39/2018 within its' highly prospective Kalahari
Copper Belt Project
-- The survey is being completed using NRG's Xcite(TM) Airborne Electromagnetic (AEM) system
-- The Objective of the EM survey is to define the most
prospective structural setting mineralisation within PL40/2018 and
PL39/2018, as well as possibly directly detect any conductive
mineralisation present. The juxtaposition of an isolated conductive
anomaly and a dome feature in the EM data would represent a high
priority target for drill testing.
-- As announced on 12(th) August, PL40/2018 and PL39/2018 are
considered highly prospective because they are interpreted to have
similar geological settings to Cupric Canyon Capital's Zone 5 and
Zone 5N deposits, situated only 25 kilometres due west (which are a
subset of a combined sulphide resource of 502Mt @ 1.4% Copper
("Cu") and 17g/t Silver ("Ag"), including 185Mt @ 2.0% Cu and 27g/t
Ag)
-- The southern portion of PL40/2018 is considered particularly
prospective as this area is located within a WNW-ESE trending zone
that contains five copper-silver deposits previously discovered in
the KCB, including Plutus, Zeta, NE Zeta, Zone 5 Nth and Zone 5
-- Again, as announced on 12(th) August, PL40/2018 and PL39/2018
also lie along strike of Sandfire Resources T3 and A4 copper-silver
deposits, as well as Cupric's Banana Zone and Eland Zone copper
deposits, situated 140km to the southwest
-- NRG's Xcite(TM) Airborne Electromagnetic (AEM) system is
understood to have been instrumental in the discovery of Sandfire
Resources' (ASX:SFR) exciting, high-grade copper A4 Dome Prospect;
where recent drilling has returned intercepts up to 18m at 5.2% Cu
and 124g/t Ag from 77m down-hole
Colin Bird CEO said: "The whole region has become increasingly
exciting due to new discoveries by Sandfire Resources and
reinterpretation of geophysical work. Geophysical and geochemical
anomalies and signatures have been the historical route for
discovery and latest results from the region have confirmed the
approach. Our initial activities will be two-fold in that we will
investigate an area to the northeast which shows good geophysical
potential and an area in the midst of a recent discovery. I have no
doubt that time will see the Kalahari Copper Belt region emerging
as a significant copper producer, since it already hosts two new
world class deposits. We will keep shareholders abreast of our
developments as they occur."
Geological Setting Interpretation and Technical Justification
for PL40/2018 and PL39/2018
Background
The geological setting beneath the Kalahari overburden for the
area covered by PL40/2018 and PL39/2018 has been interpreted from
the regional aeromagnetic and EM data to have strong similarities
with the synclinal geological setting that hosts Cupric Canyon
Capital's ("Cupric") Zone 5 and Zone 5N deposits, situated only 25
kilometres due west. The Zone 5 and Zone 5N deposits are part of
the world-class Khoemacau Copper-Silver Project with a combined
sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including 185Mt
@ 2.0% Cu and 27g/t Ag - refer to Cupric's website
www.khoemacau.com for details. The Galileo licences also lie 140km
along strike from Sandfire Resources' (ASX:SFR) Tshukudu
Exploration Project that comprises the T3 Copper-Silver Project
(60Mt @ 0.98% Cu & 13.6g/t Ag), where a feasibility study is
currently in progress, and the recently discovered high-grade
copper A4 Dome Prospect.
The interpreted regional synclinal settings of Galileo's
PL40/2018 and PL39/2018 and Cupric's Zone 5 and Zone 5N deposits
are separated by a large-scale horst/anticlinal zone. The original
basin bounding extension faults that are interpreted to be situated
on the margins of the horst/anticline zone are believed to have
been the conduits for metal-enriched, hydrothermal fluids.
Typically, when these fluids reached D'kar Fm/Ngwako Pan Formation
REDOX boundary, copper-silver sulphides are precipitated.
Update
It is also observed that the southern half of PL40/2018 is in a
direct line from the Zone 5, Zone 5 Nth, NE Zeta, Zeta and Plutus
copper-silver deposits. The observation that these deposits are all
in a WNW-ESE trending line perpendicular to the strike of the
stratigraphic units in this area is interpreted to suggest that
there may be an original extensional transfer/transform fault
(vertical fault oriented sub-parallel to the direction of
extension, separating individual segments of Graben and Horst
extensional zones) connecting these ore deposits that was the key
conduit for the metal-enriched hydrothermal fluids that resulted in
the precipitation of the syn-extensional mineralisation
(sedimentary copper style). Therefore, it is interpreted that the
southernmost part of PL40/2018 is the most prospective and that
exploration should be focussed in this area.
Helicopter-borne Electromagnetic and Magnetic Survey
Historically, the two main exploration tools that have been
responsible for the discovery of all the copper-silver deposits
throughout the KCB are soil sampling and electromagnetic (EM)
surveys. EM surveys have mainly been utilised as an exploration
tool for understanding the geological setting of the various KCB
stratigraphic units under the Kalahari overburden. Modelling of the
conductive response from the well-established Carbonaceous Marker
Horizon allows for the relatively easy interpretation of the
location and drill targeting of the prospective D'kar Fm/Ngwako Pan
Formation contact at depth. However, in some instances where the
copper mineralisation is predominantly composed of chalcopyrite,
such as at T3 and A4 prospects, EM surveys have also been
successful in directly detecting copper mineralisation.
Galileo's EM survey exploration program is aimed at defining the
most prospective structural setting for sulphide accumulations
within PL40/2018 and PL39/2018, as well as possibly directly detect
geochemical signatures from soil surveys. The juxtaposition of a
soil geochemical anomaly and a dome feature in the EM data
represents the highest priority target for drill testing.
Project Background - Kalahari Copper Belt ('KCB')
The KCB, approximately 800km long by up to 250km wide, is a
northeast-trending Meso- to Neoproterozoic belt that occurs
discontinuously from western Namibia and stretches into northern
Botswana along the northwestern edge of the Paleoproterozoic
Kalahari Craton. The belt contains copper-silver mineralisation,
which is generally stratabound and hosted in metasedimentary rocks
of the D'Kar Formation near the contact with the underlying Ngwako
Pan Formation. The hanging wall-footwall redox contact is a
distinctive target horizon that consistently hosts copper-silver
mineralization in fold-hinge settings. The geological setting is
similar to that of the major Central African Copper Belt and
Kupferschiefer in Poland.
In most of Botswana the KCB is covered by 2m to 60m of Tertiary
age Kalahari Group sands. The sand cover impacts general surface
geological mapping and geochemistry and most information is
obtained from soil geochemistry, trenching and especially
geophysical surveys and drilling.
Known deposits generally occur at the contact of the low and
medium intensity magnetic features and are spatially associated
with elongated, magnetic dome features. Magnetic domes represent
volcanic basement rocks interpreted to be the source of copper
mineralisation.
The KCB has been investigated by a number of companies over
recent years, which has resulted in the discovery of several
copper-silver prospects and deposits. Larger prospects have been
identified by Cupric Canyon Capital and Sandfire Resources
(previously MOD Resources). Cupric's Khoemacau-Boseto Project
comprises several zones of copper-silver mineralisation over a 4km
strike and extending to greater than 1,200m depth. A JORC-compliant
sulphide resource has been established at a 1.0% Cu cut-off
totalling 91.7Mt @ 2.13% Cu and 21.9g/t Ag. The mineralization
comprises predominantly bornite, chalcocite, and chalcopyrite.
Discovery's Boseto mine closed in 2015 and was purchased by Cupric
to be amalgamated with that company's adjacent Khoemacau property.
In total, the Khoemacau and Boseto assets combined are reported to
have 500Mt of resources grading 1.4% Cu and 17g/t Ag. Cupric is
currently planning development of an underground mine at the
project and, in July 2019, announced signing of a US$650 million
project funding package.
Sandfire's licences are located southwest of the Khoemacau
Project in the central portion of the KCB. Their T3 deposit has
previously reported Indicated and Inferred resources of 60.2Mt @
0.98% Cu & 14g/t Ag and an optimised feasibility study is in
progress. Recent drilling at their A4 Dome (Tshukudu) project
returned intercepts up to 18m at 5.2% Cu and 124g/t Ag from 77m
down-hole. The latest drilling has increased the known strike
length of the vein-hosted mineralisation to over 700m, with the
zone remaining open.
Technical Sign-Off
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, a consultant to Galileo. Mr Slowey
is a graduate 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
Edward Slowey, Executive Director 4477
Tel +353 (1) 601 4466
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
------------------------
Technical Glossary
Syncline: typically, a downward fold where the youngest
stratigraphic units are preserved towards the centre.
Anticline: typically, an upward fold where the oldest
stratigraphic units are preserved towards the centre.
Horst: a raised fault block bounded by normal faults, resulting
from extension (stretching) of the earth's crust.
Graben: a basin that lies between normal faults, usually bounded
by Horst structures. Horst and graben structures are the result of
tensional forces and crustal extension (stretching).
REDOX boundary: boundary between chemically reduced sediments
(created in a low oxygen environment) and oxidised sediments.
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