New drill programme for Shinganda

Galileo Resources PLC

09 August 2024

 

August 9 2024

Galileo Resources Plc
("Galileo" or the "Company")

Phase 3 Drill Programme to Commence at Shinganda

The Board of Galileo Resources Plc ("Galileo" or the "Company") is pleased to confirm the granting of a contract to undertake the Shinganda Phase 3 drill programme to assess up to 10km strike length of Cu - Au mineral-bearing fault structures broadly defined by the Company to date.

Highlights

·     The planned Reverse Circulation (RC) drilling programme will focus on delineating further shallow, open-pittable copper-gold mineralisation along a combined strike length of about 10km on the Shinganda Main Fault and Splay structures

·     The programme objective is to define a substantial resource of supergene mineralisation ranging up to 2% CuEq grade at shallow depths, following on from previous drill intercepts, such as 50.3m @ 1.77% CuEq from 21m depth in Galileo hole SDDD002 and 17m @ 2.00% CuEq from 7m depth in historic Vale hole DH0004.

·     Drilling profiles have been selected based on the recommendations of a recently completed geophysical modelling study on the airborne magnetic data as well as knowledge gained from the earlier drill phases.

·     Drilling is scheduled to commence about mid-August 2024, with an initial programme of up to 30 holes for 2,400m and possible additional meterage to be determined by the results of the Phase 3 programme.

Colin Bird, Executive Chairman said: "The Shinganda exploration area has met all our expectations and still presents a number of mineral styles to be explored. We have however homed in on zones of clearly defined, structurally controlled copper-gold bearing iron carbonate alteration close to surface with significant strike potential. The drill programme is expected to commence shortly, and we are excited about the specific concession target and the licence area in general. We will keep the market informed of the outcome of the drilling and field work as we progress."

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 [phone]
Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle	Tel [phone]
Novum Securities Limited - Joint Broker Colin Rowbury /Jon Belliss	[phone]
Shard Capital Partners LLP - Joint Broker Damon Heath	Tel [phone]

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").

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

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Technical Glossary

"Supergene"

Descriptive of a mineral deposit, weathering or alteration formed by descending solutions.

 

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