Preliminary Drill Results at Shinganda Project

RNS Number : 0447T
Galileo Resources PLC
20 July 2022
 

 

For immediate release

 

20 July 2022

Galileo Resources Plc

("Galileo" or "the Company")

 

Preliminary Drill Results and Prospecting Update at

Shinganda Copper-Gold Project, Zambia

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide preliminary drill results and a prospecting update over its' Option and Joint Venture project covering the Shinganda Copper-Gold (Cu-Au) Project, Zambia (the "Project" ) where the Company has the right to earn an initial 51% interest.

 

Highlights

· Three of the four angled holes drilled at the Shinganda outcrop target for which copper assays have been received intersected shallow intervals of semi-massive hematite mineralisation with strongly disseminated copper

· Assay results include 50.3m @ 1.53% Cu from 21m downhole depth in SHDD002, with a sub-interval of 7m @ 4.36% Cu, including 2.0m @ 11.31% Cu. Gold assays are awaited

· Six angled diamond drill holes from surface totalling 963.9m have been completed in total to date; the current programme has been extended from the original plan for three holes due to the positive initial results

· The results so far support and exceed the results of a historically reported drill intercept at Shinganda which did not include gold assays (1.07% Cu over a true width of 28.3m)

· Previously reported mapping/prospecting traverses across the Shinganda licence area by Galileo (30th May 2022) identified nine targets which have been subjected to recent small-scale artisanal excavation. Rock grab sample assay results have returned strongly anomalous results for copper and gold from most of these, including 1.42% Cu, 3.14g/t Au from the Shinganda outcrop and 1.79% Cu, 10.19g/t Au & 3.77% Cu, 1.24g/t Au from other occurrences within the licence area

· The outcome of the prospecting, showing the presence of copper and gold mineralisation over an area of at least 12km x 6km on the Shinganda licence, points to the potential for several shallow copper-gold deposits on the property or for a potentially larger target

 

Table 1 - Shinganda - Provisional DDH Selected Assay Intervals

Hole No.

Dip

Azimuth

Depth From (m)

Depth To (m)

Interval (m)

Cu%

Au g/t*

SHDD001

-50

360

6.0

17.0

11.0

0.63










SHDD002

-50

360

21.0

71.3

50.3

1.53


Incl.



47.0

54.0

7.0

4.36


Incl.



48.0

50.0

2.0

11.31










SHDD003

-50

360

58.0

60.0

2.0

0.52


and



73.0

77.0

4.0

0.54


and



92.0

94.0

2.0

1.02










SHDD004

-55

065

7.3

51.0

43.7

1.01


Incl.



10.0

20.0

10.0

1.61


*Gold assays awaited

 

Colin Bird Chairman & CEO said: "Drilling and assaying by the Company has confirmed the presence of copper in an area previously explored by a large mining company. There appear to be a number of structural trends several of which are worthy of follow-up. The Company plans to continue its shallow drilling programme which, if results are positive, will be followed by ground geophysics at the appropriate time. Samples from the current drilling programme have been submitted to South Africa for fire assay to test for gold, which was not targeted in the historic drilling at Shinganda. "

 

 

Drilling Results to Date

Initial Galileo interest in the Shinganda area focussed on a historic angled drill hole completed in 1959, which reportedly cut a near-vertical zone of heavily veined sediments and copper oxides.

 

Galileo's drilling has confirmed and extended that occurrence, with current interpretation suggesting that the zone may strike northwestwards from the Shinganda outcrop, where recent grab samples have returned values of 1.42% Cu, 3.14g/t Au.

 

Six angled diamond drill holes, numbered SHDD001 to 006, totalling 963.9m have been completed to date and drilling is continuing. Copper assay results have been received for the first four of these. Holes 1, 2 & 5 were drilled on a single profile angled towards the north. These confirm a steeply dipping hematite breccia zone with malachite and probable chalcocite mineralisation, which is up to 35m wide at 40m depth in hole 2 (refer to Table 1). It appears that hole 1 cut the margin of the zone at the top of the hole. Hole 5 supports the continuation of the zone to at least 70m depth where it seems to be about 20-25m wide based on preliminary hand-held XRF readings - these are subject to assay confirmation.

 

Hole 3 was stepped out 60m to the west and clipped the margin of the hematite zone, with some short copper intervals, however the siltstone host rock here is strongly altered and brecciated. Hole 4 was sited about 60m to the NW to follow an apparent structural trend based on interpretation of the recently completed ground magnetic survey and was angled towards the NE to cross-cut this trend. It collared into the hematite breccia zone which was a little less massively hematitic than hole 2. Not much visible copper mineralisation was reported in logging, however the assay results have confirmed the positive readings from the XRF.

 

Results of Prospecting Programme

As reported on 30th May 2022, Galileo Resources Plc undertook a reconnaissance mapping and sampling exercise over the most prospective western sector of the licence. Much of the area is covered by a layer of overburden and duricrust, nevertheless nine target areas with copper-gold mineralisation or alteration of interest were identified during mapping over an area of 12km x 6km within the licence. Most were artisanal pit working exposures with visible copper oxide mineralisation. Selected sample assay results are given in Table 2:

 

Table 2 - Shinganda Prospecting Programme - Selected Grab Sample Assay Results

Sample No.

Description

Cu %

Au g/t

SHR007

Shinganda outcrop area - massive hematite, silicified, with disseminated malachite

1.42

3.14

SHR009

Shinganda outcrop area - semi-massive hematite, weak visible copper mineralisation

1.78

0.24

SHR014

South Pit - description as above

1.07

0.29

SHR016

South Pit - description as above

0.19

9.76

SHR019

Pit near centre of licence - silicified hematite + disseminated malachite

3.77

1.24

SHR023

Pit and outcrop of bleached shale with disseminated malachite

1.10

0.63

SHR025

Small artisanal pit - massive hematite, silicified, with disseminated magnetite

1.79

10.19

SHR026

As above

1.28

6.08

 

Based on the wide spread of occurrences of copper and gold mineralisation over the Shinganda licence, the Project is considered by the Company to have potential for a large copper-gold deposit and/or a series of shallow deposits amenable to small to medium scale open pit mining development.

 

 

 

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

Roland Cornish/James Biddle

Tel +44 (0) 20 7628 3396

Novum Securities Limited - Joint Broker

Colin Rowbury /Jon Belliss

+44 (0) 20 7399 9400

Shard Capital Partners LLP - J oint Broker

Damon Heath

Tel +44 (0) 20 7186 9952

 

 

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

 

"fault/shear zone"

 

Plane of failure in faulted body of rock

 

"hematite"

A mineral composed of ferric iron oxide



"hydrothermal"

Descriptive of hot magmatic emanations rich in water

 

"intrusives"

Bodies of igneous rock that invade older rocks

 

"magnetite"

A magnetic iron oxide, Fe3O4



"semi-massive"

Mineralisation making up a large part, but not all, of the rock mass

 


"soil anomaly"

A concentration of one or more elements in soil that is markedly higher than background

 

"supergene"

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

 


 

Appendix 1: Full Assay Results

Appendix I - Shinganda Drilling - Full Assay Results

Hole No.

Samp. No.

Depth from (m)

Depth to (m)

Width (m)

Cu%

SHDD001

LU17001

4

5

1

0.12

SHDD001

LU17002

5

6

1

0.19

SHDD001

LU17003

6

7

1

0.48

SHDD001

LU17004

7

8

1

0.68

SHDD001

LU17005

8

9

1

0.59

SHDD001

LU17006

9

10

1

0.90

SHDD001

LU17007

10

11

1

1.07

SHDD001

LU17008

11

12

1

0.66

SHDD001

LU17009

12

13

1

0.54

SHDD001

LU17010

13

14

1

0.55

SHDD001

LU17011

14

15

1

0.48

SHDD001

LU17012

15

16

1

0.55

SHDD001

LU17013

16

17

1

0.40

SHDD001

LU17014

17

18

1

0.34

SHDD001

LU17015

18

19

1

0.27

SHDD001

LU17016

19

20

1

0.24

SHDD001

LU17017

20

21

1

0.27

SHDD001

LU17018

21

22

1

0.20

SHDD001

LU17019

22

23

1

0.17

SHDD001

LU17020

23

24

1

0.12

SHDD001

LU17021

24

25

1

0.09

SHDD001

LU17022

25

26

1

0.07

SHDD001

LU17023

26

27

1

0.06

SHDD001

LU17024

27

28

1

0.04

SHDD001

LU17025

28

29

1

0.04

SHDD001

LU17026

29

30

1

0.07

SHDD001

LU17027

30

31

1

0.06

SHDD001

LU17028

31

32

1

0.08

SHDD001

LU17029

32

33

1

0.05

SHDD001

LU17032

33

34

1

0.05

SHDD001

LU17033

34

35

1

0.03

SHDD001

LU17034

35

36

1

0.03

SHDD001

LU17035

36

37

1

0.05

SHDD001

LU17036

37

38

1

0.09

SHDD001

LU17037

38

39

1

0.06

SHDD001

LU17038

39

40

1

0.10

SHDD001

LU17039

40

41

1

0.14

SHDD001

LU17040

41

42

1

0.10

SHDD001

LU17041

42

43

1

0.06

SHDD001

LU17042

43

44

1

0.05

SHDD001

LU17043

50

51

1

0.02

SHDD001

LU17044

51

52

1

0.05

SHDD001

LU17045

52

53

1

0.07

SHDD001

LU17046

53

54

1

0.04

SHDD001

LU17047

54

55

1

0.02

SHDD001

LU17048

75

76

1

0.03

SHDD001

LU17049

76

77

1

0.03

SHDD001

LU17050

77

78

1

0.02

SHDD001

LU17051

78

79

1

0.03

SHDD001

LU17052

79

80

1

<0.01

SHDD001

LU17053

80

81

1

0.03

SHDD001

LU17054

81

82

1

0.05

SHDD001

LU17055

82

83

1

0.03

SHDD001

LU17056

92

93

1

<0.01

SHDD001

LU17057

93

94

1

<0.01

SHDD001

LU17058

94

95

1

<0.01

SHDD001

LU17059

95

96

1

<0.01

SHDD001

LU17062

96

97

1

<0.01

SHDD001

LU17063

97

98

1

<0.01

SHDD001

LU17064

98

99

1

<0.01

SHDD001

LU17065

99

100

1

<0.01







SHDD002

LU17066

2

3

1

0.05

SHDD002

LU17067

3

4

1

0.06

SHDD002

LU17068

4

5

1

0.05

SHDD002

LU17069

5

6

1

0.06

SHDD002

LU17070

6

7

1

0.05

SHDD002

LU17071

7

8

1

0.06

SHDD002

LU17072

8

9

1

0.04

SHDD002

LU17073

9

10

1

0.06

SHDD002

LU17074

10

11

1

0.08

SHDD002

LU17075

11

12

1

0.09

SHDD002

LU17076

12

13

1

0.08

SHDD002

LU17077

13

14

1

0.08

SHDD002

LU17078

14

15

1

0.10

SHDD002

LU17079

15

16

1

0.12

SHDD002

LU17080

16

17

1

0.20

SHDD002

LU17081

17

18

1

0.24

SHDD002

LU17082

18

19

1

0.22

SHDD002

LU17083

19

20

1

0.30

SHDD002

LU17084

20

21

1

0.28

SHDD002

LU17085

21

22

1

0.45

SHDD002

LU17086

22

23

1

0.40

SHDD002

LU17087

23

24

1

0.52

SHDD002

LU17088

24

25

1

0.54

SHDD002

LU17089

25

26

1

0.65

SHDD002

LU17092

26

27

1

0.78

SHDD002

LU17093

27

28

1

0.74

SHDD002

LU17094

28

29

1

1.01

SHDD002

LU17095

29

30

1

1.85

SHDD002

LU17096

30

31

1

2.31

SHDD002

LU17097

31

32

1

1.49

SHDD002

LU17098

32

33

1

1.68

SHDD002

LU17099

33

34

1

1.06

SHDD002

LU17100

34

35

1

0.88

SHDD002

LU17101

35

36

1

1.67

SHDD002

LU17102

36

37

1

0.85

SHDD002

LU17103

37

38

1

1.70

SHDD002

LU17104

38

39

1

2.16

SHDD002

LU17105

39

40

1

2.63

SHDD002

LU17106

40

41

1

2.85

SHDD002

LU17107

41

42

1

2.06

SHDD002

LU17108

42

43

1

1.67

SHDD002

LU17109

43

44

1

0.20

SHDD002

LU17110

44

45

1

0.40

SHDD002

LU17111

45

46

1

0.49

SHDD002

LU17112

46

47

1

0.83

SHDD002

LU17113

47

48

1

1.28

SHDD002

LU17114

48

49

1

11.21

SHDD002

LU17115

49

50

1

11.40

SHDD002

LU17116

50

51

1

1.74

SHDD002

LU17117

51

52

1

1.65

SHDD002

LU17118

52

53

1

1.99

SHDD002

LU17119

53

54

1

1.28

SHDD002

LU17122

54

55

1

0.97

SHDD002

LU17123

55

56

1

0.76

SHDD002

LU17124

56

57

1

0.31

SHDD002

LU17125

57

58

1

0.42

SHDD002

LU17126

58

59

1

0.59

SHDD002

LU17127

59

60

1

0.42

SHDD002

LU17128

60

61

1

0.52

SHDD002

LU17129

61

62

1

0.79

SHDD002

LU17130

62

63

1

0.78

SHDD002

LU17131

63

64

1

0.83

SHDD002

LU17132

64

65

1

1.61

SHDD002

LU17133

65

66

1

1.58

SHDD002

LU17134

66

67

1

1.90

SHDD002

LU17135

67

68

1

0.49

SHDD002

LU17136

68

69

1

0.29

SHDD002

LU17137

69

70

1

1.74

SHDD002

LU17138

70

71

1

0.45

SHDD002

LU17139

71

72

1

0.05

SHDD002

LU17140

72

73

1

0.06

SHDD002

LU17141

73

74

1

0.05

SHDD002

LU17142

74

75

1

0.01

SHDD002

LU17143

75

76

1

<0.01

SHDD002

LU17144

76

77

1

<0.01

SHDD002

LU17145

77

78

1

<0.01

SHDD002

LU17146

78

79

1

<0.01

SHDD002

LU17147

99

100

1

0.02

SHDD002

LU17148

100

101

1

<0.01

SHDD002

LU17149

101

102

1

0.05

SHDD002

LU17152

102

103

1

0.43

SHDD002

LU17153

133

134

1

0.01

SHDD002

LU17154

134

135

1

<0.01

SHDD002

LU17155

135

136

1

0.13

SHDD002

LU17156

136

137

1

<0.01

SHDD002

LU17157

137

138

1

<0.01

SHDD002

LU17158

166

167

1

0.05

SHDD002

LU17159

167

168

1

0.25

SHDD002

LU17160

168

169

1

0.03

SHDD002

LU17161

169

170

1

<0.01

SHDD002

LU17162

185

186

1

<0.01

SHDD002

LU17163

186

187

1

0.05

SHDD002

LU17164

187

188

1

0.02







SHDD003

LU17165

54

55

1

<0.01

SHDD003

LU17166

55

56

1

<0.01

SHDD003

LU17167

56

57

1

0.04

SHDD003

LU17168

57

58

1

0.15

SHDD003

LU17169

58

59

1

0.51

SHDD003

LU17170

59

60

1

0.53

SHDD003

LU17171

60

61

1

0.13

SHDD003

LU17172

61

62

1

0.07

SHDD003

LU17173

62

63

1

0.08

SHDD003

LU17174

64

65

1

0.32

SHDD003

LU17175

65

66

1

0.02

SHDD003

LU17176

66

67

1

<0.01

SHDD003

LU17177

67

68

1

<0.01

SHDD003

LU17178

68

69

1

<0.01

SHDD003

LU17179

69

70

1

0.03

SHDD003

LU17180

70

71

1

0.06

SHDD003

LU17181

71

72

1

0.06

SHDD003

LU17182

72

73

1

0.03

SHDD003

LU17183

73

74

1

0.51

SHDD003

LU17184

74

75

1

0.14

SHDD003

LU17185

75

76

1

0.21

SHDD003

LU17186

76

77

1

1.28

SHDD003

LU17187

77

78

1

<0.01

SHDD003

LU17188

89

90

1

0.05

SHDD003

LU17189

90

91

1

<0.01

SHDD003

LU17192

91

92

1

0.06

SHDD003

LU17193

92

93

1

1.08

SHDD003

LU17194

93

94

1

0.96

SHDD003

LU17195

94

95

1

0.08

SHDD003

LU17196

95

96

1

0.05

SHDD003

LU17197

102

103

1

<0.01

SHDD003

LU17198

103

104

1

0.01

SHDD003

LU17199

104

105

1

0.02

SHDD003

LU17200

105

106

1

<0.01







SHDD004

LU17201

7.3

8

0.7

0.74

SHDD004

LU17202

8

9

1

0.42

SHDD004

LU17203

9

10

1

0.63

SHDD004

LU17204

10

11

1

1.76

SHDD004

LU17205

11

12

1

1.43

SHDD004

LU17206

12

13

1

1.04

SHDD004

LU17207

13

14

1

2.06

SHDD004

LU17208

14

15

1

3.39

SHDD004

LU17209

15

16

1

1.84

SHDD004

LU17210

16

17

1

1.40

SHDD004

LU17211

17

18

1

1.15

SHDD004

LU17212

18

19

1

0.98

SHDD004

LU17213

19

20

1

1.00

SHDD004

LU17214

20

21

1

0.94

SHDD004

LU17215

21

22

1

0.92

SHDD004

LU17216

22

23

1

0.95

SHDD004

LU17217

23

24

1

0.84

SHDD004

LU17218

24

25

1

0.67

SHDD004

LU17219

25

26

1

0.97

SHDD004

LU17220

26

27

1

0.65

SHDD004

LU17221

27

28

1

0.81

SHDD004

LU17222

28

29

1

1.47

SHDD004

LU17223

29

30

1

1.09

SHDD004

LU17224

30

31

1

0.88

SHDD004

LU17225

31

32

1

1.08

SHDD004

LU17226

32

33

1

1.31

SHDD004

LU17227

33

34

1

0.94

SHDD004

LU17228

34

35

1

1.13

SHDD004

LU17229

35

36

1

0.55

SHDD004

LU17232

36

37

1

0.74

SHDD004

LU17233

37

38

1

0.77

SHDD004

LU17234

38

39

1

0.71

SHDD004

LU17235

39

40

1

0.71

SHDD004

LU17236

40

41

1

0.65

SHDD004

LU17237

41

42

1

0.45

SHDD004

LU17238

42

43

1

0.33

SHDD004

LU17239

43

44

1

0.35

SHDD004

LU17240

44

45

1

0.40

SHDD004

LU17241

45

46

1

0.47

SHDD004

LU17242

46

47

1

0.49

SHDD004

LU17243

47

48

1

0.96

SHDD004

LU17244

48

49

1

1.82

SHDD004

LU17245

49

50

1

1.44

SHDD004

LU17246

50

51

1

1.16

SHDD004

LU17247

51

52

1

0.39

SHDD004

LU17248

52

53

1

0.23

SHDD004

LU17249

53

54

1

0.22

SHDD004

LU17250

54

55

1

0.24

SHDD004

LU17251

55

56

1

0.21

SHDD004

LU17252

56

57

1

0.13

SHDD004

LU17253

57

58

1

0.07

SHDD004

LU17254

58

59

1

0.05

SHDD004

LU17255

59

60

1

0.05

SHDD004

LU17256

60

61

1

0.04

SHDD004

LU17257

61

62

1

0.03

SHDD004

LU17258

62

63

1

0.03

SHDD004

LU17259

63

64

1

0.02

SHDD004

LU17262

64

65

1

<0.01

SHDD004

LU17263

65

66

1

<0.01

SHDD004

LU17264

66

67

1

<0.01

SHDD004

LU17265

67

68

1

<0.01

SHDD004

LU17266

68

69

1

0.04

SHDD004

LU17267

72

73

1

0.22

SHDD004

LU17268

73

74

1

0.03

SHDD004

LU17269

74

75

1

0.02

SHDD004

LU17270

75

76

1

0.04

 

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
 
 
DRLFLFIADTIALIF
UK 100