New Targets Defined on PL039/2018 and PL040/2018

Galileo Resources PLC

01 February 2024

 

1 February 2024

Galileo Resources Plc

("Galileo" or "the Company")

New Kalahari Copper Belt Targets Defined on PL039/2018 and PL040/2018

Following the recent announcement of the discovery of three copper targets on the Galileo licence PL253/2028, the Company is pleased to announce two further new targets derived from a recent Terraleach^TM* soil geochemical survey on licences PL039/2018 and PL040/2018 located towards the south-eastern basin margin of the Kalahari Copper Belt.

Previous scout drilling by Galileo revealed the correct prospective lithological sequence most typically associated with mineralisation in the region leading the external consultant to advise that the orientation and wide separation of these scout drill holes would readily allow for the development of an economic style deposit to sit between them. Galileo followed up with ionic leach soil sampling resulting in the discovery of the current anomalous targets.

Highlights

·      The new Galileo geochemical targets occupy a similar geological setting ('the Galileo Fold') to that drilled by Khoemacau Copper Mining ('Khoemacau') coincident with the Mowana Fold axis and Zones 5 and 9 mineralisation together with the recently announced drill intercepts by Arc Minerals ('Arc') on the adjoining Virgo Project.

·      At Mowana, Khoemacau reported drill intercepts of 4.3m @ 1.65% Cu and 6.1m @ 2.56% Cu. Arc also recently drilled scout holes on the same structure on an adjacent licence and reported 1m intervals assaying up to 3.65% Cu.

·    Independent external assessment reported that "the geological and structural setting of the Galileo Fold is almost identical to that of the Mowana Fold and is believed to share the same level of prospectivity."

·    On PL 039/2018, anomalous soil results are associated with the plunge nose of the Galileo Fold structure.

·    On PL40/2018, three geochemical targets have been identified with the southern target extending over 2.8km.

·    Survey lines were widely spaced, and the Company is assessing available geophysical data ahead of a drill programme over priority targets.

Colin Bird Chairman and CEO commented "Following on the back of the recently announced discoveries on PL253/2028 to the north of these licences our new targets are very encouraging particularly when you consider that the copper values in soils on PL39/2018 define an area independently assessed to be directly analogous to the Khoemacau/Arc Mowana Fold prospect and I would direct shareholders to the attached figure to see the remarkable similarity between the two target areas. The scale of our discoveries should also not be overlooked for example, the southern target on PL40/2018 is the same size as Khoemacau's Zone 5 target. In the coming months we will undertake further work to pin down drilling targets in this exciting area."

Figure 1 - Galileo PLs 039 & 040 - geological setting and soil geochemistry

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.

*Terraleach^TM: The technique is a partial leach method that assays for mobile ions which have migrated into the weathering zone, and which are only weakly or loosely attached to the surfaces of soil particles. Studies have shown that these ions have the ability to disperse through unmineralised rock and overburden to surface from depth, thus having the capacity to indicate buried mineralisation.

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").

 

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