TIDMGLR

RNS Number : 6922L

Galileo Resources PLC

17 May 2022

For immediate release

17 May 2022

Galileo Resources Plc

("Galileo" or "the Company")

Update on progress at the Luansobe Copper Project, Zambia

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an update on progress at the Luansobe Copper Project (the "Project" ) on the Zambian Copperbelt where it holds a 75% interest in Small Scale Exploration Licence No. 28340-HQ-SEL (the "Licence").

Highlights

   --    pXRF testing of historic drill core at Luansobe, which is subject to full assay checking, has provisionally identified an upper mineralised zone of moderate copper grade, with some higher grade intervals, in several holes extending up to 36m in thickness, which was not previously reported 

-- The newly discovered mineralisation has the potential to add incremental value to an open pit mining operation

-- The Company has gained access to historic drill core from the Project area dating from the 1950s and 60s which is in remarkably good condition

-- Core from 21 priority holes has been located and is being re-logged, checked by pXRF for approximate copper content focussing on zones that may not have been recognised as copper-bearing in the past, and previously unsampled zones of particular interest are being cut and sampled for follow-up assaying

-- 58 cut core samples from two holes have been collected to date for laboratory assay to confirm the provisional XRF results and further sampling is planned

-- At the Project site, historic drill collars have been re-located which will assist with siting of future twin holes and infill/extension drilling

Colin Bird Chairman & CEO said: "We are receiving very satisfactory results from our work on historic drill core at the Kalulushi core shed, with positive results to date. Of most encouragement is that there exists a shale unit which appears to be copper-bearing and, in places, of significant thickness. The preliminary hand-held XRF analysis suggests significant individual copper grade values, subject to full laboratory assay testing. The fact that we can access this old core is extremely cost and time effective, reducing the amount of new drilling that will be required. The significance of this logging is that it will migrate into our short term open pit planning as well as our drilling programme for a larger resource at Luansobe. We continue to aim for definition of an open pit Resource by end Q3 2022, with the added advantage that the newly indicated mineralisation is relatively close to surface and can increase the resource tonnage."

Project Background

The Luansobe area is situated some 15km to the northwest of the Mufulira Mine in the Zambian Copperbelt which produced well over 9Mt of copper metal during its operation. It forms part of the northwestern limb of the northwest - southeast trending Mufulira syncline and is essentially a strike continuation of Mufulira, with copper mineralisation hosted in the same stratigraphic horizons. At the Luansobe prospect mineralisation occurs over two contiguous zones, dipping at 20-30 degrees to the northeast, over a strike length of about 3km and to a vertical depth of at least 1,250m.

The top 30m from surface is reported to be leached, with oxide mineralisation occurring below this depth to about 70m below surface. Beyond this depth, copper generally occurs as sulphides. The deposit is reported to be open and relatively untested at depth. About 30% of the total contained copper occurs in acid soluble form (as copper oxide) - this is expected to be higher in the shallower parts of the deposit.

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").

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

UPDDGGDUDSBDGDL

(END) Dow Jones Newswires

May 17, 2022 02:01 ET (06:01 GMT)

Galileo Resources (LSE:GLR)
Historical Stock Chart
From May 2022 to Jun 2022 Click Here for more Galileo Resources Charts.
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Jun 2021 to Jun 2022 Click Here for more Galileo Resources Charts.