TIDMGLR

RNS Number : 9060U

Galileo Resources PLC

04 August 2022

For immediate release

4 August 2022

Galileo Resources Plc

("Galileo" or "the Company")

Commencement of drilling at the Luansobe Copper Project, Zambia

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide an update on progress and drill planning 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

-- Contract signed for a programme of approximately 3,000m of core drilling on potentially open pittable copper deposit at Luansobe; drilling to commence imminently

-- Hole layout planned with input from Addison Mining Services of the UK, designed to infill gaps in historic drilling and twin selected holes, with a particular focus on shallow up-dip projections of the Luansobe deposit

-- The aim will be to complete mineral resource estimates reported in accordance with JORC (2012) which will be used as the basis for potential open pit mine planning

-- Re-logging of historic drill core dating from the 1950s and 1960s was completed, with core from five vertical holes being split for assaying of possible copper-bearing zones not previously recognised or considered of interest by earlier operators.

   --    Selected assay results received are shown in the table below and include: 

o 16m @ 1.20% Cu from 58m in hole L0071

o 14m @ 0.99% Cu from 70m in hole L0069

-- The new data will be added to the drilling database and have the potential to improve open pit economics by extending the intervals of known copper mineralisation

Colin Bird Chairman & CEO said: "We are very pleased with our overall desktop review of the historic drill data for Luansobe and independent overview by Addison Mining Services. Re-examination of the old drill core found previously unrecognised copper-bearing zones of significant length. The work undertaken adds value to the modelling of a potential open pit and the new drill programme will define the extent and copper content, if any, of pre-strip for such a pit. We will aim to put a development contract out to tender early in Q4, 2022.

In essence, we are very pleased that our original prognosis regarding the open pit potential at Luansobe has been more than confirmed to date and our fast-track efforts have been fruitful."

Historic Core Re-logging/Assaying

Re-logging of core from 30 historic drill holes was carried out for Galileo, comprising:

-- Pre-cursor core search, retreival and remedial work

-- Geotechnical logging

-- Core photography

-- Summary geological logging

-- Noting of key / significant or obvious structural features

-- pXRF screening of drill core

-- Core cutting and re-sampling of drill core

Holes examined included both those within the conceptual open pit area, as well as holes along strike and down-dip which might be of value to an eventual underground mining operation on deeper mineralisation.

Based on first pass pXRF analytical measurements, intervals from five shallow holes, totalling 96 samples were selected for assay checking at the SGS Laboratory in Kalulushi on the Zambian Copperbelt. Of particular interest was an intermittently mineralised shale unit overlying the main stratigraphic target at Luansobe which had not been checked during the historic drilling. The more significant assay intervals are tabulated below:

 
        Luansobe Historic Core Assaying - 
                Selected Intervals 
  Hole       Depth      Depth    Interval 
   No.      from (m)    to (m)      (m)     Cu% 
          ----------  --------  ---------  ----- 
 L0066        70         84         14      0.99 
          ----------  --------  ---------  ----- 
 L0071        58         74         16      1.20 
          ----------  --------  ---------  ----- 
 Incl.        61         74         13      1.42 
          ----------  --------  ---------  ----- 
 L0040A       124        127        3       0.55 
          ----------  --------  ---------  ----- 
 

The new data highlights the need to test this shallower zone in future holes and a positive outcome could improve the open pit project economics in future modelling.

Drill Planning

A programme of approximately 3,000m of core drilling is planned at Luansobe in up to 30 holes within, and marginal to, the conceptual open pit as currently modelled by Addison Mining Services of the UK. Planned holes will cover areas where re-modelling of the deposit shows that shallow copper potential was not adequately tested, where no assay data is available in the historic records or where previous holes appear not to have fully tested the main mineral horizons. Several holes will also be 'twinned' to confirm the historic data. When drilling and assaying is completed, mineral resource estimate will be prepared and reported in accordance with JORC (2012), which will then be utilised in open pit evaluation and planning.

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.

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 
  Joint 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").

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