Galileo Resources PLC Bulawayo Gold - surveys and target selection (2076W)
16 August 2022 - 9:46PM
UK Regulatory
TIDMGLR
RNS Number : 2076W
Galileo Resources PLC
16 August 2022
For immediate release
16 August 2022
Galileo Resources Plc
("Galileo" or "the Company")
Interpretation of Airborne Geophysical Surveys and Gold Target
Selection at Bulawayo Gold Project, Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") is pleased to
provide shareholders with an update following receipt of a final
interpretation report on the 1,108km(2) airborne geophysical survey
("Survey") and the delineation of a significant number of targets
for immediate follow up. The interpreted geophysical data has been
circulated around the Company's technical group and the Group's
conclusions and those of the independent consultants can be found
in the highlights.
Highlights
-- Multiple gold targets have been identified based on the
interpretation of the recent high quality Xcalibur Airborne
Geophysics (Pty) Ltd's aeromagnetic and radiometric survey. Targets
are associated with prospective lithologies and geological
structures known to provide the setting for both historic gold
producers and operating mines within the two exploration licences
("the Licences") that comprise the Bulawayo Gold Project.
-- The Survey has successfully mapped magnetic greenstone
lithologies, the most likely host for gold mineralisation in the
region, together with geological structures, which typically act as
conduits for mineralising fluids. These greenstones have remained
unexplored, hidden beneath relatively shallow alluvial and Karoo
sandstone cover.
-- North-south, northwest-southeast and northeast-southwest
regional shears and splays that have hosted former producing gold
mines, such as the historic Queen's Group mines, are prevalent and
can be seen extending under cover, therefore offering specific
targets for follow up.
-- Granite intrusions detected in the Survey which are the
likely heat driver and source of mineralising fluids are intruded
into the greenstone country rock and associated with faulting
around the contact of the granite bodies, offering further optimal
settings for mineralisation.
-- There are numerous targets which have been generated within
the various prospective areas of the Licences and the Company is
currently prioritising targets for further exploration, integrating
the new geophysical data with existing gold deposit and soil
geochemical datasets. Shareholders can expect further announcements
once a target hierarchy has been established.
Colin Bird Chairman & CEO said "The area covered by our
licences and the recent airborne survey has historically been a
prolific source of small-scale gold mines and continues to support
operating mines today. Our mission was to examine the potential for
a major gold system and evidence certainly points to the
possibility of a large gold system discovery. The team is currently
on the ground, prioritising targets for follow up and the main
targets will be drilled as soon as possible."
Airborne Survey
The Survey comprised an Xcalibur aeromagnetic - radiometric
survey, flown at low-level (35m) and on 100m line spacing. The
low-lying topography and limited powerlines crossing the survey
area allowed for low-level flight and an extremely high-quality
data set for interpretation. A small area of the Survey had been
previously flown by another recognised contractor at 60m elevation
and on 75m line spacing and this data was re-interpreted along with
the newer Xcalibur data set.
The objective of the survey and subsequent interpretation was to
map both magnetic greenstone lithologies under cover and geological
structure, in as much detail as possible. The interpretation will
then direct further exploration, particularly in the thinly covered
areas. The known gold occurrences, soil geochemical data, mines and
mining claims in the area provide additional layers of data that
will be used to aid interpretation.
Project Geology
The area surveyed is a granite-greenstone terrane in which
numerous gold occurrences and gold mines are located. The
greenstones consist of andesitic to rhyolitic meta-volcanics mixed
with various meta-sediments and gold mineralisation
characteristically occurs in quartz vein "reefs" and quartz-rich
shear zone settings. With the exception of a granite outcrop in the
southeast part of the area under licence, the northern, western and
central parts are partially covered by Karoo sandstone and basalt,
as well as some Kalahari sand. The extensive nature of younger
cover historically discouraged exploration where outcrop was
absent. These covered areas, particularly where greenstone host
rocks and coincident geological structures have been interpreted,
now offer a unique opportunity for the discovery of new gold
deposits.
Gold Mining in Zimbabwe
Zimbabwe has long been a significant gold producer, primarily
from Greenstone Belt quartz 'reef' deposits. The largest current
producer is Caledonia Mining Corporation Plc from its Blanket Gold
Mine, which currently operates at a depth of about 750m below
surface on multiple ore shoots and produced approximately 55,000
ounces of gold in 2019. A new deepening of the mine will raise
production to 80,000 ounces from 2022 and extend the mine life. To
date, in excess of 1 million ounces of gold have been produced from
the property.
Technical Sign-Off
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, P.Geo, 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 - Joint Broker
Damon Heath Tel +44 (0) 20 7186 9952
Technical Glossary
"aeromagnetic" A survey of the earth's magnetic field carried
out from a helicopter or aeroplane
"alluvial" Descriptive of sediments which have been deposited
by rivers or streams
----------------------------------------------------
"andesite" A volcanic rock occurring in both modern island
arcs and ancient volcanic belts with 52% to
66% silica
----------------------------------------------------
"basalt" A fine-grained volcanic rock with low silica
content
----------------------------------------------------
"granite" A medium to coarse grained granular acid intrusive
rock
----------------------------------------------------
"Greenstone Belt" Zones of variably metamorphosed mafic to ultramafic
volcanic sequences with associated sedimentary
rocks that occur within Archaean and Proterozoic
cratons between granite and gneiss bodies
----------------------------------------------------
"intrusions" Bodies of igneous rock that invade older rocks
----------------------------------------------------
"Karoo" Sequence of rocks of Palaeozoic to Mesozoic
in age, defined in southern Africa
----------------------------------------------------
"lithology" A synonym for rock-type
----------------------------------------------------
"radiometric survey" The measurement of radiation from radionuclides
present at or near the earth's surface
----------------------------------------------------
"reef" Mineralised rock vein, particularly gold bearing
quartz
----------------------------------------------------
"rhyolite" Fine grained extrusive acid igneous rock
----------------------------------------------------
"sandstone" A sedimentary rock usually composed essentially
of sand-sized quartz grains
----------------------------------------------------
"shear" Plane of failure in faulted body of rock
----------------------------------------------------
"splay" A branch off a main structure
----------------------------------------------------
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