Galileo Resources PLC Delineation of Gold Targets at Bulawayo Project (3639E)
29 Giugno 2023 - 8:00AM
UK Regulatory
TIDMGLR
RNS Number : 3639E
Galileo Resources PLC
29 June 2023
29 June 2023
Galileo Resources Plc
("Galileo" or "the Company")
Discovery and Delineation of Extensive Gold Targets at Bulawayo
Project, Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") is pleased to
inform shareholders of the discovery of a number of substantial
gold targets based on new soil analytical results in the area
around the Queen's mine located close to Bulawayo, Zimbabwe.
Highlights
-- Several gold-in-soils targets up to 2.1g/t Au (2,100ppb)
delineated by laboratory analyses of 2,455 samples marginal to the
Queen's gold mine (not part of the Galileo licence area) where
historical gold production >440,000 ounces was reported up to
1984 when reliable record keeping ceased.
-- New gold-in-soil anomaly covering more than 5 square
kilometres peaking at 680ppb Au over a number of structures defined
by airborne geophysics southeast of the Queen's mine.
-- Further anomalous zones along strike to the southwest from the Queen's mine deposit cluster.
-- pXRF analyses show coincident anomalies of associated
elements providing additional strong encouragement.
-- New targets represent extensions of known gold-bearing
structures that typically host both commercial and small-scale gold
mining operations in the Queen's mine region.
-- Several drill targets will be selected ahead of the
commencement of an evaluation programme to test gold-bearing
structures at a range of depths below surface.
-- Further soil sampling has also been carried out to test
geochemical responses over other structural targets in the
area.
Colin Bird Chairman and CEO said "The recent completion of a
gold-in-soil geochemical survey in the prolific Queen's area has
been highly successful in that it has clearly defined a number of
targets where we have gold associated with underlying structures
that extend from known mineralisation that has sustained both
commercial and artisanal mining. Our intention now is to prioritise
anomalies with a view to commencement of drill-testing by the end
of the Third Quarter 2023".
Galileo Bulawayo Target Map
http://www.rns-pdf.londonstockexchange.com/rns/3639E_1-2023-6-29.pdf
Bulawayo Project Background
The Bulawayo Gold Project comprises two exploration licences
covering a combined area of 1,300 sq km near Bulawayo. Galileo has
a current interest of 29% in the Project, held through its interest
in BC Ventures, along with an option to earn an additional 51%
interest through spending $1.5million on exploration and evaluation
on the Projects by 21 July 2024.
The Bulawayo area is a granite-greenstone terrane in which
numerous gold occurrences and small-medium scale 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. The area is 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.
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").
Technical Glossary
"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
"Au" Gold
"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
"Karoo" Sequence of rocks of Palaeozoic to Mesozoic in age, defined in southern Africa
"lithology" A synonym for rock-type
"mafic" Containing or relating to a group of dark-coloured minerals, composed chiefly of magnesium
and iron, that occur in igneous rocks
"ppb" Parts per billion
"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
"pXRF" A hand-portable analytical method to determine the chemistry of a sample by measuring the
fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray
source
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END
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