TIDMGLR
RNS Number : 5902V
Galileo Resources PLC
06 November 2017
For immediate release
6 November 2017
Galileo Resources Plc
("Galileo" or "the Company")
Star Zinc Project Update
Highlights
-- Galileo appoints Africa Technical Consultants Limited ("ATC")
to assist with and provide services for an environmental and
exploration programme ("EP") for the Star Zinc Project ("Project")
in Zambia
-- The EP environmental scope will involve an environmental
update including engaging and meeting with interested parties in
preparation for collecting of soil samples and a drilling programme
in due course
-- Soil sampling with portable XRF (x-ray fluorescence)
spectrometry will be carried out on a 400m x 200m grid pattern
covering the accessible and exploitable areas of the licence
-- Estimated EP and assessment duration is six weeks
Colin Bird CEO said, "We have completed a review of the project
and now have much greater confidence in being able to enlarge the
size of the estimated pit. Furthermore, we believe that there now
exists considerable potential for other zinc mineralisation types
in the deposit and we will aggressively pursue this concept. On
completion of this programme and its assessment, we will design a
drill programme aimed at confirming the current resource estimate
and testing the project's prognosis for an enlarged resource.
During this concept phase we will also investigate the potential
for a possible sulphide feeder origin for the current willemite and
other non-sulphide zinc mineralisation in and around the pit."
Galileo (AIM:GLR) is pleased to announce it has appointed Africa
Technical Consultants Limited ("ATC") to assist with and provide
services for a fast track exploration programme for its Star Zinc
Project in Zambia . This is the first step in the Company's
objective (previously announced 4 October 2017) to initiate a fast
track drilling programme in order to upgrade the Projects current
non-compliant resource and to test the potential to increase the
resource size.
This programme envisages, initially twin-hole drilling in the
current non-compliant resource in order to upgrade it to JORC code
(2012) compliance, followed by new drilling to test the potential
to extend the high grade resource east and west and in new ground
to the south. The occurrence of high grade (>50% Zn) float
(pieces of rock that have been removed and transported from their
original outcrop) 200m south of the current open pit presents an
exciting prospective new target for mapping and exploration.
Environmental and Exploration Programme
The scope of the environmental work will include, as part of the
environmental update and mining regulatory requirements, engaging
and meeting with local communities, authorities, Chiefs and farm
owners with regard to the Company's exploration programme for
collecting of soil samples over all the accessible exploitable
areas of the Licence and drilling in due course; the latter within
an approximate 500m radius of the Projects' deposit itself.
Soil Sampling and Analysis Programme
Licence scale soil sampling will collect soil samples on a 400m
x 200m N-S grid lines and rapidly analysed on site utilising
portable XRF (x-ray fluorescence) spectrometry. Initial work will
include recording of pertinent sampling site details as well as any
obvious feature (geological and other) of interest. The data
obtained will be used to re-look, re-model and re-interpret
historical soil geochemical data collected by others over part of
the Southern portion of the Licence.
Star Zinc Project
The Company recently acquired a 51% interest in the Star Zinc
project, a historical, high-grade zinc ("Zn") open pit mine
operated intermittently in the 1950s to 1990s. The Zn mineral is
predominantly willemite (zinc silicate) hosted in mainly limestone
and dolostone (dolomitic rock).
An Independently verified non-JORC compliant hard rock resource
has been estimated at 275,166 tonnes @ 20.2% Zn with a cut-off
grade of 14% Zn ("pragmatic case") based on historical
approximately 59 diamond drill holes for total 2 578m. At cut off
grade of 12% Zn non-JORC resource tonnage increases (18%) to
325,941 tonnes @19.1% Zn (11% increase in Zn metal).
In addition, karstic fill deposits and red soil are locally
heavily mineralised with detrital willemite and supergene zinc
minerals, which may provide further potential increase to the known
resource.
Mineralisation is interpreted to form two shallowly dipping
lenses east and west of the open pit, mineralisation of which is
around 40m deep, based on the independent model used for the
resource calculation.
A number of sub vertical structures recognised in pit outcrop
suggests possibility of both vertical and horizontal control of Zn
mineralisation.
The Willemite at Star Zinc, fluoresces a bright green in short
wave UV light, a mineral characteristic that may find an
application in optical sorting. Willemite also, is denser (3.9
g/cm(3) ) than the dolomitic (2.9 g/cm(3) ) host rock, a feature
that may find an application in heavy medium separation process,
with the potential for reducing the acid consuming dolomite in the
ore.
Preliminary metallurgical testwork indicates that the ore is
amenable to acid leaching with more than 90% of the zinc leached
into solution.
The Company has committed to undertake an 18-month work
programme ("Programme") at a cost of US$250,000 using reasonable
endeavours to complete a preliminary economic assessment of Star
Zinc ("PEA"), following which further new shares in Enviro Zambia,
the owner of the Project will be issued to Galileo to increase its
aggregate equity interest in therein to 85%; accordingly it expects
the Programme to meet this obligation.
Glossary
Detrital loose fragments or grains that have been worn away from rock
Dolomite mineral composed of calcium magnesium carbonate
Dolomitic pertaining to dolomite
Floats pieces of rock that have been removed and transported
from their original outcrop
Karstic pertaining to landscape underlain by limestone (calcium
carbonate), which has been eroded by dissolution, producing ridges,
fissures and so on
Leaching chemical process of solubilising metals in rock into solution
Supergene pertaining to processes or enrichment that occurs
relatively near the surface
Willemite zinc silicate mineral
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Technical Sign-Off
Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy
and M.Sc. Engineering, University of Witwatersrand and is a member
of the Institute of Materials, Minerals and Mining, is a "qualified
person" as defined under the AIM Rules for Companies and a
competent person under the reporting standards. The technical parts
of this announcement have been prepared under Andrew's supervision
and he has approved the release of this announcement.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact:
Galileo Resources PLC Tel +44 (0) 20 7581
Colin Bird, Chairman 4477
Andrew Sarosi, Executive Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited Tel +44 (0) 20 7628
- Nomad 3396
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382
Jon Bellis/Elliot Hance 8416
This information is provided by RNS
The company news service from the London Stock Exchange
END
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