TIDMGLR
RNS Number : 9552N
Galileo Resources PLC
14 May 2018
For immediate release
14 May 2018
Galileo Resources Plc
("Galileo" or "the Company")
Star Zinc Drilling Results
Galileo is pleased to announce results* for the final eight
diamond drill holes of its 26-hole drilling programme on the
Zambian Star Zinc project ("Star Zinc"), in which the Company has
an 85% interest. These holes were drilled in the southern periphery
of the historic mineralised zone.
Highlights
-- Assay results received for the final eight diamond drill
holes ("DDH)" of the 26-DDH programme on the Star Zinc project (see
Table 1) at depths downhole to 63 metres (m).
-- These DDHs were mainly proximal to the southern periphery of the historic mineralised body.
-- Four holes, DDH020 (west) and D DHs 024 to 026 (east) show
medium to high grade zinc (Zn) mineralisation from 4.72% Zn to
15.4% Zn.
-- DDH020 shows 6.21% Zn over 24 metres (m) width downhole (from
31 to 55m downhole) including 14.3% Zn over 8m width. DDH024 shows
5.02% Zn over 26m from near-surface (3 m) including 3m assaying
10.80% Zn from 17 to 20 m. DDH025 shows 8.29% Zn over 29m from
surface, including 13m assaying 15.4% Zn.
-- Independent consulting geologists engaged to develop a
conceptual 3D-model and grade-tonnage estimate for the deposit
based on the drill data.
-- Continued presence of germanium (Ge) values, up to 19 ppm
(g/t) associated with Zn mineralisation, and up to 47g/t silver
(Ag) (in DDH022) recorded in the intersections. Germanium has been
trading at $2300/kg ($2.3/g) (b)
* all assays subject to final QAQC analysis
(b) 07 May 2018 http://www.kitco.com/strategic-metals/ Germanium
is used mainly in semiconductors in transistors and electronic, and
end uses include fibre-optic systems, infrared optics, solar cell
applications, and light-emitting diodes (LEDs)
Colin Bird, Chief Executive Officer, said: "This final batch of
results support our view that the project will be boosted by
peripheral, at or near-surface, mineralised karsts and zinc oxides.
At a cut-off grade of 3% zinc, (based on the fact that the deposit
is very close to surface), this would potentially require little or
no blasting. We have engaged an independent geological consultant
to develop, amongst other things, a conceptual (3D-model)
grade-tonnage estimate based on differentiation of the material
into medium (3-20% Zn) and high grade (>20% Zn) domains.
We expect from this exercise and futher study to be able to
direct the next exploration and drilling programme with a view to
further increasing the size of the deposit and to generate a
compliant maiden resource estimate To complement this, we are
currently evaluating the results from a collection of physical core
rock property measurements in relation to potential geophysical
exploration methods in order to assess suitability and
determination of the most optimal exploration drill-targeting
tool.
We will report on the modelling results, which are expected at
the beginning of June"
Drilling Note
DDHs SZDD019, SZDD020 & SZDD021 represent a 2(nd) fence line
through the western core of the deposit. DDH SZDD022 tested the
western strike extension. DDHs SZDD024- SZDD026 represent the holes
testing the main mineralised zone in the east.
Zn mineralisation in the deposit comprises broadly:
-- in the West, high grade semi massive Willemite
mineralisation, vein hosted mineralisation and replacement style
mineralisation hosted within dolomitic limestone. Rarer occurrences
are breccia hosted and vein hosted within argillite
-- in the East, haematite- stained argillaceous /shaly
limestones hosting mineralisation - typically as replacement style
mineralisation with a lower frequency of vein hosted style
(compared to the West)
-- in both the East and West, supergene Zn is present in karsts,
fault zones and highly weathered fracture zones as well as
associated with ferruginous pisolitic laterite and soil
material.
Table 1 - Selected drilling results - Final 8 holes of 26-hole
drilling programme (b)
Hole Downhole (metres) Assay (weighted average) Gross
ID (c) in-situ
value
**
$/t rock
(e)
------------ ---------------------- ----------------------------- ----------
From To Width Zn Ge (1) Ag (1)
% ppm ppm
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD013 41 48 7 1.08 0.6 5 36
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD019 44 59 15 2.03 1.7 2 66
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD020 31 55 24 6.21 9.3 13 215
------------ ------- ---- ------- -------- --------- -------- ----------
14.3
including 32 40 8 (d) 21 23 483
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD021 28 33 5 2.63 6 23 105
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD022 61 63 2 3.6 1.3 47 136
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD024 3 24 21 5.02 2.2 8 160
------------ ------- ---- ------- -------- --------- -------- ----------
11.24
including 13 14 1 (d) 2 7 345
------------ ------- ---- ------- -------- --------- -------- ----------
10.8
including 17 20 3 (d) 3.3 11 337
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD025 0 29 29 8.29 5.5 12 297
------------ ------- ---- ------- -------- --------- -------- ----------
15.4
including 14 27 13 (d) 8.9 19 492
------------ ------- ---- ------- -------- --------- -------- ----------
SZDD026 12 27 15 4.72 1 10 149
------------ ------- ---- ------- -------- --------- -------- ----------
10.45
including 18 20 2 (d) 2 7 321
------------ ------- ---- ------- -------- --------- -------- ----------
Core sampling criteria includes:
- No High Grade Cut
- Max. 3m Internal dilution
>1 m Minimum Width (mineralization)
Cavities where no sampled - Treated as Core Loss / Dilution
(1) figures rounded
** the figures in this column are simply a calculation of grade
multiplied by price (as set out in f below) and should not be
considered a guide to the value of recoverable material at this
stage
(b) Analysis by Accredited Intertek Genalysis Laboratory
Services: Zn and Ge by peroxide fusion finish with ICP-OES/MS; Ag
by 4-Acid digestion with MS. Analyses subject QA/QC quality
assurance/checks
(c) 0.4% nominal Zn cut unless otherwise indicated
(d) 10% nominal Zn cut
(e) Zn $3000/t; Ge $2300/kg; Ag $16/oz
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
Colin Bird, Chairman Tel +44 (0) 20 7581 4477
Andrew Sarosi, Executive Director Tel +44 (0) 1752 221937
------------------------------------------------- -------------------------
Beaumont Cornish Limited - Nomad & Joint Broker Tel +44 (0) 20 7628 3396
Roland Cornish/James Biddle
------------------------------------------------- -------------------------
Novum Securities Limited - Joint Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
------------------------------------------------- -------------------------
The Star Zinc Project
The Star Zinc project is a historical small-scale open pit mine
from where, reportedly, low tonnage, but high grade willemite (a
zinc silicate mineral) was extracted intermittently in the 1950s to
1990s.
The Star Zinc project is located approximately 18km NNW of
Lusaka (see Figure 3.1 below), and is accessible via the tarred
"Great North Road" and a good all weather graded road, with the
journey time from central Lusaka of approximately 30 minutes
(traffic allowing).
There is adequate power, water, rail & telecommunications,
with the International Airport at Lusaka, less than 45 minutes
away.
The Mines and Minerals Development Act No. 11 of 2015 , which
grants a Large Scale Prospecting Licence provides for an initial 4
years with a further two 3-year extensions totalling 10 years, with
a mandatory 50% reduction of licence area at the completion of the
1st grant and 2nd grant periods respectively. The first renewal
period initially expired 13 August 2016 but was extended to 13
August 2018. The Company has submitted an application for the next
renewal period.
The Star Zinc Willemite project was mapped in the 1960s by
several geologists of the Northern Rhodesia (now Zambia) Geological
Survey.
At Star Zinc, two main fracture trends are present, one E - W,
and another N - S. Both sets of fractures are nearly vertical and
are irregularly mineralised. Willemite generally replaces the host
rock marbles in the form of massive ore bodies, but it occurs also
in veins
In addition, karstic (pertaining to landscape underlain by
limestone which has been eroded by dissolution, producing ridges,
fissures, sinkholes and other characteristic landforms)
mineralisation and red soils (terra rossa) are locally heavily
mineralised with detrital willemite and supergene zinc minerals.
Zinc values measured in soils at Star Zinc reach up to 15,600 ppm
and are accompanied by the pathfinder elements Ag (silver), Pb
(lead), Ba (barium), Sb (antimony) and Cd (cadmium). The karst
infill has a zinc (Zn) content up to 45wt.% Zn, up to 35wt.% Fe and
up to 5g/t Ag.
The mineralogical assemblage of Zn nonsulphides includes a whole
number of minerals, but the main economic phases present are
Zn-silicates (willemite, hemimorphite, Zn-bearing clays), Zn- Pb
carbonates (smithsonite, cerussite), hydrated Zn- Pb carbonates
(hydrozincite, hydrocerussite) and Zn- Mn- Fe- oxides (zincite,
franklinite, gahnite).
Limited independent metallurgical testwork by others has clearly
shown that the willemite present at Star Zinc is amenable to acid
leaching with positive results for two samples tested. Zinc
leaching efficiencies obtained ranged from 89% and 92%. The
testwork indicated polymerisation of dissolved silica in the
leachate.
An independent competent person's report commissioned by BMR
concluded. In summary, the Star Zinc project has good potential to
become a viable project.
Note: the information about Star Zinc is sourced primarily from
Competent Person's Report for the Star Zinc Project, Zambia;
Wardell Armstrong, January 2016
Glossary
Argillaceous of rocks or sediment) consisting of or containing clay.
Detrital loose fragments or grains that have been worn away from rock
Calcite mineral of calcium carbonate
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
Hematite reddish-black mineral consisting of ferric (iron) oxide.
ICP-OES/MS inductively coupled plasma - optical emission spectrometery/mass spectrometery
Karstic pertaining to landscape underlain by limestone (calcium
carbonate), which has been eroded by dissolution, producing ridges,
fissures and so on
Laterite a soil and rock type rich in iron and aluminium,
Leaching chemical process of solubilising metals in rock into solution
Pisolitic pertaining to pisolite a rock comprising pea-sized
concentric formations within a fine matrix
ppm parts per million
XRF Spectrometer analytical instrument for determining chemical
composition using x-ray fluorescence
Supergene pertaining to processes or enrichment that occurs
relatively near surface
Willemite zinc silicate ore mineral
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUSVWRWRAVARR
(END) Dow Jones Newswires
May 14, 2018 04:53 ET (08:53 GMT)
Grafico Azioni Galileo Resources (LSE:GLR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Galileo Resources (LSE:GLR)
Storico
Da Lug 2023 a Lug 2024