TIDMGLR
RNS Number : 3348V
Galileo Resources PLC
23 July 2018
For immediate release
23 July 2018
Galileo Resources Plc
("Galileo" or "the Company")
Star Zinc Project Update
Geophysics Review
The Company is pleased to announce results of an independent
review and interpretation ("Review") by Earthmaps Consulting CC
Namibia ("Earthmaps") of historical gravity geophysics exploration
data ("Geophysics Data") against the Company's recent drilling
programme results (announced 14 May, 2018) on its Star Zinc Project
in Zambia ("Star Zinc). The Company, in joint venture with BMR
Group plc ("BMR"), has an 85% interest in Star Zinc.
A copy of the Earthmaps report, including relevant diagrams, is
available on the Company's website, www.galileoresouces.com.
Highlights
-- Interpretation of historical gravity geophysics data
indicates good correlation of the geophysics gravity anomalies with
drill-intersected zinc mineralisation ("DZM") on Star Zinc
-- This correlation provides a promising tool not only for drill
targets in geophysic-tested areas as-yet-undrilled, in the
immediate and outlying vicitnity of DZM but also for further
potential exploration in other areas
-- Borehole positions are presented to test gravity highs to the
west, north-east and southeast of the DZM for additional zinc
mineralization
-- Drilling to commence shortly
-- Closer spaced ground gravity geophysics being considered to
target resource extension drilling
-- Directors believe good potential for discovering further zinc
mineralisation and extending the mineral resource on Star Zinc
Colin Bird, Chief Executive Officer, said: The re-modelling and
interpretation of the drillhole data from our recent drilling
progreamme against historical ground geophyics data demonstrates
very good correlation with known zinc mineralisationon at Star
Zinc: the high gravity signatures relate to the high-grade zinc
(high-density) willemite mineralisation and the gravity lows to the
zinc-bearing (low density) karsts. We will use this modelling data
to target new borehioles in our forthcoming second drilling
programme.
Earthmaps Review
The Company commissioned Earthmaps to review Star Zinc's
historical geophysics gravity data ("Review") over selected
profiles across the Star Zinc deposit with the following aims:
i. to test whether the willemite-franklinite zinc mineralization
recently intersected in the drilling programme has a response in
the gravity data; and
ii. to identify any additional zinc exploration targets either
beneath the mineralization already known to date or in the
immediate vicinity of the Star Zinc deposit.
Using gravity forward techniques, Earthmaps examined Star Zinc's
historical gravity data, covering both the mineralised domain and
the areas, as yet undrilled, in the immediate and outlying vicinity
of the known mineralised domain, in relation to the recent drilling
results (announced 14 May, 2018), in order to assess both its
correlation with known mineralisation and its suitability as a tool
for drillhole-targeting potential new mineralisation.
The examination demonstrated good correlation of the gravity
geophysic responses - "gravity highs"- with the drill-intersected
zinc mineralisation. This is "an encouragement to use gravity
geophysics as one of the tools to target additional zinc
mineralization" with a view to extending potentially the current
conceptual grade (15% Zinc) and tonnage (485 000 tonnes) estimate
(announced 4 June 2018). The Review recommended new drillhole
positions to test gravity highs to the west, northeast and
southeast to Star Zinc mineralized domain for zinc
mineralization
Seven section lines across the gravity survey were modelled:
three lines were along drill sections where zinc ore has been
intersected and four lines where there was no drill control i.e. no
drilling.
Where drill information existed three models were developed:
1. Drill Control model showing the gravity response of the drill
intersections as reported with the sections between boreholes
interpolated so as to achieve the best match between the observed
and the modeled gravity curves.
2. Gravity Fit model including minor modifications to the Drill
Control model, in order to make the calculated gravity response
match the observed gravity response.
3. Barren model showing the gravity response of the host rocks
only, i.e. the density contributions of the target bodies are
turned off.
Where there was no drill control information three models (plus
a Barren model as aforementioned) were generated in order to
determine the full range of possible gravity source depths:
1. Shallowest Depth model - the shallowest gravity model possible before the match
Between the observed data and the model response begins to
deteriorate and a satisfactory fit
is no longer possible, or when the gravity target body
outcrops.
2. Intermediate Depth model - a likely (realistic) model of
intermediate depth, which provides the best fit of the observed
gravity data and also tends to be the geologically most reasonable
or feasible.
3. Deepest model - the deepest gravity model possible before the
fit between observed
data and model response begins to deteriorate and/or before
density contrasts between the
target bodies and background become geologically unreasonable. A
maximum density of 4.62
g/cc was chosen for the deepest models as this represents a rock
composed of 50% willemite
(4.05 g/cc) and 50% hematite (5.18 g/cc) from density
measurements carried out by the Company's consultant
geologists.
A gravity profile from west to east across the MD, with the
historic open pit ("Pit") in the middle mirroring a long section
drill interpretation to assess any responses under the Pit and / or
possible feeder zones was adjusted to account for ore outcrops at
the western as well as the eastern ends of the Pit. The match of
the observed gravity again is good, but even allowing for some
uncertainty in the gravity data in the pit, due to topographic
effects that the strong gravity low in the pit can be modeled by a
low density fault in part caused by topographic effects due to the
pit shape itself, the view was there is little if any room in the
gravity response for additional deep zinc targets such as a feeder
zone (however see conclusion below).
Earthmaps Conclusions
Gravity surveying along seven lines at the Star Zinc Prospect
has shown:
-- Along three drill sections where zinc ore has been
intersected, the gravity anomalies reflect the ore distribution
quite well. This gives encouragement to use gravity as one of the
tools to target additional zinc mineralization in the area.
-- Along these three drill sections that were modelled, the
gravity data does not indicate any significant drill targets below
the depths drilled to date. It appears therefore that the
footwall
shale is barren. That said, the gravity data inside the historic
open pit is not very reliable due to topographic noise (pit shape
and so on), and drilling in the pit itself may well be warranted on
grounds other than the gravity signature.
-- Five borehole positions are presented to test gravity highs
to the west, northeast and southeast of mineralized domain for zinc
mineralization, with the recommendation to drill these boreholes
first and re-assess the results, before embarking on further
exploration based on gravity.
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
Forward-looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"will" or the negative of those, variations or comparable
expressions, including references to assumptions. These forward
looking statements are not based on historical facts but rather on
the Directors' current expectations and assumptions regarding the
Company's future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward-looking statements
reflect the Directors' current beliefs and assumptions and are
based on information currently available to the Directors. A number
of factors could cause actual results to differ materially from the
results discussed in the forward looking statements including risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and
underinsured losses and other factors, many of which are beyond the
control of the Company. Although any forward looking statements
contained in this announcement
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
-------------------------
Star Zinc Project ("Star Zinc" or "Project")
Star Zinc is a historical small-scale open pit mine from where,
reportedly, low tonnage, high-grade willemite (zinc silicate ore
mineral) was extracted intermittently in the 1950s to 1990s.
The 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.
Several geologists of the Northern Rhodesia (now Zambia)
Geological Survey mapped Star Zinc in the 1960s.
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 (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 content up to 45wt.% Zn, up
to 35wt.% Fe and up to 5g/t Ag.
The mineralogical assemblage non-sulphide zinc minerals 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 pertaining to argillite
Argillite 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
Franklinite a zinc-ferric oxide mineral
Hematite reddish-black mineral consisting of ferric (iron) oxide.
ICP-OES/MS inductively coupled plasma - optical emission spectrometry /mass spectrometry
Karst landscape underlain by limestone (calcium carbonate),
which has been eroded by dissolution, producing ridges, fissures
and so on
Karstic pertaining to karst
Laterite a soil and rock type rich in iron and aluminium
Leaching chemical process of solubilising metals in rock into solution
Pisolite a rock comprising pea-sized concentric formations within a fine matrix
Pisolitic pertaining to pisolite
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
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END
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