Galileo Resources PLC Commencement of Exploration: Kalahari Copper Belt (8212V)
12 Agosto 2020 - 8:00AM
UK Regulatory
TIDMGLR
RNS Number : 8212V
Galileo Resources PLC
12 August 2020
For immediate release
12 August 2020
Galileo Resources Plc
("Galileo" or "the Company")
Commencement of Exploration on Kalahari Copper Belt
Galileo Resources plc ("Galileo "or the "Company") is pleased to
announce that it has approved start-up of exploration on its' 100%
held property in the highly prospective Kalahari Copper Belt
("KCB") in western Botswana.
Highlights
-- Galileo has approved commencement of exploration programs on
Kalahari Copper Belt licences PL40/2018 and PL39/2018 aimed at
defining targets for initial drill testing
-- Exploration will include Heliborne-Electromagnetic (EM)
geophysical surveys and a reconnaissance soil sampling survey -
techniques which have led to discovery of several major
copper-silver deposits in the region
-- Galileo licences are interpreted by management to have
similar geological settings to Cupric Canyon Capital's Zone 5 and
Zone 5N deposits, situated only 25 kilometres due west (which are a
subset of a combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t
Ag, including 185Mt @ 2.0% Cu and 27g/t Ag)
-- PL40/2018 and PL39/2018 also lie along strike of Sandfire
Resources' T3 and A4 copper-silver deposits, as well as Cupric's
Banana Zone and Eland Zone copper deposits , situated 140km to the
southwest
Colin Bird Chairman & CEO said: "We are pleased to announce
the commencement of exploration activities on Kalahari Copper Belt
(KCB) tenures PL40/2018 and PL39/2018. Initial exploration will
include Heli-EM and soil sampling surveys, which are routine
exploration techniques within the KCB and have been responsible for
the identification of multiple prospects that have become
copper-silver mineral deposits for companies such as Discovery
Metals, Cupric Canyon and MOD Resources."
Geological Setting and Comparison to Other Projects
The interpreted geological setting beneath the Kalahari
overburden for the area covered by PL40/2018 and PL39/2018 has been
interpreted from the regional aeromagnetic and EM data. This area
has strong similarities to the synclinal geological setting that
hosts Cupric Canyon Capital's ("Cupric") Zone 5 and Zone 5N
deposits, situated only 25 kilometres due west. The Zone 5 and Zone
5N deposits are part of the world-class Khoemacau Copper-Silver
Project with a combined sulphide resource of 502Mt @ 1.4% Cu and
17g/t Ag, including 185Mt @ 2.0% Cu and 27g/t Ag - refer to
Cupric's website www.khoemacau.com for details. The Galileo
licences also lie 140km along strike from Sandfire Resources'
(ASX:SFR) Tshukudu Exploration Project that comprises the T3
Copper-Silver Project (60Mt @ 0.98% Cu & 13.6g/t Ag), where a
feasibility study is currently in progress, and the recently
discovered high-grade copper A4 Dome Prospect.
The regional synclinal settings of Galileo's PL40/2018 and
PL39/2018 and Cupric's Zone 5 and Zone 5N deposits are separated by
a large-scale horst/anticlinal zone. The original basin bounding
extension faults that are interpreted to be situated on the margins
of the horst/anticline zone are believed to have been the conduits
for metal-enriched, hydrothermal fluids. Typically, when these
fluids reach D'kar Fm/Ngwako Pan Formation REDOX boundary,
copper-silver sulphides are precipitated.
Proposed Initial Exploration Program
Historically, the two main exploration tools that have been
responsible for the discovery of all the copper-silver deposits
throughout the KCB are soil sampling and electromagnetic (EM)
surveys. Where the Kalahari overburden is relatively shallow,
copper anomalism in soils has delineated sub-surface copper
mineralisation, while in areas of deeper Kalahari overburden, more
mobile elements, such as lead (Pb) and zinc (Zn), have been
utilised as indirect pathfinders.
EM surveys have mainly been utilised as an exploration tool for
understanding the geological setting of the various KCB
stratigraphic units under the Kalahari overburden. Modelling of the
conductive response from the well-established Carbonaceous Marker
Horizon allows for the relatively easy interpretation of the
location and drill targeting of the prospective D'kar Fm/Ngwako Pan
Formation contact at depth. However, in some instances where the
copper mineralisation is predominantly composed of chalcopyrite,
such as at T3 and A4 Dome, EM surveys have also been successful in
directly detecting copper mineralisation.
The initial Galileo exploration program is aimed at defining the
most prospective structural setting for sulphide accumulations
within PL40/2018 and PL39/2018, as well as possible direct
geochemical signatures. The juxtaposition of a soil geochemical
anomaly and a dome feature in the EM data represents the highest
priority target for drill testing.
Technical Sign-Off
Technical information in this announcement has been reviewed by
Edward (Ed) Slowey, BSc, PGeo, a consultant to Galileo. Mr Slowey
is a graduate 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
J oint Broker 9952
Damon Heath
----------------------
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