TIDMGLR
RNS Number : 0850G
Galileo Resources PLC
23 November 2020
Dissemination of a regulatory announcement that contains inside
information according to Regulation (EU) number 596/2014 (MAR)
For immediate release
23 November 2020
Galileo Resources Plc
("Galileo" or "the Company")
Exploration Progress Update on Kalahari Copper Belt
Galileo Resources plc ("Galileo "or the "Company") is pleased to
announce an exploration update on its' 100% held property in the
emerging Kalahari Copper Belt ("KCB") in western Botswana.
Highlights
-- Further to its announcement of 17 September 2020, Galileo has
undertaken Heliborne-EM geophysical surveying over several licences
in its highly prospective Kalahari Copper Belt Project
-- Preliminary overview of the results is very promising with
the EM data interpreted to show several highly prospective
geological settings for copper-silver mineralisation
-- In particular, the EM data from PL250/2018 and PL251/2018,
which is situated only 30kms west of Sandfire Resources' high-grade
copper-silver A4 Dome Project, contains several EM anomalies, the
most prospective of which display similar conductive dome
geometry
-- Data obtained within PL40/2018 is interpreted by Galileo's
technical team to show this area has a comparable geological
setting 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)
-- Detailed data interpretation is under way, utilising Spectral
Geophysics, a consultancy that was involved in the discovery of the
A4 Dome deposit (targeted from EM data) and the Company will
announce these conclusions once known
-- The most prospective EM targets will be selected for early drill testing
Colin Bird Chairman & CEO said: "Soon after acquiring the
Kalahari property portfolio we commenced an airborne EM survey. We
have on our team several specialists who have been responsible for
nearby copper discoveries in the Belt and who know the signatures
and indicators of mineralisation in this region. Currently we are
utilising all their scientific knowledge and experience to process
and interpret the data and produce a detailed report with drilling
recommendations. Preliminary overview of the EM results highlights
several EM conductors which could lead to immediate drilling
targets. We are excited about our initial progress and await a
final report in the coming weeks. "
Airborne EM Programme
The Company has just completed a High-Resolution
Helicopter-Borne Electromagnetic (EM) and Magnetic Survey over four
of its exploration licences within the Kalahari block. The survey,
comprising 3,269 line kilometres @ 200-250m flight line spacing,
was undertaken by New Resolution Geophysics, based in South
Africa.
The data obtained is of excellent quality and will now be
processed and interpreted on Galileo's behalf by Spectral
Geophysics, a consultancy highly experienced in processing
geophysical data from the Kalahari region, and which was
instrumental in the recent discovery of the high grade A4 Dome
copper-silver deposit for Sandfire Resources. Geological
interpretation will then be carried out by our in-house team which
has extensive background in discovery of major copper deposits in
the KCB.
Preliminary overview of the Galileo EM results is very promising
with several highly prospective geological settings already
identified.
Historically, airborne EM surveying has been one of the main
exploration tools that have been responsible for the recent
discovery of copper-silver deposits throughout the KCB. It has
mainly been utilised as an exploration tool for understanding the
geological setting of the various KCB stratigraphic units under the
Kalahari sands. 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 programme is aimed at defining
the most prospective structural setting for sulphide accumulations
within the areas flown. Detailed evaluation and interpretation of
the airborne data will be completed shortly, with the aim of
selecting targets for drill testing in the near term.
Background to the KCB Exploration Programme
The interpreted geological setting beneath the Kalahari sand
deposits for the area covered by PL40/2018 and PL39/2018 is based
on regional aeromagnetic and EM data. This area has strong
similarities to the synclinal geological setting that hosts Cupric
Canyon Capital's ("Cupric") world-class Khoemacau Copper-Silver
Project, situated only 25 kilometres due west. The Zone 5 and Zone
5N deposits host 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 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.
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 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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