RNS Number :
9623H
Galileo Resources
PLC
14 October
2024
Galileo Resources
Plc
("Galileo" or the
"Company")
Commencement of IP
Geophysical Surveying in Botswana Copperbelt
The Company plans to follow-up
previously identified soil geochemical targets on licences
PL039/2018 and PL040/2018 located towards the south-eastern basin
margin of the Kalahari Copperbelt by undertaking an IP geophysical
survey over selected geochemical anomalies to assist in defining
drilling targets.
Highlights
·
Galileo will shortly commence a contract with a
geophysical survey provider to undertake a series of
IP/resisitivity geophysical profiles across previously identified
soil geochemical targets (refer to RNS
dated 01 February 2024), with preparatory groundwork already
completed.
·
The system has the capability to penetrate to 400m
depth and can help in defining the geological and structural
framework as well as directly detecting sulphide
mineralisation.
·
The Galileo geochemical targets occupy a similar
geological setting ('the Galileo Fold') to that drilled
historically by Khoemacau Copper Mining ('Khoemacau' - now owned by
MMG) coincident with the Mowana Fold axis and Zones 5 and 9
mineralisation together with recently announced drill intercepts by
Arc Minerals ('Arc') on the adjoining Virgo Project.
·
At Mowana, which is located approximately 15km
from the Galileo Fold, Khoemacau reported drill intercepts of 4.3m
@ 1.65% Cu and 6.1m @ 2.56% Cu. Arc also recently drilled scout
holes on the same structure on an adjacent licence to Mowana and
reported 1m intervals assaying up to 3.65% Cu.
·
Independent external assessment commissioned by
Galileo reported that "the geological and structural setting of the
Galileo Fold is almost identical to that of the Mowana Fold and is
believed to share the same level of prospectivity."
Colin Bird Chairman & CEO said: "We are pleased to announce commencement of our ground
geophysical programme in the Botswana Copperbelt. In the last two
years the architecture of the Copperbelt has been subjected to much
scrutiny, with new discoveries being made based on various
concepts. Our own licences PL039 and PL040 are very prospective,
and this programme should help us to delineate drill targets as
part of the outcome".
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 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
Roland Cornish/James
Biddle
|
Tel +44 (0) 20 7628 3396
|
|
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon
Belliss
|
+44 (0) 20 7399 9400
|
|
Shard Capital Partners LLP - Joint
Broker
Damon Heath
|
Tel +44 (0) 20 7186 9952
|
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
