August 9 2024
Galileo Resources
Plc
("Galileo" or the
"Company")
Phase 3 Drill Programme to
Commence at Shinganda
The Board of Galileo Resources Plc
("Galileo" or the "Company") is pleased to confirm the granting of
a contract to undertake the Shinganda Phase 3 drill programme to
assess up to 10km strike length of Cu - Au mineral-bearing fault
structures broadly defined by the Company to date.
Highlights
·
The planned Reverse Circulation (RC) drilling
programme will focus on delineating further shallow, open-pittable
copper-gold mineralisation along a combined strike length of about
10km on the Shinganda Main Fault and Splay structures
·
The programme objective is to define a substantial
resource of supergene mineralisation ranging up to 2% CuEq grade at
shallow depths, following on from previous drill intercepts, such
as 50.3m @ 1.77% CuEq from 21m depth in Galileo hole SDDD002 and
17m @ 2.00% CuEq from 7m depth in historic Vale hole
DH0004.
·
Drilling profiles have been selected based on the
recommendations of a recently completed geophysical modelling study
on the airborne magnetic data as well as knowledge gained from the
earlier drill phases.
·
Drilling is scheduled to commence about mid-August
2024, with an initial programme of up to 30 holes for 2,400m and
possible additional meterage to be determined by the results of the
Phase 3 programme.
Colin Bird, Executive Chairman said: "The Shinganda
exploration area has met all our expectations and still presents a
number of mineral styles to be explored. We have however homed in
on zones of clearly defined, structurally controlled copper-gold
bearing iron carbonate alteration close to surface with significant
strike potential. The drill programme is expected to commence
shortly, and we are excited about the specific concession target
and the licence area in general. We will keep the market informed
of the outcome of the drilling and field work as we
progress."
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, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting as
nominated adviser to the Company in relation to the matters
referred herein. Beaumont Cornish Limited is acting exclusively for
the Company and for no one else in relation to the matters
described in this announcement and is not advising any other person
and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of
Beaumont Cornish Limited, or for providing advice in relation to
the contents of this announcement or any matter referred to in
it.
END
Technical
Glossary
"Supergene"
|
Descriptive of a mineral deposit, weathering or
alteration formed by descending solutions.
|