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Galileo Resources - Exploration Progress Update on Kalahari Project

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

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

 

 

 

 

 

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