26 Apr Exploration Start-up Over Lithium & Gold Projects
Galileo Resources Plc
(“Galileo” or “the Company”)
Exploration Start-up Over Lithium & Gold Projects, Zimbabwe
Galileo Resources plc (“Galileo “or the “Company”) is pleased to provide an update on the commencement of exploration at the lithium and gold projects in Southwest Zimbabwe, which are the subject of an $1.5million earn-in agreement as announced by the Company on 7 March 2022.
· At the Kamativi Lithium Project, comprising EPO 1782, a reconnaissance mapping/sampling site visit is planned to commence imminently
· Permitting work has been initiated to prepare for more advanced exploration in the coming weeks and months which is aimed at facilitating early drill testing
· At the Bulawayo Gold Project, the Company has signed a contract with Xcalibur Airborne Geophysics (Pty) Ltd. to carry out a fixed-wing airborne magnetic and radiometric survey over the most prospective parts of EPO 1783 and EPO 1784
· The survey will comprise 12,184 line km of flying at 100m line spacing covering extensive Greenstone Belt rock formations that are host to many small to mid-size quartz reef gold mines and deposits in Zimbabwe
· Flying has already commenced and is expected to take about 4-5 weeks to complete, including delivery of processed data, the aim being to map critical structures and belts linking the many known small-scale gold mines and deposits to help identify targets for the potential development of a medium to large scale mine
Colin Bird Chairman & CEO said: “We are very pleased to have already commenced work over the lithium and gold projects in Zimbabwe. The Kamativi Lithium Project is adjacent to the Kamativi tin mine which hosts a substantial lithium tailings Resource, mainly in the form of spodumene which is the most sought-after lithium mineral. Primary lithium grades at the Kamativi mine could well be higher than reported in tailings.
At our Bulawayo Gold Project airborne geophysical surveying is already well under way over a region with many small to medium sized historic high grade gold mines. Our work will aim to fingerprint the structural settings of the known deposits and to identify potential extensions of these zones through our property, as well as locating new targets underneath thin cover hidden from the old prospectors.”
For details of the project areas and agreements covering these areas, please refer to the Company’s RNS announcement dated 7th March 2022.
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
|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”).
|“Greenstone Belt”||Zones of variably metamorphosed mafic to ultramafic volcanic sequences with associated sedimentary rocks that occur within Archaean and Proterozoic cratons between granite and gneiss bodies
|“pegmatite”||Very coarse-grained igneous rock which commonly occurs as dykes in granite intrusions
|“quartz”||A mineral composed of silicon dioxide, SiO2.
|“reef”||Mineralised rock, particularly gold bearing quartz.