Galileo Resources Plc
(“Galileo” or “the Company”) 

Preliminary Drill Results and Prospecting Update at Shinganda Copper-Gold Project, Zambia

Galileo Resources plc (“Galileo “or the “Company”) is pleased to provide preliminary drill results and a prospecting update over its’ Option and Joint Venture project covering the Shinganda Copper-Gold (Cu-Au) Project, Zambia (the “Project”) where the Company has the right to earn an initial 51% interest.

Highlights

·     Three of the four angled holes drilled at the Shinganda outcrop target for which copper assays have been received intersected shallow intervals of semi-massive hematite mineralisation with strongly disseminated copper

·     Assay results include 50.3m @ 1.53% Cu from 21m downhole depth in SHDD002, with a sub-interval of 7m @ 4.36% Cu, including 2.0m @ 11.31% Cu. Gold assays are awaited

·     Six angled diamond drill holes from surface totalling 963.9m have been completed in total to date; the current programme has been extended from the original plan for three holes due to the positive initial results

·     The results so far support and exceed the results of a historically reported drill intercept at Shinganda which did not include gold assays (1.07% Cu over a true width of 28.3m)

·     Previously reported mapping/prospecting traverses across the Shinganda licence area by Galileo (30th May 2022) identified nine targets which have been subjected to recent small-scale artisanal excavation. Rock grab sample assay results have returned strongly anomalous results for copper and gold from most of these, including 1.42% Cu, 3.14g/t Au from the Shinganda outcrop and 1.79% Cu, 10.19g/t Au & 3.77% Cu, 1.24g/t Au from other occurrences within the licence area

·     The outcome of the prospecting, showing the presence of copper and gold mineralisation over an area of at least 12km x 6km on the Shinganda licence, points to the potential for several shallow copper-gold deposits on the property or for a potentially larger target

Table 1 – Shinganda – Provisional DDH Selected Assay Intervals
Hole No.	Dip	Azimuth	Depth From (m)	Depth To (m)	Interval (m)	Cu%	Au g/t*
SHDD001	-50	360	6.0	17.0	11.0	0.63
SHDD002	-50	360	21.0	71.3	50.3	1.53
Incl.			47.0	54.0	7.0	4.36
Incl.			48.0	50.0	2.0	11.31
SHDD003	-50	360	58.0	60.0	2.0	0.52
and			73.0	77.0	4.0	0.54
and			92.0	94.0	2.0	1.02
SHDD004	-55	065	7.3	51.0	43.7	1.01
Incl.			10.0	20.0	10.0	1.61

*Gold assays awaited

Colin Bird Chairman & CEO said: “Drilling and assaying by the Company has confirmed the presence of copper in an area previously explored by a large mining company. There appear to be a number of structural trends several of which are worthy of follow-up. The Company plans to continue its shallow drilling programme which, if results are positive, will be followed by ground geophysics at the appropriate time. Samples from the current drilling programme have been submitted to South Africa for fire assay to test for gold, which was not targeted in the historic drilling at Shinganda.”

Drilling Results to Date

Initial Galileo interest in the Shinganda area focussed on a historic angled drill hole completed in 1959, which reportedly cut a near-vertical zone of heavily veined sediments and copper oxides.

Galileo’s drilling has confirmed and extended that occurrence, with current interpretation suggesting that the zone may strike northwestwards from the Shinganda outcrop, where recent grab samples have returned values of 1.42% Cu, 3.14g/t Au.

Six angled diamond drill holes, numbered SHDD001 to 006, totalling 963.9m have been completed to date and drilling is continuing. Copper assay results have been received for the first four of these. Holes 1, 2 & 5 were drilled on a single profile angled towards the north. These confirm a steeply dipping hematite breccia zone with malachite and probable chalcocite mineralisation, which is up to 35m wide at 40m depth in hole 2 (refer to Table 1). It appears that hole 1 cut the margin of the zone at the top of the hole. Hole 5 supports the continuation of the zone to at least 70m depth where it seems to be about 20-25m wide based on preliminary hand-held XRF readings – these are subject to assay confirmation.

Hole 3 was stepped out 60m to the west and clipped the margin of the hematite zone, with some short copper intervals, however the siltstone host rock here is strongly altered and brecciated. Hole 4 was sited about 60m to the NW to follow an apparent structural trend based on interpretation of the recently completed ground magnetic survey and was angled towards the NE to cross-cut this trend. It collared into the hematite breccia zone which was a little less massively hematitic than hole 2. Not much visible copper mineralisation was reported in logging, however the assay results have confirmed the positive readings from the XRF.

Results of Prospecting Programme

As reported on 30th May 2022, Galileo Resources Plc undertook a reconnaissance mapping and sampling exercise over the most prospective western sector of the licence. Much of the area is covered by a layer of overburden and duricrust, nevertheless nine target areas with copper-gold mineralisation or alteration of interest were identified during mapping over an area of 12km x 6km within the licence. Most were artisanal pit working exposures with visible copper oxide mineralisation. Selected sample assay results are given in Table 2:

Table 2 – Shinganda Prospecting Programme – Selected Grab Sample Assay Results
Sample No.	Description	Cu %	Au g/t
SHR007	Shinganda outcrop area – massive hematite, silicified, with disseminated malachite	1.42	3.14
SHR009	Shinganda outcrop area – semi-massive hematite, weak visible copper mineralisation	1.78	0.24
SHR014	South Pit – description as above	1.07	0.29
SHR016	South Pit – description as above	0.19	9.76
SHR019	Pit near centre of licence – silicified hematite + disseminated malachite	3.77	1.24
SHR023	Pit and outcrop of bleached shale with disseminated malachite	1.10	0.63
SHR025	Small artisanal pit – massive hematite, silicified, with disseminated magnetite	1.79	10.19
SHR026	As above	1.28	6.08

 

Based on the wide spread of occurrences of copper and gold mineralisation over the Shinganda licence, the Project is considered by the Company to have potential for a large copper-gold deposit and/or a series of shallow deposits amenable to small to medium scale open pit mining development.

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”).

 

Technical Glossary

“fault/shear zone”	Plane of failure in faulted body of rock
“hematite”	A mineral composed of ferric iron oxide
“hydrothermal”	Descriptive of hot magmatic emanations rich in water
“intrusives”	Bodies of igneous rock that invade older rocks
“magnetite”	A magnetic iron oxide, Fe3O4
“semi-massive”	Mineralisation making up a large part, but not all, of the rock mass
“soil anomaly”	A concentration of one or more elements in soil that is markedly higher than background
“supergene”	Descriptive of a mineral deposit, weathering or alteration formed by descending solutions

 

Appendix 1: Full Assay Results

Appendix I – Shinganda Drilling – Full Assay Results
Hole No.	Samp. No.	Depth from (m)	Depth to (m)	Width (m)	Cu%
SHDD001	LU17001	4	5	1	0.12
SHDD001	LU17002	5	6	1	0.19
SHDD001	LU17003	6	7	1	0.48
SHDD001	LU17004	7	8	1	0.68
SHDD001	LU17005	8	9	1	0.59
SHDD001	LU17006	9	10	1	0.90
SHDD001	LU17007	10	11	1	1.07
SHDD001	LU17008	11	12	1	0.66
SHDD001	LU17009	12	13	1	0.54
SHDD001	LU17010	13	14	1	0.55
SHDD001	LU17011	14	15	1	0.48
SHDD001	LU17012	15	16	1	0.55
SHDD001	LU17013	16	17	1	0.40
SHDD001	LU17014	17	18	1	0.34
SHDD001	LU17015	18	19	1	0.27
SHDD001	LU17016	19	20	1	0.24
SHDD001	LU17017	20	21	1	0.27
SHDD001	LU17018	21	22	1	0.20
SHDD001	LU17019	22	23	1	0.17
SHDD001	LU17020	23	24	1	0.12
SHDD001	LU17021	24	25	1	0.09
SHDD001	LU17022	25	26	1	0.07
SHDD001	LU17023	26	27	1	0.06
SHDD001	LU17024	27	28	1	0.04
SHDD001	LU17025	28	29	1	0.04
SHDD001	LU17026	29	30	1	0.07
SHDD001	LU17027	30	31	1	0.06
SHDD001	LU17028	31	32	1	0.08
SHDD001	LU17029	32	33	1	0.05
SHDD001	LU17032	33	34	1	0.05
SHDD001	LU17033	34	35	1	0.03
SHDD001	LU17034	35	36	1	0.03
SHDD001	LU17035	36	37	1	0.05
SHDD001	LU17036	37	38	1	0.09
SHDD001	LU17037	38	39	1	0.06
SHDD001	LU17038	39	40	1	0.10
SHDD001	LU17039	40	41	1	0.14
SHDD001	LU17040	41	42	1	0.10
SHDD001	LU17041	42	43	1	0.06
SHDD001	LU17042	43	44	1	0.05
SHDD001	LU17043	50	51	1	0.02
SHDD001	LU17044	51	52	1	0.05
SHDD001	LU17045	52	53	1	0.07
SHDD001	LU17046	53	54	1	0.04
SHDD001	LU17047	54	55	1	0.02
SHDD001	LU17048	75	76	1	0.03
SHDD001	LU17049	76	77	1	0.03
SHDD001	LU17050	77	78	1	0.02
SHDD001	LU17051	78	79	1	0.03
SHDD001	LU17052	79	80	1	<0.01
SHDD001	LU17053	80	81	1	0.03
SHDD001	LU17054	81	82	1	0.05
SHDD001	LU17055	82	83	1	0.03
SHDD001	LU17056	92	93	1	<0.01
SHDD001	LU17057	93	94	1	<0.01
SHDD001	LU17058	94	95	1	<0.01
SHDD001	LU17059	95	96	1	<0.01
SHDD001	LU17062	96	97	1	<0.01
SHDD001	LU17063	97	98	1	<0.01
SHDD001	LU17064	98	99	1	<0.01
SHDD001	LU17065	99	100	1	<0.01
SHDD002	LU17066	2	3	1	0.05
SHDD002	LU17067	3	4	1	0.06
SHDD002	LU17068	4	5	1	0.05
SHDD002	LU17069	5	6	1	0.06
SHDD002	LU17070	6	7	1	0.05
SHDD002	LU17071	7	8	1	0.06
SHDD002	LU17072	8	9	1	0.04
SHDD002	LU17073	9	10	1	0.06
SHDD002	LU17074	10	11	1	0.08
SHDD002	LU17075	11	12	1	0.09
SHDD002	LU17076	12	13	1	0.08
SHDD002	LU17077	13	14	1	0.08
SHDD002	LU17078	14	15	1	0.10
SHDD002	LU17079	15	16	1	0.12
SHDD002	LU17080	16	17	1	0.20
SHDD002	LU17081	17	18	1	0.24
SHDD002	LU17082	18	19	1	0.22
SHDD002	LU17083	19	20	1	0.30
SHDD002	LU17084	20	21	1	0.28
SHDD002	LU17085	21	22	1	0.45
SHDD002	LU17086	22	23	1	0.40
SHDD002	LU17087	23	24	1	0.52
SHDD002	LU17088	24	25	1	0.54
SHDD002	LU17089	25	26	1	0.65
SHDD002	LU17092	26	27	1	0.78
SHDD002	LU17093	27	28	1	0.74
SHDD002	LU17094	28	29	1	1.01
SHDD002	LU17095	29	30	1	1.85
SHDD002	LU17096	30	31	1	2.31
SHDD002	LU17097	31	32	1	1.49
SHDD002	LU17098	32	33	1	1.68
SHDD002	LU17099	33	34	1	1.06
SHDD002	LU17100	34	35	1	0.88
SHDD002	LU17101	35	36	1	1.67
SHDD002	LU17102	36	37	1	0.85
SHDD002	LU17103	37	38	1	1.70
SHDD002	LU17104	38	39	1	2.16
SHDD002	LU17105	39	40	1	2.63
SHDD002	LU17106	40	41	1	2.85
SHDD002	LU17107	41	42	1	2.06
SHDD002	LU17108	42	43	1	1.67
SHDD002	LU17109	43	44	1	0.20
SHDD002	LU17110	44	45	1	0.40
SHDD002	LU17111	45	46	1	0.49
SHDD002	LU17112	46	47	1	0.83
SHDD002	LU17113	47	48	1	1.28
SHDD002	LU17114	48	49	1	11.21
SHDD002	LU17115	49	50	1	11.40
SHDD002	LU17116	50	51	1	1.74
SHDD002	LU17117	51	52	1	1.65
SHDD002	LU17118	52	53	1	1.99
SHDD002	LU17119	53	54	1	1.28
SHDD002	LU17122	54	55	1	0.97
SHDD002	LU17123	55	56	1	0.76
SHDD002	LU17124	56	57	1	0.31
SHDD002	LU17125	57	58	1	0.42
SHDD002	LU17126	58	59	1	0.59
SHDD002	LU17127	59	60	1	0.42
SHDD002	LU17128	60	61	1	0.52
SHDD002	LU17129	61	62	1	0.79
SHDD002	LU17130	62	63	1	0.78
SHDD002	LU17131	63	64	1	0.83
SHDD002	LU17132	64	65	1	1.61
SHDD002	LU17133	65	66	1	1.58
SHDD002	LU17134	66	67	1	1.90
SHDD002	LU17135	67	68	1	0.49
SHDD002	LU17136	68	69	1	0.29
SHDD002	LU17137	69	70	1	1.74
SHDD002	LU17138	70	71	1	0.45
SHDD002	LU17139	71	72	1	0.05
SHDD002	LU17140	72	73	1	0.06
SHDD002	LU17141	73	74	1	0.05
SHDD002	LU17142	74	75	1	0.01
SHDD002	LU17143	75	76	1	<0.01
SHDD002	LU17144	76	77	1	<0.01
SHDD002	LU17145	77	78	1	<0.01
SHDD002	LU17146	78	79	1	<0.01
SHDD002	LU17147	99	100	1	0.02
SHDD002	LU17148	100	101	1	<0.01
SHDD002	LU17149	101	102	1	0.05
SHDD002	LU17152	102	103	1	0.43
SHDD002	LU17153	133	134	1	0.01
SHDD002	LU17154	134	135	1	<0.01
SHDD002	LU17155	135	136	1	0.13
SHDD002	LU17156	136	137	1	<0.01
SHDD002	LU17157	137	138	1	<0.01
SHDD002	LU17158	166	167	1	0.05
SHDD002	LU17159	167	168	1	0.25
SHDD002	LU17160	168	169	1	0.03
SHDD002	LU17161	169	170	1	<0.01
SHDD002	LU17162	185	186	1	<0.01
SHDD002	LU17163	186	187	1	0.05
SHDD002	LU17164	187	188	1	0.02
SHDD003	LU17165	54	55	1	<0.01
SHDD003	LU17166	55	56	1	<0.01
SHDD003	LU17167	56	57	1	0.04
SHDD003	LU17168	57	58	1	0.15
SHDD003	LU17169	58	59	1	0.51
SHDD003	LU17170	59	60	1	0.53
SHDD003	LU17171	60	61	1	0.13
SHDD003	LU17172	61	62	1	0.07
SHDD003	LU17173	62	63	1	0.08
SHDD003	LU17174	64	65	1	0.32
SHDD003	LU17175	65	66	1	0.02
SHDD003	LU17176	66	67	1	<0.01
SHDD003	LU17177	67	68	1	<0.01
SHDD003	LU17178	68	69	1	<0.01
SHDD003	LU17179	69	70	1	0.03
SHDD003	LU17180	70	71	1	0.06
SHDD003	LU17181	71	72	1	0.06
SHDD003	LU17182	72	73	1	0.03
SHDD003	LU17183	73	74	1	0.51
SHDD003	LU17184	74	75	1	0.14
SHDD003	LU17185	75	76	1	0.21
SHDD003	LU17186	76	77	1	1.28
SHDD003	LU17187	77	78	1	<0.01
SHDD003	LU17188	89	90	1	0.05
SHDD003	LU17189	90	91	1	<0.01
SHDD003	LU17192	91	92	1	0.06
SHDD003	LU17193	92	93	1	1.08
SHDD003	LU17194	93	94	1	0.96
SHDD003	LU17195	94	95	1	0.08
SHDD003	LU17196	95	96	1	0.05
SHDD003	LU17197	102	103	1	<0.01
SHDD003	LU17198	103	104	1	0.01
SHDD003	LU17199	104	105	1	0.02
SHDD003	LU17200	105	106	1	<0.01
SHDD004	LU17201	7.3	8	0.7	0.74
SHDD004	LU17202	8	9	1	0.42
SHDD004	LU17203	9	10	1	0.63
SHDD004	LU17204	10	11	1	1.76
SHDD004	LU17205	11	12	1	1.43
SHDD004	LU17206	12	13	1	1.04
SHDD004	LU17207	13	14	1	2.06
SHDD004	LU17208	14	15	1	3.39
SHDD004	LU17209	15	16	1	1.84
SHDD004	LU17210	16	17	1	1.40
SHDD004	LU17211	17	18	1	1.15
SHDD004	LU17212	18	19	1	0.98
SHDD004	LU17213	19	20	1	1.00
SHDD004	LU17214	20	21	1	0.94
SHDD004	LU17215	21	22	1	0.92
SHDD004	LU17216	22	23	1	0.95
SHDD004	LU17217	23	24	1	0.84
SHDD004	LU17218	24	25	1	0.67
SHDD004	LU17219	25	26	1	0.97
SHDD004	LU17220	26	27	1	0.65
SHDD004	LU17221	27	28	1	0.81
SHDD004	LU17222	28	29	1	1.47
SHDD004	LU17223	29	30	1	1.09
SHDD004	LU17224	30	31	1	0.88
SHDD004	LU17225	31	32	1	1.08
SHDD004	LU17226	32	33	1	1.31
SHDD004	LU17227	33	34	1	0.94
SHDD004	LU17228	34	35	1	1.13
SHDD004	LU17229	35	36	1	0.55
SHDD004	LU17232	36	37	1	0.74
SHDD004	LU17233	37	38	1	0.77
SHDD004	LU17234	38	39	1	0.71
SHDD004	LU17235	39	40	1	0.71
SHDD004	LU17236	40	41	1	0.65
SHDD004	LU17237	41	42	1	0.45
SHDD004	LU17238	42	43	1	0.33
SHDD004	LU17239	43	44	1	0.35
SHDD004	LU17240	44	45	1	0.40
SHDD004	LU17241	45	46	1	0.47
SHDD004	LU17242	46	47	1	0.49
SHDD004	LU17243	47	48	1	0.96
SHDD004	LU17244	48	49	1	1.82
SHDD004	LU17245	49	50	1	1.44
SHDD004	LU17246	50	51	1	1.16
SHDD004	LU17247	51	52	1	0.39
SHDD004	LU17248	52	53	1	0.23
SHDD004	LU17249	53	54	1	0.22
SHDD004	LU17250	54	55	1	0.24
SHDD004	LU17251	55	56	1	0.21
SHDD004	LU17252	56	57	1	0.13
SHDD004	LU17253	57	58	1	0.07
SHDD004	LU17254	58	59	1	0.05
SHDD004	LU17255	59	60	1	0.05
SHDD004	LU17256	60	61	1	0.04
SHDD004	LU17257	61	62	1	0.03
SHDD004	LU17258	62	63	1	0.03
SHDD004	LU17259	63	64	1	0.02
SHDD004	LU17262	64	65	1	<0.01
SHDD004	LU17263	65	66	1	<0.01
SHDD004	LU17264	66	67	1	<0.01
SHDD004	LU17265	67	68	1	<0.01
SHDD004	LU17266	68	69	1	0.04
SHDD004	LU17267	72	73	1	0.22
SHDD004	LU17268	73	74	1	0.03
SHDD004	LU17269	74	75	1	0.02
SHDD004	LU17270	75	76	1	0.04

 

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