Galileo Resources PLC Delineation of Gold Targets at Bulawayo Project (3639E)

TIDMGLR

RNS Number : 3639E

Galileo Resources PLC

29 June 2023

Galileo Resources Plc

("Galileo" or "the Company")

Discovery and Delineation of Extensive Gold Targets at Bulawayo Project, Zimbabwe

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform shareholders of the discovery of a number of substantial gold targets based on new soil analytical results in the area around the Queen's mine located close to Bulawayo, Zimbabwe.

Highlights

-- Several gold-in-soils targets up to 2.1g/t Au (2,100ppb) delineated by laboratory analyses of 2,455 samples marginal to the Queen's gold mine (not part of the Galileo licence area) where historical gold production >440,000 ounces was reported up to 1984 when reliable record keeping ceased.

-- New gold-in-soil anomaly covering more than 5 square kilometres peaking at 680ppb Au over a number of structures defined by airborne geophysics southeast of the Queen's mine.

   --    Further anomalous zones along strike to the southwest from the Queen's mine deposit cluster.

-- pXRF analyses show coincident anomalies of associated elements providing additional strong encouragement.

-- New targets represent extensions of known gold-bearing structures that typically host both commercial and small-scale gold mining operations in the Queen's mine region.

-- Several drill targets will be selected ahead of the commencement of an evaluation programme to test gold-bearing structures at a range of depths below surface.

-- Further soil sampling has also been carried out to test geochemical responses over other structural targets in the area.

Colin Bird Chairman and CEO said "The recent completion of a gold-in-soil geochemical survey in the prolific Queen's area has been highly successful in that it has clearly defined a number of targets where we have gold associated with underlying structures that extend from known mineralisation that has sustained both commercial and artisanal mining. Our intention now is to prioritise anomalies with a view to commencement of drill-testing by the end of the Third Quarter 2023".

Galileo Bulawayo Target Map

http://www.rns-pdf.londonstockexchange.com/rns/3639E_1-2023-6-29.pdf

Bulawayo Project Background

The Bulawayo Gold Project comprises two exploration licences covering a combined area of 1,300 sq km near Bulawayo. Galileo has a current interest of 29% in the Project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending $1.5million on exploration and evaluation on the Projects by 21 July 2024.

The Bulawayo area is a granite-greenstone terrane in which numerous gold occurrences and small-medium scale gold mines are located. The greenstones consist of andesitic to rhyolitic meta-volcanics mixed with various meta-sediments and gold mineralisation characteristically occurs in quartz vein "reefs" and quartz-rich shear zone settings. The area is partially covered by Karoo sandstone and basalt, as well as some Kalahari sand. The extensive nature of younger cover historically discouraged exploration where outcrop was absent. These covered areas, particularly where greenstone host rocks and coincident geological structures have been interpreted, now offer a unique opportunity for the discovery of new gold deposits.

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    Tel +44 (0) 20 7628 
  Roland Cornish/James Biddle         3396 
                                    --------------------- 
 Novum Securities Limited - Joint 
  Broker 
  Colin Rowbury /Jon Belliss         +44 (0) 20 7399 9400 
                                    --------------------- 
 Shard Capital Partners LLP -        Tel +44 (0) 20 7186 
  Joint Broker                        9952 
  Damon Heath 
                                    ---------------------

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

 
  "alluvial"           Descriptive of sediments which have been deposited by rivers or streams 
  "andesite"           A volcanic rock occurring in both modern island arcs and ancient volcanic belts with 52% to 
                        66% silica 
  "Au"                 Gold 
  "basalt"             A fine-grained volcanic rock with low silica content 
  "granite"            A medium to coarse grained granular acid intrusive rock 
  "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 
  "Karoo"              Sequence of rocks of Palaeozoic to Mesozoic in age, defined in southern Africa 
  "lithology"          A synonym for rock-type 
  "mafic"              Containing or relating to a group of dark-coloured minerals, composed chiefly of magnesium 
                        and iron, that occur in igneous rocks 
  "ppb"                Parts per billion 
  "reef"               Mineralised rock vein, particularly gold bearing quartz 
  "rhyolite"           Fine grained extrusive acid igneous rock 
  "sandstone"          A sedimentary rock usually composed essentially of sand-sized quartz grains 
  "shear"              Plane of failure in faulted body of rock 
  "pXRF"               A hand-portable analytical method to determine the chemistry of a sample by measuring the 
                        fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray 
                        source

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June 29, 2023 02:00 ET (06:00 GMT)

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