24 June 2024
Galileo Resources Plc
("Galileo" or "the Company")
Shinganda
Update
Planning for Phase 3 drill
programme targeting a preliminary Mineral
Resource
Galileo Resources plc ("Galileo "or
the "Company") is pleased to inform shareholders of a decision to
commence a Phase III drill programme to validate the Board's
current view that near-surface copper - gold mineralisation occurs
along the Shinganda Fault Splay over a strike length of potentially
more than 4km offering scope for the development of a preliminary
Mineral Resource at the Shinganda Project Copper-Gold Project,
Zambia ("Project").
Phase I (results announced on 18
January 2023) and the recently completed Phase II drill programmes
have confirmed the presence of copper - gold mineralisation
associated with major regional and more localised structures.
Mineralisation is found in vein and alteration assemblages. Higher
copper and gold grades were found at shallow depths, where primary
(hypogene) mineralisation was subjected to supergene
enrichment.
Highlights
·
Evidence from two phases of drilling indicate
mineralisation at grades of between 1.0 and 1.5% CuEq at shallow
depths over notable package widths.
·
Phase III drilling will target a projected
supergene high-grade, broadly drill-defined zone extending for
approximately 4km with an anticipated package width of
mineralisation of approximately 30m extending to a vertical depth
of approximately 70m.
·
Supergene enrichment is broadly associated with a
coincident magnetic anomaly. However, historic drilling of the same
supergene feature where a weak magnetic signature is present also
intersected notable copper values (Figure 2).
·
A further 4km or more of Shinganda Fault Splay
will also be tested where there is weak to no underlying magnetic
signature potentially extending the strike length of the Project to
more than 8km in total.
·
Phase I drilling primarily targeted the
prospective near surface hematite-rich zone that will form the
focus of the Phase III programme.
·
Phase II drilling that comprised a total of
2,379.1m and 13 drill holes was focused on testing deeper targets
including breccias and magnetic and IP anomalies on the Shinganda
Fault Splay and the Shinganda Main Fault (Figure 1).
·
Phase II drilling intersected impressive wide
zones (300m) of hydrothermal alteration and brecciation with lower
grade sulphide copper - gold mineralisation.
·
The final 2 holes, SHDD021 and SHDD022, targeted
strong magnetic/IP geophysical anomalies along the Main Shinganda
Fault and discovered up to 200m of intensive Fe alteration in a
diamictite conglomerate/breccia zone - a structural and
stratigraphic setting that could be analogous to the high grade
Kamoa copper deposit in DRC and the Fishtie deposit in SE Zambia
Copperbelt (55Mt @ 1.04% Cu).
Colin Bird Chairman and CEO
said: "The last two years of exploration at
Shinganda, including fieldwork, geophysics and drilling has
identified multiple targets and several geological concepts have
emerged all of which will be followed up in the future. Our
thoughts range from IOCG potential to isolated gold potential to
traditional Copper Belt and all of our activities have indicated
support for the aforementioned.
However, from the
work completed, a compelling target has emerged which are the
splays identified by geophysics and confirmed by drilling taking us
to a meaningful drill-ready target.
Irrespective of
all other potential on the licence area this 4 to 8km long zone has
the immediate potential for shareholder value enhancement and thus
we are prioritising the target above all others. We expect to
commence drilling by the end of the Third Quarter,
2024."
Drilling Data
Table 1: Phase I Programme Results
(selected assay intervals)
Hole
No
|
Dip
|
Azimuth
|
From
|
To
|
Interval
|
Cu
|
Au
|
CuEq*
|
(m)
|
(m)
|
(m)
|
(%)
|
(g/t)
|
(%)
|
SHDD001
|
-50
|
360
|
6.00
|
17.00
|
11.00
|
0.63
|
0.03
|
0.65
|
SHDD002
|
-50
|
360
|
21.00
|
71.70
|
50.30
|
1.54
|
0.30
|
1.77
|
incl.
|
47.00
|
54.00
|
7.00
|
4.36
|
1.51
|
5.51
|
incl.
|
47.00
|
50.00
|
3.00
|
7.96
|
3.13
|
10.33
|
SHDD003
|
-50
|
360
|
58.00
|
60.00
|
2.00
|
0.52
|
0.22
|
0.69
|
73.00
|
77.00
|
4.00
|
0.54
|
0.12
|
0.63
|
92.00
|
94.00
|
2.00
|
1.02
|
0.38
|
1.31
|
SHDD004
|
-55
|
65
|
7.30
|
51.00
|
43.70
|
1.01
|
0.18
|
1.15
|
10.00
|
20.00
|
10.00
|
1.61
|
0.07
|
1.66
|
SHDD005
|
-50
|
360
|
87.00
|
90.00
|
3.00
|
0.79
|
0.06
|
0.84
|
|
102.00
|
113.00
|
11.00
|
1.03
|
0.55
|
1.45
|
incl.
|
102.00
|
105.40
|
3.40
|
2.89
|
1.61
|
4.11
|
|
126.00
|
131.00
|
5.00
|
0.52
|
0.77
|
1.10
|
SHDD006
|
-50
|
180
|
11.00
|
27.00
|
16.00
|
0.72
|
0.04
|
0.75
|
SHDD007
|
-50
|
65
|
3.00
|
21.00
|
18.00
|
0.53
|
0.12
|
0.62
|
Table 2: Phase II Drill Programme
Results (selected assay intervals)
Hole
No
|
Dip
|
Azimuth
|
From
|
To
|
Interval
|
Cu
|
Au
|
CuEq*
|
(m)
|
(m)
|
(m)
|
(%)
|
(g/t)
|
(%)
|
SHDD015
Incl.
|
-60
|
325
|
7.00
|
18.00
|
11.00
|
0.69
|
0.01
|
0.70
|
9.65
|
15.00
|
5.35
|
1.06
|
0.01
|
1.07
|
SHDD016
|
-60
|
325
|
347.00
|
355.70
|
8.70
|
0.46
|
0.15
|
0.57
|
incl.
|
349.00
|
350.00
|
1.00
|
1.08
|
0.31
|
1.32
|
and
|
353.60
|
355.70
|
2.10
|
0.54
|
0.22
|
0.71
|
SHDD017
|
-60
|
360
|
101.00
|
102.00
|
1.00
|
0.52
|
0.41
|
0.83
|
|
156.00
|
158.00
|
2.00
|
0.97
|
0.31
|
1.21
|
|
239.00
|
252.00
|
13.00
|
0.30
|
0.19
|
0.44
|
incl.
|
239.00
|
244.00
|
5.00
|
0.51
|
0.32
|
0.75
|
|
301.00
|
304.00
|
3.00
|
0.42
|
0.08
|
0.48
|
|
314.00
|
315.00
|
1.00
|
0.62
|
0.30
|
0.85
|
SHDD018
|
-60
|
360
|
22.00
|
23.60
|
1.60
|
0.45
|
0.04
|
0.48
|
*CuEq Formula: CuEq = Cu% + 0.75851264 x Au
(g/t)
Figure 1 - Drillhole location
plan over magnetic image
Figure 2 - Drillhole location
plan of Shinganda outcrop zone with Cu/Au
intercepts
SHDD016 - Chalcopyrite Copper
Mineralisation at 354m depth
SHDD016 -
Chalcopyrite-Pyrrhotite Mineralisation about 350m
depth
SHDD021 - Semi-massive
hematite-magnetite iron mineralisation
Shinganda Copper-Gold
Project
The Shinganda Project in which the
Company has a 51% interest is located in central western Zambia.
The Project has many of the diagnostic features expected of an IOCG
(Iron Oxide Copper Gold) type deposit including both regional and
more localised structures potentially controlling mineralisation,
evidence of hydrothermal mineralisation and alteration and, an
abundance of hematite - magnetite alteration.
The local structure is dominated by
the Gerhard Trend, a W - NW oriented feature dominating the local
landscape. To date mineralisation has been found associated with a
feature called the Shinganda Fault Splay, a structure that has
developed off the main Gerhard Trend. As is the case with most
IOCG's, whilst Shinganda displays many of the required diagnostic
features for a deposit of this type, it also displays unique
features and is probably best described as an IOCG hybrid.
Impressive brecciation at depth over substantial package widths of
up to 300m discovered during Phase II drilling raises expectations
for the discovery of a large low-grade bulk copper-gold deposit.
This may still be the case based on some intriguing copper
intercepts at depth but the more obvious target warranting
immediate follow-up is based around the near-surface hematite-rich
supergene horizon typically extending over a surface width of
approximately 30m and extending to a depth of approximately 70m.
With an approximate 4km strike length this represents a potential
open pit target.
Much of the initial strike length is
based around the Shinganda Splay structure and a coincident ground
magnetic anomaly. However, an additional 4 to 5km of Splay
structure without any coincident ground magnetic anomalism also
remains a prospective target particularly as some historic drilling
intersected notable copper values associated with the Splay but
where the magnetic anomaly was absent.
Potentially more than 8km of open
pittable copper - gold mineralisation is to be tested with the
Phase III drill programme. Some additional ground magnetic surveys
will be undertaken to firm up contacts which will aid drill collar
location. Owing to the significant width of potential
mineralisation, fences of short holes will be drilled across each
travers with holes probably extending to an average downhole depth
of between 50 and 80m.
A number of other targets remain to
be tested on the Licence. Historic work undertaken that has led to
the recent discoveries includes geophysics (both in-house and
historic), historic geochemical surveys with infill and coverage of
previously untested areas completed by Galileo, detailed mapping
and trenching/pitting of some prospects.
A Phase I drilling programme
consisting of nine angled diamond drill holes for a total of
1,227.2m was completed in Q3 & Q4 2022. The Phase II programme
comprised thirteen drill holes for a total of 2,379.1m.
The final two holes of the Phase II
drilling programme, SHDD021 and SHDD022, discovered up to 200m of
pervasive, intense iron alteration in a diamictite
conglomerate/breccia zone associated with the Main Shinganda Fault.
The zone is interpreted as a complex, structurally controlled
deep-tapping magnetic body, perhaps linked to hydrothermal
alteration from an intrusive source at depth, supporting a possible
IOCG model.
Extensive runs of core (10's of
metres) in both holes comprise diamictite. Such diamictite packages
are now widely recognised in copperbelt stratigraphy across both
Zambia and DRC and of course are most significant as the orebody
host rock at Kamoa, although the Shinganda occurrence may be more
comparable to the Fishtie deposit in the SE Zambian Copperbelt
(55Mt @ 1.04% Cu). The Shinganda diamictite constitutes a permeable
and favourable host rock for potential copper-gold mineralisation
as demonstrated by pervasive iron alteration. Follow-up planned
here includes geophysical profiling and further drilling targeted
at the vicinity of the main controlling structures.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
Technical Glossary
"aeromagnetics"
|
A survey of the earth's magnetic
field carried out from a helicopter or aeroplane
|
"breccia"
|
Rock fragmented into angular
components
|
"chalcopyrite"
|
A copper-iron sulphide mineral,
CuFeS2, often found in copper ores
|
"conglomerate"
|
Sedimentary rock formed by the
cementing together of water-rounded pebbles
|
"CuEq"
|
Copper equivalent grade, calculated
using assumed metal prices for copper and gold
|
"diamictite"
|
A lithified sedimentary rock that
consists of non-sorted to poorly sorted terrigenous sediment
containing particles that range in size from clay to boulders,
suspended in a matrix of mudstone or sandstone
|
"hematite"
|
A mineral composed of ferric iron
oxide
|
|
|
"hydrothermal"
|
Descriptive of hot magmatic
emanations rich in water
|
"hypogene"
|
Mineral deposits formed by ascending
solutions
|
"IOCG"
|
Iron Oxide Copper Gold - important
deposits of copper, gold and uranium ores hosted within iron oxide
dominant gangue assemblages which share a common genetic
origin
|
"IP chargeability"
|
A method of ground geophysical
surveying which employs the passing of an electrical current into
the ground to test for indications of conductive metallic
sulphides
|
"magnetite"
|
A magnetic iron oxide,
Fe3O4
|
"pyrrhotite"
|
An iron sulphide mineral, Fe1-XS,
often magnetic
|
"splay fault"
|
Plane of failure in faulted body of
rock extending from main structure
|
|
|
"supergene"
|
Descriptive of a mineral deposit,
weathering or alteration formed by descending solutions
|
|
|