GLR.L

Galileo Resources Plc
Galileo Resources - New drill programme for Shinganda
9th August 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 8011Z
Galileo Resources PLC
09 August 2024
 

 

August 9 2024

 

 

Galileo Resources Plc
("Galileo" or the "Company")

 

Phase 3 Drill Programme to Commence at Shinganda

The Board of Galileo Resources Plc ("Galileo" or the "Company") is pleased to confirm the granting of a contract to undertake the Shinganda Phase 3 drill programme to assess up to 10km strike length of Cu - Au mineral-bearing fault structures broadly defined by the Company to date.

 

Highlights

 

·     The planned Reverse Circulation (RC) drilling programme will focus on delineating further shallow, open-pittable copper-gold mineralisation along a combined strike length of about 10km on the Shinganda Main Fault and Splay structures

 

·     The programme objective is to define a substantial resource of supergene mineralisation ranging up to 2% CuEq grade at shallow depths, following on from previous drill intercepts, such as 50.3m @ 1.77% CuEq from 21m depth in Galileo hole SDDD002 and 17m @ 2.00% CuEq from 7m depth in historic Vale hole DH0004.

 

·     Drilling profiles have been selected based on the recommendations of a recently completed geophysical modelling study on the airborne magnetic data as well as knowledge gained from the earlier drill phases.

 

·     Drilling is scheduled to commence about mid-August 2024, with an initial programme of up to 30 holes for 2,400m and possible additional meterage to be determined by the results of the Phase 3 programme.

 

 

 

Colin Bird, Executive Chairman said: "The Shinganda exploration area has met all our expectations and still presents a number of mineral styles to be explored. We have however homed in on zones of clearly defined, structurally controlled copper-gold bearing iron carbonate alteration close to surface with significant strike potential. The drill programme is expected to commence shortly, and we are excited about the specific concession target and the licence area in general. We will keep the market informed of the outcome of the drilling and field work as we progress."

 

 

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.

 

END

 

 

Technical Glossary

 

"Supergene"

Descriptive of a mineral deposit, weathering or alteration formed by descending solutions.

 

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 Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDPPMFTMTBMBPI]]>
TwitterFacebookLinkedIn