17:00 Thu 21 May 2020
Galileo Resources - Acquisition of Copper Assets & Issue of Equity
For immediate release
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
("Galileo" or "the Company")
Acquisition of Copper Exploration Assets in
Issue of Equity
In terms of the HoA, the Company has issued as consideration a total 38,814,246 new Galileo ordinary shares of 0. 1p at 0.42p each to Crocus (the Consideration Shares) and will make a cash payment of
Furthermore, the Company confirms that it has also issued a total of 26,505,000 fully paid ordinary shares in the Company (the "New Ordinary Shares") pursuant to the exercise of warrants in terms of the Placing Agreement dated
Following the issue of the above Consideration Shares and New Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has 623,131,193 ordinary shares in issue, all of which have voting rights. Shareholders in the Company may use this figure as the denominator for the calculation, by which they would determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Acquisition Prospectivity
In the Kalahari Copper Belt ('KCB'), the Agreement covers 19 prospecting licences ('PLs') extending over 14,564km2 located approximately 500km to the northwest of
Among recent discoveries in the KCB are
The deposits in the belt are generally blanketed by Kalahari sands, ranging from 2-60m in thicknesses which have kept them hidden from discovery until recent times.
PL's included in the Galileo package are interpreted to cover a strike length of more than 200km of favourable geology with multiple targets. Some of the PLs previously formed part of the MOD Resources (now Sandfire) and Cupric's landholding and therefore have had limited historical exploration. The remainder of the ground represents more-or-less blue-sky exploration territory within the belt.
Several of the PLs lie within 15km of Sandfire's T3 deposit and A4 Dome (Tshukudu) discovery, as well as Cupric's
Galileo plans to review the limited historic exploration information and to focus on the base of the prospective Proterozoic D'Kar Formation in fold hinge settings. Follow-up is envisaged to encompass acquisition of available airborne magnetic data, ground geophysical surveying, including detailed magnetics and EM, along with soil geochemistry, with initial targeting close to known copper-silver discoveries.
The Limpopo Mobile Belt ('LMB') project comprises 2 PLs covering 311km2 on land located about 400km northeast of
The LMB is a wide zone of continental collision traversing parts of
Along this section of the LMB,
The Sampowane licence is located only 15km from the Selebi Phikwe mine. Historic exploration on the property comprised mainly EM (electro-magnetic) geophysics and limited RC/diamond drilling by
PL049/2018 lies further to the east within an area where many Ni-Cu prospects have been discovered, several immediately adjacent to the property. Extensive historic exploration over the district, most recently by Botswana Metals, highlighted a series of EM conductors along a 40km trend aligned east-northeast. Several of these conductors were followed up with drilling, which located Ni-Cu-PGE deposits at a number of localities, including some very proximal close to PL049. The Maibele North project, which lies less than 1km to the north of PL049/2018, hosts a(JORC 2012) Resource of 2.38 million tonnes at 0.72% nickel, 0.21% copper and 0.63g/t PGE's, plus gold, with potential for further extensions. In addition, the Dibete Prospect, which is surrounded by the PL049, was extensively drilled by Botswana Metals with intercepts up to 11m @ 4.5% Cu, 229g/t Ag and 17m @ 2.7% Cu, 41g/t Ag reported from cross-cutting structures.
No drilling is known on PL049but EM images show similar conductive features tracking through the licence which are untested and can have potential for massive sulphide mineralisation. These will be priority targets for follow-up by Galileo, utilising geological mapping/prospecting, soil geochemistry, ground geophysical surveying and drilling.
Technical Sign-Off
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact:
|
Tel +44 (0) 20 7581 4477 Tel +44 (0) 1752 221937 |
|
Tel +44 (0) 20 7628 3396 |
|
+44 (0) 20 7399 9400 |
|
Tel +44 (0) 20 7186 9952 |
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE