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Galileo Resources - Commencement of Exploration: Kalahari Copper Belt

RNS Number : 8212V
Galileo Resources PLC
12 August 2020
 

                             

For immediate release

 

12 August 2020

Galileo Resources Plc

("Galileo" or "the Company")

 

Commencement of Exploration on Kalahari Copper Belt

 

Galileo Resources plc ("Galileo "or the "Company") is pleased to announce that it has approved start-up of exploration on its' 100% held property in the highly prospective Kalahari Copper Belt ("KCB") in western Botswana.

 

Highlights

·     Galileo has approved commencement of exploration programs on Kalahari Copper Belt licences PL40/2018 and PL39/2018 aimed at defining targets for initial drill testing

·     Exploration will include Heliborne-Electromagnetic (EM) geophysical surveys and a reconnaissance soil sampling survey - techniques which have led to discovery of several major copper-silver deposits in the region

·     Galileo licences are interpreted by management to have similar geological settings to Cupric Canyon Capital's Zone 5 and Zone 5N deposits, situated only 25 kilometres due west (which are a subset of a combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including 185Mt @ 2.0% Cu and 27g/t Ag)

·     PL40/2018 and PL39/2018 also lie along strike of Sandfire Resources' T3 and A4 copper-silver deposits, as well as Cupric's Banana Zone and Eland Zone copper deposits, situated 140km to the southwest

Colin Bird Chairman & CEO said: "We are pleased to announce the commencement of exploration activities on Kalahari Copper Belt (KCB) tenures PL40/2018 and PL39/2018. Initial exploration will include Heli-EM and soil sampling surveys, which are routine exploration techniques within the KCB and have been responsible for the identification of multiple prospects that have become copper-silver mineral deposits for companies such as Discovery Metals, Cupric Canyon and MOD Resources."

Geological Setting and Comparison to Other Projects

The interpreted geological setting beneath the Kalahari overburden for the area covered by PL40/2018 and PL39/2018 has been interpreted from the regional aeromagnetic and EM data. This area has strong similarities to the synclinal geological setting that hosts Cupric Canyon Capital's ("Cupric") Zone 5 and Zone 5N deposits, situated only 25 kilometres due west. The Zone 5 and Zone 5N deposits are part of the world-class Khoemacau Copper-Silver Project with a combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including 185Mt @ 2.0% Cu and 27g/t Ag - refer to Cupric's website www.khoemacau.com for details. The Galileo licences also lie 140km along strike from Sandfire Resources' (ASX:SFR) Tshukudu Exploration Project that comprises the T3 Copper-Silver Project (60Mt @ 0.98% Cu & 13.6g/t Ag), where a feasibility study is currently in progress, and the recently discovered high-grade copper A4 Dome Prospect. 

The regional synclinal settings of Galileo's PL40/2018 and PL39/2018 and Cupric's Zone 5 and Zone 5N deposits are separated by a large-scale horst/anticlinal zone. The original basin bounding extension faults that are interpreted to be situated on the margins of the horst/anticline zone are believed to have been the conduits for metal-enriched, hydrothermal fluids. Typically, when these fluids reach D'kar Fm/Ngwako Pan Formation REDOX boundary, copper-silver sulphides are precipitated.

Proposed Initial Exploration Program

Historically, the two main exploration tools that have been responsible for the discovery of all the copper-silver deposits throughout the KCB are soil sampling and electromagnetic (EM) surveys. Where the Kalahari overburden is relatively shallow, copper anomalism in soils has delineated sub-surface copper mineralisation, while in areas of deeper Kalahari overburden, more mobile elements, such as lead (Pb) and zinc (Zn), have been utilised as indirect pathfinders.

EM surveys have mainly been utilised as an exploration tool for understanding the geological setting of the various KCB stratigraphic units under the Kalahari overburden. Modelling of the conductive response from the well-established Carbonaceous Marker Horizon allows for the relatively easy interpretation of the location and drill targeting of the prospective D'kar Fm/Ngwako Pan Formation contact at depth. However, in some instances where the copper mineralisation is predominantly composed of chalcopyrite, such as at T3 and A4 Dome, EM surveys have also been successful in directly detecting copper mineralisation.

The initial Galileo exploration program is aimed at defining the most prospective structural setting for sulphide accumulations within PL40/2018 and PL39/2018, as well as possible direct geochemical signatures. The juxtaposition of a soil geochemical anomaly and a dome feature in the EM data represents the highest priority target for drill testing.

 

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Galileo. Mr Slowey is a graduate 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

 

 

 

 


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