Galileo Resources PLC Kamativi Project Update (2664Q)

TIDMGLR

RNS Number : 2664Q

Galileo Resources PLC

17 October 2023

Galileo Resources Plc

("Galileo" or "the Company")

Kamativi Project - Update on Lithium Drilling Programme and Further Exploration

Galileo Resources plc ("Galileo "or the "Company") is pleased to inform shareholders regarding progress on drilling and further exploration on the Kamativi Project in Zimbabwe.

Highlights

-- The Phase 1 drilling programme at Kamativi for lithium and associated elements over a pegmatite-rich area of about 1km x 0.5km has been completed, for 1,428.4m in 10 holes.

-- Mineralisation and alteration similar to that reported in the first hole, KSDD001 (refer to RNS's dated 10 and 21 August 2023), has been observed in several of the subsequent holes.

-- Geological mapping and prospecting has previously identified similar mineralisation/alteration in pegmatite over at least 1.5km strike length which has only been partially drill tested to date.

-- Core logging and sampling is underway, preparing samples for export to the ALS Laboratory in Johannesburg for lithium and associated element analysis.

-- Mineralogical examination of samples from KSDD001 carried out at the University of Zimbabwe has identified spodumene mineralisation in thin sections - further samples will be subjected to full XRD mineralogical examination in South Africa.

-- The Company is also undertaking infill soil sampling over a strong Rare Earth Elements ("REE") soil anomaly in the north-eastern sector of the licence (previous sampling reported up to almost 0.5% REEs in soils) and testing for copper in the southern part of the licence for VMS-type mineralisation.

Colin Bird Chairman and CEO said "We are very pleased with the initial indications from the Phase 1 reconnaissance drilling programme at Kamativi which was aimed to test the mapped pegmatites and their continuity, if any. The programme was expanded from the initial plan to confirm and extend the target zone along strike due to the positive initial results. All the peripheral work is pointing in the right direction, thus representing a very positive start to the overall Kamativi programme. It should be noted that we have only tested part of the anomalous zone to date which supports the prognosis that there is good potential to find mineralisation similar to the nearby Kamativi lithium mine within our concession area.

We also look forward to receiving analytical results for tin which could represent a significant by-product or even a stand-alone target if found in the right quantities. We will continue to inform the market as the programme evolves following this promising start. "

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 Terms

 
 
 "pegmatite"  Very coarse-grained igneous rock which commonly 
               occurs as dykes in granite intrusions.

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October 17, 2023 02:00 ET (06:00 GMT)

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