For immediate release

16 August 2022

Galileo Resources Plc

("Galileo" or "the Company")

Interpretation of Airborne Geophysical Surveys and Gold Target Selection at Bulawayo Gold Project, Zimbabwe

Galileo Resources plc ("Galileo "or the "Company") is pleased to provide shareholders with an update following receipt of a final interpretation report on the 1,108km² airborne geophysical survey ("Survey") and the delineation of a significant number of targets for immediate follow up. The interpreted geophysical data has been circulated around the Company's technical group and the Group's conclusions and those of the independent consultants can be found in the highlights.

Highlights

·    Multiple gold targets have been identified based on the interpretation of the recent high quality Xcalibur Airborne Geophysics (Pty) Ltd's aeromagnetic and radiometric survey. Targets are associated with prospective lithologies and geological structures known to provide the setting for both historic gold producers and operating mines within the two exploration licences ("the Licences") that comprise the Bulawayo Gold Project.

·    The Survey has successfully mapped magnetic greenstone lithologies, the most likely host for gold mineralisation in the region, together with geological structures, which typically act as conduits for mineralising fluids. These greenstones have remained unexplored, hidden beneath relatively shallow alluvial and Karoo sandstone cover.

·    North-south, northwest-southeast and northeast-southwest regional shears and splays that have hosted former producing gold mines, such as the historic Queen's Group mines, are prevalent and can be seen extending under cover, therefore offering specific targets for follow up.

·    Granite intrusions detected in the Survey which are the likely heat driver and source of mineralising fluids are intruded into the greenstone country rock and associated with faulting around the contact of the granite bodies, offering further optimal settings for mineralisation.

·    There are numerous targets which have been generated within the various prospective areas of the Licences and the Company is currently prioritising targets for further exploration, integrating the new geophysical data with existing gold deposit and soil geochemical datasets. Shareholders can expect further announcements once a target hierarchy has been established. 

Colin Bird Chairman & CEO said "The area covered by our licences and the recent airborne survey has historically been a prolific source of small-scale gold mines and continues to support operating mines today. Our mission was to examine the potential for a major gold system and evidence certainly points to the possibility of a large gold system discovery. The team is currently on the ground, prioritising targets for follow up and the main targets will be drilled as soon as possible."

Airborne Survey

The Survey comprised an Xcalibur aeromagnetic - radiometric survey, flown at low-level (35m) and on 100m line spacing. The low-lying topography and limited powerlines crossing the survey area allowed for low-level flight and an extremely high-quality data set for interpretation. A small area of the Survey had been previously flown by another recognised contractor at 60m elevation and on 75m line spacing and this data was re-interpreted along with the newer Xcalibur data set.

The objective of the survey and subsequent interpretation was to map both magnetic greenstone lithologies under cover and geological structure, in as much detail as possible. The interpretation will then direct further exploration, particularly in the thinly covered areas. The known gold occurrences, soil geochemical data, mines and mining claims in the area provide additional layers of data that will be used to aid interpretation.

Project Geology

The area surveyed is a granite-greenstone terrane in which numerous gold occurrences and gold mines are located. The greenstones consist of andesitic to rhyolitic meta-volcanics mixed with various meta-sediments and gold mineralisation characteristically occurs in quartz vein "reefs" and quartz-rich shear zone settings. With the exception of a granite outcrop in the southeast part of the area under licence, the northern, western and central parts are partially covered by Karoo sandstone and basalt, as well as some Kalahari sand. The extensive nature of younger cover historically discouraged exploration where outcrop was absent. These covered areas, particularly where greenstone host rocks and coincident geological structures have been interpreted, now offer a unique opportunity for the discovery of new gold deposits. 

Gold Mining in Zimbabwe

Zimbabwe has long been a significant gold producer, primarily from Greenstone Belt quartz 'reef' deposits. The largest current producer is Caledonia Mining Corporation Plc from its Blanket Gold Mine, which currently operates at a depth of about 750m below surface on multiple ore shoots and produced approximately 55,000 ounces of gold in 2019. A new deepening of the mine will raise production to 80,000 ounces from 2022 and extend the mine life. To date, in excess of 1 million ounces of gold have been produced from the property.

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, P.Geo, 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.

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For further information, please contact: Galileo Resources PLC

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