1 November 2022

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

Update on Fieldwork on Selected Gold and Nickel Targets at Bulawayo Gold Project, Zimbabwe

Galileo Resources plc ("Galileo "or the "Company") is pleased to update shareholders on the detailed follow-up fieldwork on five initial priority gold and nickel targets generated from the recent review of a 1,108km² airborne geophysical survey over the Bulawayo Gold Project (the "Project"). Galileo has a current interest of 29% in the Project, held through its interest in BC Ventures, along with an an option to earn an additional 51% interest through spending $1.5million on exploration and evaluation of the Projects by 21 January 2024. The Bulawayo Gold Project comprises EPO 1783 and EPO 1784 and covers a large 1,300 sq km licence area near Bulawayo with extensive Greenstone Belt rock formations that are host to many small to mid-size quartz reef gold mines and deposits in Zimbabwe.

Highlights

·    Extensions to historic gold mining and artisanal activity in the vicinity of Queens mine: Initial targets have been selected for follow-up of likely gold-bearing structures identified occurring under surface cover extending away from current and historic gold mining activity. Historic gold in soil analyses ranging from 0.5 to 1.0g/t Au are considered highly anomalous and support this follow-up.

·    Two sets of gold-bearing structures west of Queens mine: Two separate targets have been identified with structures known to host gold mineralisation plunging under a shallow sandstone cover to the west of Queens mine. Ground geophysical surveys (Resistivity and Magnetic) are underway. The survey has been completed on the southernmost target revealing structures requiring further investigation. The survey has recently commenced on the northern target.  

·    6km-long greenstone gold target hosting former producing mines: A wide-spaced soil survey has commenced over the target area to confirm the continuity of gold mineralisation ahead of a more detailed survey.

·    Fingo nickel target: A 1.5km-long soil geochemical anomaly with up to 1,700ppm Ni has been highlighted from historic sampling in the Fingo area with an underlying magnetic signature confirmed by Galileo's airborne survey. Infill and extension soil lines are planned on the prospect.

·    New Bembeshi Nickel Target:  Located east of the Fingo Prospect and representing an entirely new potential nickel host that does not appear on the geological maps of Zimbabwe. The underlying geophysical signature is reminiscent of meta-basalt and meta-gabbroic rocks known to host nickel located a few kilometres to the west. Recent soil sampling by the Company has returned encouraging Ni results from preliminary handheld XRF analysis.

·    In parallel with the ongoing exploration, Galileo has commissioned an external geological contractor to build a small-scale mining database for legally held small mining claims within the larger Bulawayo Licence to assist with exploration in the medium-term.

·    All work being undertaken is viewed as a precursor to drilling of delineated targets.

Colin Bird Chairman & CEO said "An extraordinary amount of historic small-scale and artisanal mining has taken place in certain areas within our licences clearly reflecting the presence of significant amounts of gold. The majority of the historic mining is associated with easily identifiable structures and host rocks exposed at surface. With the benefit of modern technology, we are the exclusive owners of the first airborne geophysical survey to be flown over the area in more than 50 years. With this information we have identified many targets for follow up and this early selection of targets represents a small proportion of the total. The nickel potential within the licences appears to have been overlooked historically and with the current nickel price and escalating demand for the metal, we are excited to include nickel exploration in our wider programme. We are now established on the ground with well-drilled exploration teams, and we have recognised the opportunity to start a dialogue with commercial and small-scale miners to share information and if possible, work more closely with groups that have an intimate knowledge of the geology and local mining potential."

Airborne Survey

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 is being used to 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 are being utilised to aid interpretation.

The airborne survey highlighted multiple targets indicative of extensions to gold-bearing structures that in many cases host active or former gold mining activity at both an artisanal and commercial level together with previously unknown geological structures underlying historic nickel in soil anomalies. The initial six target areas represent a small proportion of the targets generated within the two Bulawayo licences.

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. Apart from 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. 

Mafic and ultramafic rocks within Archean greenstone sequences and the Great Dyke are known to host nickel deposits in Zimbabwe. Other mafic-hosted deposits can be found in eastern Botswana on the border with Zimbabwe. Traditionally, among base metals exploited in Zimbabwe, nickel predominates in terms of total production value.

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.

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

Technical Glossary

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