4 March 2025

RNS Number: 1602Z

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

Kalahari Copperbelt Geophysical Survey Highlights Potential Drill Targets

Galileo is pleased to provide an update on further exploration work undertaken over certain of its 100% owned Retained Licences in the Kalahari Copperbelt ("KCB"). As referenced in the Interim Results announced on 30 December 2024, drill targets have now been defined following a recently completed Induced Polarisation ("IP") geophysical survey on five profiles across two of its KCB prospecting licences PL039/2018 and PL040/2018 in Botswana where it is searching for sediment-hosted copper-silver deposits in a region with several new operating mines and recent discoveries.

Highlights

·      Chargeability/resistivity anomalies were observed on all five IP lines surveyed across both licences, most of which are supported by anomalous soil geochemistry in the vicinity of the target D'Kar-Ngwako Pan contact.

·      The chargeability/resistivity anomaly on PL039, Line 1 in particular emerges as a compelling drill target, based on:

o  Location on the crest of the 'Galileo' Fold, analogous to the adjacent Mowana Fold which has been shown to be copper mineralised in drilling carried out by Khoemacau and Arc Minerals.

o  Strong IP chargeability/resistivity anomaly apparently coincident with and down-dip of the target D'Kar-Ngwako Pan contact with possible structural controls.

o  Coincident Terraleach copper soil anomaly lying directly over the up-dip part of the chargeability anomaly.

o  Previous Galileo drilling in the area where re-logging has provisionally identified traces of copper mineralisation in several of the holes at the target horizon level.

·      It is now planned to undertake pXRF geochemical analysis of the previous drill core on both prospecting licences to confirm the presence of copper mineralisation and its quantity, where present.

·      A follow-up drill programme will be prepared which will test both the PL039/2018 Line 1 target and other geophysical targets supported by the planned pXRF analytical work on earlier drill core with reported copper traces.

Colin Bird Chairman & CEO said: "The previous work undertaken by the Company on these two licences identified anomalies based on soil geochemical surveys located close to the southeastern basin margin of the Kalahari Copperbelt. We know from previous work including our own scout drilling that these targets within the two licences were prospective and the recently completed follow-up ground geophysical surveys have delivered well-defined targets that clearly justify a commitment to a drill programme. We note in a previous announcement that our external geological consultant believed that the orientation and wide separation of the scout drilling results offers scope for the development of economic mineralisation to sit between the historic drillholes. Thus the latest results provide powerful motivation to pursue the newly confirmed geophysical targets with vigour. We look forward to providing shareholders with further updates once the drill programme has been approved by the Galileo Board ". 

Previous scout drilling by Galileo revealed the correct prospective lithological sequence most typically associated with mineralisation in the region leading the external consultant to advise that the orientation and wide separation of these scout drill holes would readily allow for the development of an economic style deposit to sit between them. Galileo followed up with ionic leach soil sampling resulting in the discovery of the current anomalous targets.

Survey background

Five Insight Gradient Array IP profiles totalling 12.725km were completed by 3D Earth Exploration contractors on PL039/2018 (3 lines) and PL040/2018 (2 lines). The profiles were chosen based on geological interpretation, aeromagnetic data and Terraleach soil sample results and were designed to test the effectiveness of the methodology to penetrate the sand/soil cover and provide meaningful information on geology, structure and potential mineral occurrences of interest.

It is clear from the results received that penetration to bedrock was achieved on all lines surveyed through 60m+ overburden cover.

The raw field data was then processed by a Senior Geophysical Consultant to produce inversion plots to assist with target delineation.

PL039/2018 Profile of Line 1 Target - IP Inversion of a Stacked Schlumberger Section with Chargeability (top) and Resistivity (below). Mobile Metal Ion (TerraLeach -TL1) soil sampling line with coherent soil and IP anomaly located above the D'Kar/Ngwako Pan Formations contact interpreted from regional airborne magnetic, airborne electromagnetic and gradient array IP data. Thick black line shows the interpreted contact while the thinner black lines demarcate changes in lithology in the D'Kar Formation.

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

Technical Glossary

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").

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. Nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.