5 March 2025

RNS Number: 5058Z

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

Licence 28001 Update, Western Foreland, NW Zambia

The Company is pleased to provide an update on exploration and drilling on Licence 28001 - HQ - LEL in Northwest Zambia. The Licence located within the Western Foreland geological domain is targeting combinations of lithology typically associated with redox fronts analogous to Kamoa-Kakula-type copper mineralisation. 

Highlights

·    Drilling of two holes totalling 706.4m successfully established the stratigraphy of the wider licence area and have informed future exploration with regard to hole location and priority stratigraphic sequences most likely to generate redox fronts and therefore potential copper mineralisation.

·   Detailed ground geophysics, interpretation of historical geophysical data, mapping and stream sediment sampling has established that portion of the Licence most likely to host the geological and architectural features required for Kamoa - Kakula-type mineralisation.

·   Priority areas within the Licence have been identified and planning for follow-up work is underway to ensure exploration can commence at the end of the current rainy season with the aim of identifying focussed targets for drill testing.

Colin Bird Chairman & CEO said: "Galileo is undertaking geological exploration in its truest sense in the Western Foreland where it has been necessary to first drill to verify that the Licence is located within the Western Foreland domain.   The potential benefits for successful exploration and discovery is significant particularly as the Western Foreland in neighbouring DRC hosts the second richest copper mines in the world. We have now reduced our search area to the most prospective parts of the Licence and look forward to the next exploration campaign after the rainy season".   

Western Foreland Exploration

The Licence overlays the Western Foreland geological domain. The known extent of the Western Foreland overlies Northwestern Zambia, neighbouring DRC and Angola (Figure 1).

Figure 1: Galileo Licence (blue outline) and boreholes drilled in 2024.

Recent discoveries by Ivanhoe, within the DRC's extension of the Western Foreland, reaffirmed the stratabound nature of mineralisation, governed by redox fronts associated with particular combinations of overlying strata.

Mapping, geophysical interpretation and focused ground magnetic surveying was undertaken to infer stratigraphy and determine the best locations for diamond drilling. Two diamond core holes, totalling 706.4m were drilled. The holes established the stratigraphy of the targeted area and will help direct future drilling.

The 2025 exploration programme will focus on the potential redox boundaries inferred from the defined stratigraphy. A focused soil and stream sediment survey, followed by ground electro -magnetic (EM) surveying is planned. Positive results will be followed up with diamond core drilling.

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.