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Pin to quick picksGalileo Resourc Share News (GLR)

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Galileo Resources makes progress at Glenover, Bulawayo

Wed, 22nd Mar 2023 17:06

(Sharecast News) - Galileo Resources reported progress in two major areas in an update on Wednesday, being the Afrimat option to sell shares in Glenover, and the target delineation over the Bulawayo Gold Project in Zimbabwe.

The AIM-traded firm said that in relation to Glenover, the South African Competition Commission had approved Afrimat's acquisition of Glenover Phosphate.

However, the final approval from the country's Department of Mineral Resources and Energy was still pending.

Regarding the Bulawayo Gold Project, Galileo said it had conducted wide-spaced soil sampling traverses along the northern part of the Bembeshi Trend.

The results delineated a 1.5 kilometre-long gold anomaly, with individual soil samples returning analytical values of 231, 523 and 1,458 parts of gold per billion.

Mapping confirmed that gold mineralisation along the Bembeshi Trend was controlled by north-west and north-north-west trending shears, and was associated with key lithological contacts.

Additionally, Galileo said it had completed more detailed soil sampling along the Bembeshi Trend, and submitted them for analysis.

A detailed ground magnetic survey at the Queens West area also identified seven priority targets, with five already followed up by soil sampling, mapping, and prospecting.

Preliminary analysis of soil samples using a hand-held pXRF unit showed strong anomalism for elements that commonly accompany gold, such as arsenic and antimony.

Soil and rock samples collected at Queens West had now been dispatched for laboratory gold analysis, as pXRF analysis is not effective for gold.

Given the encouraging results to date from both the Bembeshi and Queens West areas, Galileo said it had extended the initially planned sample programmes, and deferred proposed drilling in the first quarter, with the aim of drill testing a wider range of targets as soon as the additional sample results were received and processed.

"We are very pleased with the progress of our gold projects in Zimbabwe," said chairman and chief executive officer Colin Bird.

"A combination of the significant level of small-scale mining activity in the area, combined with the results of our own geophysics and geochemistry has added to our confidence and we look forward to drill testing the targets we have generated as soon as all results are to hand."

At 1604 GMT, shares in Galileo Resources were flat at 1.03p.

Reporting by Josh White for Sharecast.com.

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21 Aug 2023 20:48

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10 Aug 2023 11:50

Galileo Resources makes "high-grade" lithium discovery at Kamativi

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24 Jul 2023 11:46

IN BRIEF: Galileo Resources intersects pegmatite at Kamativi target

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27 Jun 2023 13:38

Galileo exercises option to acquire 51pc of Shinganda project

(Sharecast News) - Galileo Resources has exercised its option to enter a joint venture and acquire a 51% interest in the Shinganda Copper-Gold Project in Zambia, it announced on Tuesday.

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27 Jun 2023 11:52

Galileo optimistic of returns after exercising option for Shinganda

(Alliance News) - Galileo Resources PLC on Tuesday said that it has exercised the option to enter a joint venture and be issued a 51% interest over the Shinganda copper-gold project in Zambia.

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15 Jun 2023 11:53

Galileo preparing for Kamativi drill programme

(Sharecast News) - Galileo Resources announced on Thursday that preparations for a drill programme had started over the Kamativi lithium-tin target, where it announced the discovery of a previously-unknown lithium anomaly in soils and streams in March.

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15 Jun 2023 11:39

IN BRIEF: Galileo starts preparing for Kamativi drill programme

Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Starts preparations for Zimbabwean Kamativi lithium-tin project drilling programme. Says the Kamativi soil anomaly area will be targeted in the first phase of drilling, with around 1,000 metres of drilling planned in at least 10 holes. Says the programme will also assess tin prospectivity. Adds other anomalies will be evaluated and drill-tested in due course.

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9 Feb 2023 12:36

IN BRIEF: Galileo Resources reports resource estimate for Launsobe

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18 Jan 2023 19:03

TRADING UPDATES: Galileo confirms gold zone; Spectral hails results

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