Last checked at 15 Jun 2023 07:00
15 June 2023
Galileo Resources Plc
("Galileo" or "the Company")
Commencement of Drill Programme over Kamativi Lithium Project, Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") is pleased to inform shareholders that preparations for a drill programme have commenced over the Kamativi lithium - tin target where the Company announced the discovery of a previously unknown lithium anomaly in soils and streams (see RNS dated 23 March 2023).
Highlights
· A contract has been signed by the Company for a diamond drilling programme following on quickly from the discovery of a substantial lithium anomaly in soils on the Kamativi licence EPO 1782 adjoining the historic Kamativi tin-tantalum mine (in which Galileo does not have an interest) which contains a significant lithium tailings resource.
· Galileo's Kamativi soil anomaly, which peaks at 1,000ppm Li, extends over a strike length of almost 3km, comparable to the footprint of the Arcadia Lithium Project near Harare, considered to be one of the world's biggest hard rock lithium resources.
· A swarm of coincident pegmatite dykes has been mapped within the anomaly area which will be targeted in the first phase of drilling, with approximately 1,000m of drilling planned in at least 10 holes.
· Other anomalies will be evaluated and drill-tested in due course. This will include one area particularly anomalous in rare earth elements.
Colin Bird Chairman and CEO said "We have quickly moved from the discovery of a widespread lithium soil anomaly to the commencement of a drill programme at Kamativi. The anomaly is substantial, and we believe it is highly significant that the target is comparable in size to other large lithium deposits including the 42.3Mt Arcadia deposit also located in Zimbabwe. We will quickly evaluate the target with an initial drill programme to test the stacked lithium-bearing pegmatites and results will determine the extent of follow up drilling. The programme will also assess tin prospectivity as the recent soil and rock chip programmes also identified areas anomalous in tin".
Kamativi Lithium Project
The Kamativi licence EPO 1782 covers an area of 520 sq km in western Zimbabwe. Galileo has an option to earn an 80% interest through spending a combined total of $1.5million on exploration and evaluation in the Project area and over the Bulawayo gold-nickel property by 21 July 2024.
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
Colin Bird, Chairman | Tel +44 (0) 20 7581 4477 |
Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle | Tel +44 (0) 20 7628 3396 |
Novum Securities Limited - Joint Broker Colin Rowbury /Jon Belliss | +44 (0) 20 7399 9400 |
Shard Capital Partners LLP - Joint Broker Damon Heath | Tel +44 (0) 20 7186 9952 |
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").
Technical Glossary
"pegmatite" | Very coarse-grained igneous rock which commonly occurs as dykes in granite intrusions
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"tailings" | Reject products from a mineral treatment plant |
"tantalum" | A metallic mineral used in a variety of alloys to add high strength, ductility and a high melting point
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Abbreviations
Li Lithium