Last checked at 10 Aug 2023 07:00
10 August 2023
Galileo Resources Plc("Galileo" or "the Company")
Galileo Makes New Lithium Discovery in Initial Drilling on its Kamativi Project
Galileo Resources plc ("Galileo "or the "Company") is pleased to inform shareholders that initial lithium analyses by an independent accredited laboratory has confirmed the presence of lithium mineralisation over a significant width in the first hole completed at the Kamativi Project in Zimbabwe. Drilling continues to intersect multiple pegmatite dykes, some over notable widths in the same environment.
Highlights
· Strongly positive lithium results from assays of core generated from the first angled drillhole KSDD001 completed at Kamativi.
· Peak values include 4m @ 1% Li2O from 35m downhole depth including an intercept of 1m at 2.04% Li2O within an 18m-wide pegmatite.
· Additional pegmatites with similar mineral characteristics to that returning lithium values in hole KSDD001 have been identified elsewhere in the same hole and in subsequently completed holes - further sampling is currently being undertaken.
· Sampling in hole KSDD001 ended in mineralisation and recent results from soil sampling and visual analysis indicate an extension of the original anomaly over a considerable distance.
· Completion of detailed mapping coupled with the results from KSDD001 show a large target area never previously evaluated that will require additional drilling and an extension of the planned drill programme.
· pXRF analysis has also indicated the presence of anomalous quantities of tin in some pegmatites intersected during drilling.
Colin Bird Chairman and CEO said "A new lithium discovery in the Kamativi region represents a significant find particularly in view of the historic mining and lithium potential in the region and the intersection of high-grade lithium in our first hole is particularly pleasing. Our detailed soil surveys and mapping have identified multiple pegmatites with swarms extending more than 4km in strike length".
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 Terms
"pegmatite" | Very coarse-grained igneous rock which commonly occurs as dykes in granite intrusions. |
Abbreviations
Li Lithium