Phase 3 Drilling Results at Shinganda Project

25 March 2025

RNS Number:

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

Phase 3 Drilling Results at Shinganda Project and Phase 4 Exploration, Zambia

The Company has completed logging and initial assaying of rock chips and core from its most recent reverse circulation ("RC") and diamond drilling programmes completed on the Shinganda Licence. Sufficient work has been completed to warrant the implementation of a Phase 4 programme focusing on the Main Fault target. Galileo has a 75% interest in the Project.

Highlights

Phase 3 Drilling

· Recent drilling potentially extends the shallow oxide copper-gold mineralisation reported previously at the Shinganda outcrop zone to an area of 350m x 150m within the large Shinganda Splay Fault zone that is intermittently mineralised over more than 20km.

· Assay results were inconclusive in some areas due to poor diamond drill core and RC chip recoveries owing to unfavourable ground conditions.

· Results included 22m @ 0.34% Cu from 18m depth in RC hole SHRC010, as well as several one metre sample intervals assaying up to 1.13% Cu and 0.16% Co in separate holes.

· A total of 30 holes and 2,213 metres of RC drilling was completed in the recent programme, with six fences of angled short holes drilled to an end of hole length of up to 80 metres, along with 3 diamond drill holes totalling 310m along the Shinganda Splay Fault and Main Fault zones.

· More than half of the known and projected Shinganda Splay structure remains untested by drilling.

Phase 4 Exploration

· A RC drilling profile across the Main Fault at Shinganda intersected intrusive rocks as well as strongly hydrothermal iron-mineralised breccias coincident with magnetic anomalies. These are associated high permeability and fluid flow that provide many of the conditions required for significant accumulations of copper-gold mineralisation.

· The Company will focus further drilling on the identification of structural mineral trap sites related to pressure shadows surrounding the magnetic highs in this extensive IOCG setting.

Colin Bird Chairman & CEO said: "The drill programmes have confirmed the presence of mineralised dilation zones confined to the hematite-rich lithological unit associated with the Shinganda Splay. A better understanding of the scale of mineralisation will in time require further drilling both along strike to pick up the individual mineralised lenses and to test the full extent of each dilation zone.

Before embarking on this programme, we will turn our attention to the Main Fault. Our earlier drilling intersected a substantial iron-rich breccia which is indicative of a permeable host rock through which large amounts of fluid have passed. Combine this with the multiple magnetic anomalies coincident with the larger area and we have a very prospective target where we can look for trap sites likely to produce a redox style trap as well as the pressure shadows associated with the magnetic highs. We will provide shareholders with updates as the programme develops with work planned to commence once the rainy season is over and access is again possible". 

Shinganda location map:

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

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.

Technical Glossary

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

END