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Tuesday 13 February, 2018

Galileo Resources

Star Zinc Initial Drilling Update

RNS Number : 7274E
Galileo Resources PLC
13 February 2018
 


 

 

For immediate release

 

13 February 2018

Galileo Resources Plc

("Galileo" or "the Company")

Star Zinc Initial Drilling Update

 

Galileo is pleased to provide the following initial drilling update on the Star Zinc project ("Star Zinc") in Zambia.  Galileo has a 51% interest in Star Zinc (with a right to increase this to an 85% interest). This update covers the first 750 metres (m) of a proposed estimated 1500m drilling campaign at Star Zinc.

Summary

 

·     More than 750  m diamond core drilling (19 holes) completed to date on Star Zinc to depths of up to 70m

·     Thirteen holes (vertical and inclined) intersected high-grade zinc (Zn) mineralization (willemite-hematite-calcite) over a strike length, to date, of approximately 100m

 

·     Based on preliminary hand-held XRF spectrometry, the high-grade Zn intersections range from average a 15% Zn to 28% Zn over 7m to 15 m down hole.  

 

·     XRF point analyses obtained of up to 52% Zn

 

·     Low to medium-grade Zn mineralised intervals also intersected   

·     The ore body remains open and several other peripheral and outlying geophysical and geochemical anomalies remain untested

·     The area presently being drilled lies approximately at the centre of a newly delineated 4.4kilometre (km) long geochemical anomaly: +100ppm Zn (based on hand held XRF apectrometer assays).  

·     Next exploration phase is to continue drilling, embark on modelling of the data, in order to delineate the high grade mineralisation and metallurgical testing

 

a   average of regular spaced point readings (3 times) over the mineralised intersection . Whole length core samples are being submitted for independent and complete assay and will be announced in due course

 

Colin Bird, Chief Executive Officer,  said:  "This drilling programme has to date produced encouragingly high grade zinc intersections, that is leading us to revise our understanding of the geology of the deposit from that historically described by Charter Consolidated and others. We will continue drilling and embark on data modelling, in order to create a signature for and delineate the distribution of the various grades of mineralisation.

The historic model of mineralisaion of  Star Zinc,based entirely on vertically  drilled holes, suggested the mineralisation forms two irregular tabular lenses dipping shallowly both east and west of the Pit.  Although the geological and structural controls on mineralisation are still to be fully understood, the latest drill data suggest the highest grade and thickest mineralizations are  associated with a series of E-W faults (possible feeders.)"

 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Technical Sign-Off

Andrew Sarosi, Director of Galileo, who holds a B.Sc. Metallurgy and M.Sc. Engineering, University of Witwatersrand and is a member of the Institute of Materials, Minerals and Mining, is a "qualified person" as defined under the AIM Rules for Companies and a competent person under the reporting standards. The technical parts of this announcement have been prepared under Andrew's supervision and he has approved the release of this announcement.

 

 

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact:

Galileo Resources PLC

Colin Bird, Chairman

Andrew Sarosi, Executive Director

Tel +44 (0) 20 7581 4477 

 

Tel +44 (0) 1752 221937

 

 

Beaumont Cornish Limited  - Nomad 

Roland Cornish/James  Biddle

Tel +44 (0) 20 7628 3396

 

 

Beaufort Securities Limited - Broker

Jon Bellis/Elliot Hance

Tel +44 (0) 20 7382 8416

 

The Star Zinc Project

The Company recently acquired a 51% interest (right to potential 85% interest) in the Star Zinc project, a historical, high-grade zinc open pit mine operated intermittently in the 1950s to 1990s. The Zn mineral is predominantly willemite  (zinc silicate) hosted in mainly limestone and dolostone (dolomitic rock). The Star Zinc project has a 4-year exploration licence commencing 14 August 2014. The Project is in the process of applying for a renewal of the licence for a further 4-year period.

An Independently verified non-JORC compliant hard rock resource has been estimated at 275,166 tonnes @ 20.2% Zn with a cut-off grade of 14% Zn  ("pragmatic case") based on historical approximately 59 diamond drill holes for total 2,578m.  At cut off grade of 12% Zn non-JORC resource tonnage increases (18%) to 325,941 tonnes @19.1% Zn  (11% increase in Zn metal).

In addition, karstic fill deposits and red soil are locally heavily mineralised with detrital willemite and supergene zinc minerals, which may provide further potential increase to the known resource.

Mineralisation is interpreted to form two shallowly dipping lenses east and west of the open pit, mineralisation of which is around 40m deep, based on the independent model used for the resource calculation.    

A number of sub vertical structures recognised in pit outcrop suggests possibility of both vertical and horizontal control of Zn mineralisation.

The Willemite at Star Zinc, fluoresces a bright green in short wave UV light, a mineral characteristic that may find an application in optical sorting.  Willemite also, is denser (3.9 g/cm3) than the dolomitic  (2.9 g/cm3) host rock, a feature that may find an application in heavy medium separation process, with the potential for reducing the acid consuming dolomite in the ore.  

Preliminary metallurgical testwork indicates that the ore is amenable to acid leaching with more than 90% of the zinc leached into solution.   

The Company has committed to undertake an 18-month work programme ("Programme") at a cost of US$250,000 using reasonable endeavours to complete a preliminary economic assessment of Star Zinc ("PEA"), following which further new shares in Enviro Zambia, the owner of the Project will be issued to Galileo to increase its aggregate equity interest in therein to 85%; accordingly it expects the Programme to meet this obligation.

Glossary

Detrital                loose fragments or grains that have been worn away from rock

Calcite                  mineral of calcium carbonate

Dolomite             mineral composed of calcium magnesium carbonate

Dolomitic            pertaining to dolomite  

Floats                    pieces of rock that have been removed and transported from their original outcrop

Hematite             a reddish-black mineral consisting of ferric oxide. It is an important ore of iron.

Karstic                  pertaining to landscape underlain by limestone (calcium carbonate), which has been eroded by dissolution, producing ridges, fissures and so on

 

Leaching              chemical process of solubilising metals in rock into solution

ppm                       parts per million

XRF Spectrometer           analytical instrument for determining chemical composition using x-ray fluorescence  

 

Supergene           pertaining to processes or enrichment that occurs relatively near surface 

Willemite           zinc silicate ore mineral


This information is provided by RNS
The company news service from the London Stock Exchange
 
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