Galileo unveils two new copper targets within Kalahari Belt

(Sharecast News) - Galileo Resources unveiled two additional copper targets within the Kalahari Copper Belt on Thursday, following the recent discovery of three targets on PL253/2028. The AIM-traded firm said the newly identified targets were the result of a 'Terraleach' soil geochemical survey conducted on licences PL039/2018 and PL040/2018, situated in the southeast region of the Kalahari Copper Belt.

Earlier scout drilling by Galileo identified the appropriate lithological sequence commonly associated with mineralisation in the area.

The board said the discovery led external consultants to suggest that the well-spaced scout drill holes were conducive to the development of economically viable deposits in between.

Galileo conducted ionic leach soil sampling, leading to the detection of the current anomalous targets.

The company said the new geochemical targets on Galileo's licences shared a geological setting known as 'the Galileo Fold,' which bore resemblance to the geological formations explored by Khoemacau Copper Mining, coinciding with the Mowana Fold axis and zones five and nine mineralisation.

That, the board said, was further supported by recent drill intercepts reported by Arc Minerals on the adjoining Virgo Project.

Khoemacau reported notable drill intercepts at Mowana, including 4.3 metres with 1.65% copper and 6.1 metres with 2.56% copper.

Arc also conducted scout drilling on the same structure in an adjacent licence, reporting one-metre intervals with assays of up to 3.65% copper.

On PL039/2018, the anomalous soil results were closely linked to the plunge nose of the Galileo Fold structure.

Meanwhile, PL040/2018 revealed three geochemical targets, with the southernmost target extending over 2.8 kilometres.

Galileo said it was currently assessing available geophysical data, and intended to proceed with a drill programme focussing on priority targets.

"Following on the back of the recently announced discoveries on PL253/2028 to the north of these licences our new targets are very encouraging particularly when you consider that the copper values in soils on PL39/2018 define an area independently assessed to be directly analogous to the Khoemacau/Arc Mowana Fold prospect," said chairman and chief executive officer Colin Bird.

"The scale of our discoveries should also not be overlooked for example, the southern target on PL40/2018 is the same size as Khoemacau's Zone 5 target.

"In the coming months we will undertake further work to pin down drilling targets in this exciting area."

At 1214 GMT, shares in Galileo Resources were up 1.74% at 1.17p.

Reporting by Josh White for Sharecast.com.