Latest News
Galileo Resources Acquires Copper Assets in Botswana
Friday 22 May 2020

UK-based copper exploration and development company Galileo Resources Plc (LSE: GLR) has completed the acquisition of 100% of Botswana- incorporated Crocus-Serv Ltd, the company said.

Crocus's assets include 21 exploration prospecting licences of which 19 are in the highly prospective Kalahari Copper Belt and 2 are in the Limpopo Mobile Belt in the western and north eastern Botswana respectively.

The PLs cover a total 14,875 square kilometres

In terms of the HoA, the company has issued as consideration a total 38,814,246 new Galileo ordinary shares of 0. 1p at 0.42p each to Crocus and will make a cash payment of GBP 10,828.

In the Kalahari Copper Belt, the agreement covers 19 prospecting licences extending over 14,564km2 located approximately 500km to the northwest of Gaborone, the capital of Botswana.

The KCB extends for over 800km of strike and contains multiple recent copper-silver discoveries, which are generally stratabound and hosted in metasedimentary rocks. The geological setting is comparable to that of the Central African Copper Belt and the Kupferschiefer in Poland.

Galileo plans to review limited historic exploration information and to focus on the base of the prospective Proterozoic D'Kar Formation in fold hinge settings.

Follow-up is envisaged to encompass acquisition of available airborne magnetic data, ground geophysical surveying, including detailed magnetics and EM, along with soil geochemistry, with initial targeting close to known copper-silver discoveries.

The Limpopo Mobile Belt project comprises 2 PLs covering 311km2 on land located about 400km northeast of Gaborone, near the border with Zimbabwe, viz. PL048/2018 (Sampowane) and PL049/2018.

The LMB is a wide zone of continental collision traversing parts of Botswana, Zimbabwe and South Africa. The Galileo licences are located along the northern margin of the LMB within Botswana.

The underlying geology comprises a sheared package of metamorphic gneisses of Archaean age enclosing mafic-ultramafic intrusive rocks. These intrusives are prospective primarily for nickel and copper massive sulphides.

Along this section of the LMB, Botswana Metals Ltd. ('Botswana Metals') operated the major Selebi Phikwe Ni-Cu mine, with reported original resources of 150Mt @ 1% Ni, 0.9% Cu.

In addition, several smaller deposits have been discovered and are currently being explored along this sector of the LMB, some of which also contain significant concentrations of platinum group elements.

The Sampowane licence is located only 15km from the Selebi Phikwe mine. Historic exploration on the property comprised mainly EM (electro-magnetic) geophysics and limited RC/diamond drilling by Falconbridge and Botswana Metals.

This defined an EM target that extends for over 1km. Several drill holes along this target are reported to have intersected a narrow zone of Ni-Cu mineralisation, with the best drill intercept assaying 0.47% Ni, 0.20% Cu, 0.43g/t Pd over 4.0m.

A number of further mafic/ultramafic occurrences on the property returned anomalous copper values from grab samples but these have not yet been tested.
Details
Date Published: 22/05/2020

Options