Galileo Resources to drill-test Queen’s Mine area
UNITED Kingdom-based Galileo Resources says new soil analytical results around the Queen’s Mine area located close to Bulawayo show the existence of a number of substantial gold targets with the mining house indicating that commencement of drill-testing is set for the end of the third quarter.
The mining entity says the new targets represent extensions of known gold-bearing structures that typically host both commercial and small-scale gold mining operations in the Queen’s mine region.
The AIM-traded company said several drill targets will be selected ahead of the commencement of an evaluation programme to test gold-bearing structures at a range of depths below surface.
Added to that, further soil sampling has also been carried out to test geochemical responses over other structural targets in the area.
“Galileo Resources plc is pleased to inform shareholders of the discovery of a number of substantial gold targets based on new soil analytical results in the area around the Queen’s mine located close to Bulawayo, Zimbabwe,” it said in a shareholder update.
Chief executive officer and chairman, Mr Colin Bird said “The recent completion of a gold-in-soil geochemical survey in the prolific Queen’s area has been highly successful in that it has clearly defined a number of targets where we have gold associated with underlying structures that extend from known mineralisation that has sustained both commercial and artisanal mining.
“Our intention now is to prioritise anomalies with a view to commencement of drill-testing by the end of the Third Quarter 2023”.
Zimbabwe is looking to grow mining, a strategic sector to the economy which accounts for well over three quarters of its forex earnings, into a US$12 billion industry by end of the year.
The mining sector is one of the major economic centrepieces expected to contribute significantly towards the attainment of Vision 2030 where the Government aspires to make Zimbabwe an upper middle income economy.
Of the targeted US$12 billion mining economy, the gold sub-sector is expected to contribute US$4 billion.
The Bulawayo Gold Project comprises two exploration licences covering a combined area of 1 300 square km near Bulawayo.
Galileo has a current interest of 29 percent in the project, held through its interest in BC Ventures, along with an option to earn an additional 51 percent interest through spending $1.5 million on exploration and evaluation on the projects by 21 July 2024.
Outside Zimbabwe, the mining group which announced in 2021 that it had started exploration works at the Kamativi Lithium and gold projects in Bulawayo, owns assets such as Kalahari copper belt, Kashitu project, Ferber project and the Glenover rare earth project among others.
Last year, Galileo announced the discovery of potential nickel targets at its Bulawayo gold project following an airborne geophysical survey on its two exclusive prospecting orders.
Galileo has exclusive prospecting orders (EPO) covering 1 300 square kilometres in Bulawayo, with gold as the primary target, and another 520 square kilometres in Kamativi, where lithium and tantalum are the primary targets.
The survey, which was carried out by Xcalibur Airborne Geophysics, an external consultant for Galileo, revealed that it had identified several areas with nickel deposits potential.
According to Xcalibur, the majority of these mineral deposits are greenstone-hosted mainly found in meta-gabbro rocks.
The contractor also established the existence of greenstone belts, banded iron formations, and geological structures, which are favourable for gold and nickel mineralisation in areas that had not been explored hitherto.-chronicle.lc.zw
