News / National
UK based company discovers substantial gold targets in Bulawayo
04 Jul 2023 at 02:00hrs | Views
UK based Galileo Resources Plc says it has discovered 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.
The top miner said several gold-in-soils samples indicate lucrative targets which will be selected ahead of commencement.
A new target represents extensions of known gold-bearing structures that typically host both commercial and small-scale gold mining operations in the Queen's mine region.
Several drill targets will be selected ahead of the commencement of an evaluation program to test gold-bearing structures at a range of depths below surface. Further soil sampling has also been carried out to test geochemical responses over other structural targets in the area.
The Bulawayo Gold Project comprises two exploration licenses covering a combined area of 1,300 sq km near Bulawayo.
Historical gold production of more than 440,000 ounces was reported at the mine up to 1984.
Galileo's CEO Colin Bird said samples proved the existence of gold in underlying structures amid plans to commence drill testing.
"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," he said.
Galileo has a current interest of 29% in the Project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending US$1,5million on exploration and evaluation on the Projects by 21 July 2024.
The Bulawayo area is a granite-greenstone terrane in which numerous gold occurrences and small-medium scale gold mines are located.
"These covered areas, particularly where greenstone host rocks and coincident geological structures have been interpreted, now offer a unique opportunity for the discovery of new gold deposits," the company added.
The top miner said several gold-in-soils samples indicate lucrative targets which will be selected ahead of commencement.
A new target represents extensions of known gold-bearing structures that typically host both commercial and small-scale gold mining operations in the Queen's mine region.
Several drill targets will be selected ahead of the commencement of an evaluation program to test gold-bearing structures at a range of depths below surface. Further soil sampling has also been carried out to test geochemical responses over other structural targets in the area.
The Bulawayo Gold Project comprises two exploration licenses covering a combined area of 1,300 sq km near Bulawayo.
Historical gold production of more than 440,000 ounces was reported at the mine up to 1984.
"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," he said.
Galileo has a current interest of 29% in the Project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending US$1,5million on exploration and evaluation on the Projects by 21 July 2024.
The Bulawayo area is a granite-greenstone terrane in which numerous gold occurrences and small-medium scale gold mines are located.
"These covered areas, particularly where greenstone host rocks and coincident geological structures have been interpreted, now offer a unique opportunity for the discovery of new gold deposits," the company added.
Source - NewZimbabwe
