Galileo Resources Finds "Significant" High Grade Rare Earth Mineralisation

Galileo Resources has found "significant" high-grade rare earth mineralisation at a second target on the Nkombwa Hill project in Zambia.

It follows rock chip sampling and the highest find was recorded at 22.32% TREO (total rare earth oxide).

Notably, the firm said the mineralisation was in rock with very low contents of acid-consuming minerals, which suggests the rare earths could be readily leachable at low acid cost.

The firm says it can now progress to establishing a resource at the project.

It carried out 353 rock chip samples at what is called the "central" target.

Of these, 111, or 36%, assayed more than  2% TREO with an average assay of 4.17% TREO.

The complete suite of samples averaged 1.7%TREO, Galileo told investors.

Several areas of  continuous rare earth mineralisation was identified - the largest being over 350m long and 40-80m in width.

Executive chairman Colin Bird said: "The results of this sampling programme extend the area of high-grade rare earth mineralisation we have identified in the Nkombwa Hill Project. 

"We can now progress towards establishing a resource, and in order to achieve this, have already started work on establishing a suitable access road to the top of Nkombwa Hill. Drilling will commence as soon as the heavy summer rains end in late March 2013."

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