Galileo Resources plc announced a decision to commence a Phase III drill programme to validate the Board's current view that near-surface copper - gold mineralization occurs along the Shinganda Fault Splay over a strike length of potentially more than 4km offering scope for the development of a preliminary Mineral Resource at the Shinganda Project Copper-Gold Project, Zambia (Project). Phase I and the recently completed Phase II drill programmes have confirmed the presence of copper - gold mineralization associated with major regional and more localized structures. Mineralization is found in vein and alteration assemblages.

Higher copper and gold grades were found at shallow depths, where primary (hypogene) mineralization was subjected to supergene enrichment. Highlights: Evidence from two phases of drilling indicate mineralization at grades of between 1.0 and 1.5% CuEq at shallow depths over notable package widths; Phase III drilling will target a projected supergene high-grade, broadly drill-defined zone extending for approximately 4km with an anticipated package width of mineralization of approximately 30m extending to a vertical depth of approximately 70m; Supergene enrichment is broadly associated with a coincident magnetic anomaly. However, historic drilling of the same supergene feature where a weak magnetic signature is present also intersected notable copper values; A further 4km or more of Shinganda Fault Splay will also be tested where there is weak to no underlying magnetic signature potentially extending the strike length of the Project to more than 8km in total; Phase I drilling primarily targeted the prospective near surface hematite-rich zone that will form the focus of the Phase III programme; Phase II drilling that comprised a total of 2,379.1m and 13 drill holes was focused on testing deeper targets including breccias and magnetic and IP anomalies on the Shinganda Fault Splay and the Shinganda Main Fault; Phase II drilling intersected impressive wide zones (300m) of hydrothermal alteration and brecciation with lower grade sulphide copper - gold mineralization; The final 2 holes, SHDD021 and SHDD022, targeted strong magnetic/IP geophysical anomalies along the Main Shinganda Fault and discovered up to 200m of intensive Fe alteration in a diamictite conglomerate/breccia zone - a structural and stratigraphic setting that could be analogous to the high grade Kamoa copper deposit in DRC and the Fishtie deposit in SE Zambia Copperbelt (55Mt at 1.04% Cu).