3rd Oct 2024 14:31
(Alliance News) - Galileo Resources PLC on Thursday gave an upbeat update about its Shinganda licence in central western Zambia.
The mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US said a total of 30 holes and 2,213 metres of reverse circulation drilling has been completed.
"Based on visual inspection, intercepts of the supergene enrichment zone representing the most likely setting for the highest copper and gold grades were seen at the base of several drillholes," Galileo highlighted.
Chair Colin Bird said: "We are pleased with the outcome of this drilling programme both RC and diamond drilling. The mineralisation appears to extend over 6 kilometres cumulatively on the two mineralised structures at varying widths from 6 metres to 47.5 metres. Whilst the core and RC chips appear to be well mineralised we have sent samples for assay. The Shinganda Project is shaping up to be significant in terms of copper and gold contribution and we eagerly await the assay results in order to proceed with the next phase of extension and infill with the objective of establishing a JORC (2012) mineral resource".
Galileo shares were 0.1% lower at 1.12 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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