23rd Jul 2018 13:09
LONDON (Alliance News) - Galileo Resources PLC said Monday that it will "shortly" commence drilling at its Star Zinc Project in Zambia, after receiving positive results from an independent evaluation.
The company is part of a joint venture with BMR Group PLC, and holds an 85% interest in the project.
The company said that an independent review carried out by Earthmaps Consulting CC Namibia of historical gravity geophysics exploration data from the project showed good correlation of the geophysics gravity anomalies with drill-intersected zinc mineralisation.
"This correlation provides a promising tool not only for drill targets in geophysic-tested areas as-yet-undrilled, in the immediate and outlying vicitnity of drill-intersected zinc mineralisation but also for further potential exploration in other areas," the company added.
Galileo said that its directors believe in "good potential" for discovering further zinc mineralisation and extending Star Zinc mineral resource.
Galileo shares were up 1.7% at 1.31 pence each on Monday.