25th Aug 2026 14:23
(Alliance News) - Galileo Resources PLC on Tuesday said it had identified a new copper porphyry system, following initial surface work at its Ferber licence in Nevada.
Shares in Galileo Resources rose 30% to 0.81 pence on Tuesday afternoon in London.
The London-based mining company with operations in Zambia, Botswana, Zimbabwe and the US said microscope and X-ray diffraction studies of recently collected rock samples showed the presence of a copper porphyry system with associated skarn.
Galileo said the mineral zonation and alteration patterns indicated the porphyry system was large, long-lived and developed over multiple stages. External consultants concluded that the porphyry must be substantial in scale to produce the mineral assemblages found in the skarn some distance from the main porphyry body.
The "strongly positive" findings support a drilling programme that Galileo is now planning to test both the skarn and porphyry targets.
The Ferber licence covers about 30 square kilometres in Elko County, 40 kilometres south of Wendover. Galileo is working on the project alongside Bronco Creek Exploration Inc under a royalty and exploration agreement.
Galileo said historic exploration in the area dating back to the 1880s identified copper, lead, silver and gold mineralisation. Historic drilling included 0.83% copper over 12.2 metres, while Galileo's own rock samples returned up to 10.8 grams of gold per tonne, 674 grams of silver per tonne and 4.19% copper.
Chair & Chief Executive Officer Colin Bird said: "The growing demand for copper projects and the relative shortage of large copper assets in the United States leaves Ferber well-positioned for development. We are now preparing for a drilling campaign to test both the skarn and the porphyry and we will keep shareholders informed of progress"
By Niall Holden, Alliance News reporter
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