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IN BRIEF: Galileo Resources to start Phase III drilling in Zambia

24th Jun 2024 15:37

Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa - Decides to commence a Phase III drill programme at the Shinganda copper-gold project in Zambia. Phase I results, announced in January, and the recently completed Phase II drill programmes have confirmed the presence of copper gold mineralisation associated with major regional and more localised structures, company says. Higher copper and gold grades were found at shallow depths, where primary mineralisation was subjected to supergene enrichment. Phase III drilling will target a projected supergene high-grade, broadly drill-defined zone. Supergene enrichment is broadly associated with a coincident magnetic anomaly. Chair and Chief Executive Colin Bird says drilling should start by the end of the third quarter.

Current stock price: 1.03 pence

12-month change: up 5.6%

By Jeremy Cutler, Alliance News reporter

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