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(Alliance News) - Galileo Resources PLC on Wednesday reported the completion of an independent initial inferred resource estimate and said the report confirms the previously announced exploration target and presence of a high grade zinc component at Zambian Star Zinc project.
The inferred resource estimate reports a high grade inferred Zinc resource with reasonable prospects of economic extraction of approximately 500,000 tonnes at 16% Zinc for 77,000 tonnes of contained metal above a cut off grade of 2% Zinc. This includes approximately 340,000 tonnes at 21% Zinc for 72,000 tonnes of metal above a cut off grade of 8%.
The resource estimate also suggests 77,000 tonnes of zinc metal is suitable for potential direct shipping material for processing to the zinc refinery facility at Kabwe, located 120 kilometers north of Star Zinc project.
"The MRE clearly identifies an easy access near-surface mineable zone with a low stripping ratio of one to one. We intend to apply without delay for a mining permit and target mining to start coincident with the Kabwe project," said Chief Executive Officer Colin Bird.
On Monday, Galileo Resources said it had raised its interest in the Star Zinc project to 95% from 81%, with the Zambian government holding the remaining 5%.
Shares in Galileo Resources were trading 2.9% lower at 0.51 pence each on Wednesday afternoon.
