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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Reports initial inferred mineral resource estimates for its Launsobe copper project in Zambia, in which it holds a 75% interest. Estimates include 5.8 million tonnes gross at 1% total copper above a cut-off grade of 0.25% total copper for 56,000 tonnes of contained copper, potentially amenable to open pit mining; and 6.3 million tonnes gross at 1.5% total copper above a cut-off grade of 1% total copper for 97,000 tonnes of contained copper, potentially amenable to underground mining.
Chair & Chief Executive Colin Bird says: "We are very pleased with the outcome of the Luansobe drill programme and the resultant tonnage and grade estimate in our maiden inferred resources. We will now continue the process of optimising a block model and open pit planning during the current quarter as a basis for engagement with potential contractors to quote for open pit mining. The timing of mining start-up will be subject to, amongst other matters, the ongoing feasibility assessment, completion of mining and processing agreements, along with necessary project permitting."
Current stock price: 1.24 pence, up 1.1% in London on Thursday afternoon
12-month change:up 18%
By Heather Rydings, Alliance News senior economics reporter
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