(Alliance News) - Galileo Resources PLC on Tuesday said that it has exercised the option to enter a joint venture and be issued a 51% interest over the Shinganda copper-gold project in Zambia.
Galileo is a mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US.
Following expenditure in excess of USD500,000 by Galileo on Shinganda, the firm has now earned a 51% interest in the project from its partner, Garbo Resource Solutions Ltd.
By exercising its right to form a joint venture, Galileo will be able to increase its equity interest in the project to a percentage ranging from 65% to 85%, depending on the size of any future discovery.
As a condition of the interest, Galileo has undertaken to fully fund and manage further drilling, metallurgical and scoping studies leading to the completion of a feasibility study.
"The more work that we do the more confident we become, and we are grateful for the previous work carried out by Vale which, while not advanced enough to define a mineral deposit, was pivotal in establishing our initial work programmes which have taken us to the current position," said Chief Executive Officer Colin Bird.
"Our deepest drillhole to date was to about 150 metres vertical depth, traditionally IOCG deposits are discovered deeper. Thus, our exploration will continue to target near surface discovery with the mid-term intent, if our drilling and studies warrant, of a deeper drilling programme to identify a potential IOCG system."
Galileo shares were trading 1.0% higher at 0.98 pence each in London on Tuesday.
By Holly Beveridge, Alliance News reporter
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Galileo Resourc (GLR)