2023-06-27 10:54:10
(Alliance News) – Galileo Resources PLC said on Tuesday it had exercised the option to enter into a joint venture and obtain a 51% stake in the Shinganda copper-gold project in Zambia.
Galileo is a mining company that focuses on Zambia, Zimbabwe, Botswana, South Africa and the United States.
After spending more than US$500,000 on Shinganda, Galileo secured a 51% stake 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 stake in the project to between 65% and 85%, depending on the size of any future discovery.
As a condition of this participation, Galileo has agreed to finance and fully manage the drilling, metallurgical studies and opportunity studies that will lead to the completion of a feasibility study.
“We are grateful to Vale for their earlier work which, although not advanced enough to define a mineral deposit, was instrumental in establishing our initial work programs which allowed us to reach our current position,” said Colin Bird, CEO of Galileo.
“Our deepest drilling to date reached a vertical depth of approximately 150 meters, whereas IOCG deposits are traditionally discovered at greater depth. As such, our exploration will continue to target near surface discovery with the mid-term intent, if our drilling and studies warrant, of a deeper drilling program 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, reporter at Alliance News
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