- Galileo Resources
- 29 July 2024 13:35:14
Source: Sharecast
The AIM-traded firm said the initial phase of the project would involve around 700 metres of drilling on licence 28001-HQ-LEL, with rig mobilisation scheduled for later in the week.
It said licence 28001-HQ-LEL is strategically located within the Western Foreland domain - a region with significant potential for Kamoa-Kakula style copper deposits.
The area is positioned along the strike of the Kamoa-Kakula mining complex in the Democratic Republic of Congo (DRC), and is adjacent to a substantial exploration licence area in Angola acquired by Ivanhoe Mines, which is targeting further extensions of the Western Foreland.
Galileo said the drill programme was designed to test potential redox front targets, where suitable lithological combinations could create the optimal environment for copper deposition.
The decision to proceed with drilling followed an extensive programme of reconnaissance and the construction of necessary infrastructure, including roads and bridges, to ensure safe access for drilling equipment.
Galileo said the project had been facilitated by Cooperlemon Consultancy, its partner in the region, which had played a crucial role in securing all necessary permits and approvals.
Additionally, Cooperlemon Consultancy had helped establish contacts with local chiefdoms, ensuring community engagement and support for the project.
“The operational activities outlined represent the company's initial drilling and extended fieldwork at our prime licence in the Northwest region of Zambia,” said executive chairman Colin Bird.
“The licence is well situated in the Zambian Western Foreland trend, which hosts the Kamoa mine across the border in the DRC, about 100 miles northeast of our activities.
“We are pleased to have reached this juncture and look forward to the initial results, which will certainly add to our database and hopefully confirm our expectations for geological architecture supporting our prognosis.”
At 0940 BST, shares in Galileo Resources were down 6.12% at 1.15p.
Reporting by Josh White for Sharecast.com.