- Galileo Resources
- 26 April 2024 17:18:27
Source: Sharecast
The AIM-traded firm said it had now undertaken heliborne electromagnetic geophysical surveying over several licences in the “highly prospective” project.
It said a preliminary overview of the results was “very promising”, with the electromagnetic data interpreted to show several highly prospective geological settings for copper-silver mineralisation.
In particular, the data from PL250/2018 and PL251/2018, which were situated 30 kilometres west of Sandfire Resources' high-grade copper-silver A4 Dome Project, contained several electromagnetic anomalies, the most prospective of which displayed similar conductive dome geometry.
Data obtained within PL40/2018 was interpreted by Galileo's technical team to show the area had a comparable geological setting to Cupric Canyon Capital's zone 5 and zone 5N deposits, situated 25 kilometres west.
Those deposits were a subset of a combined sulphide resource of 502 million tonnes at 1.4% copper and 17 grams of silver per tonne, including 185 million tonnes at 2.0% copper and 27 grams of silver per tonne.
Detailed data interpretation was now underway, using Spectral Geophysics - a consultancy that was involved in the discovery of the A4 Dome deposit, targeted from electromagnetic data.
The most prospective EM targets would be selected for early drill testing, the board added.
“Soon after acquiring the Kalahari property portfolio we commenced an airborne electromagnetic survey,” said chairman and chief executive officer Colin Bird.
“We have on our team several specialists who have been responsible for nearby copper discoveries in the belt, and who know the signatures and indicators of mineralisation in this region.”
Bird said currently, the company was using all of the team’s scientific knowledge and experience to process and interpret the data, and produce a detailed report with drilling recommendations.
“Preliminary overview of the electromagnetic results highlights several conductors, which could lead to immediate drilling targets.
“We are excited about our initial progress and await a final report in the coming weeks.”
At 1225 GMT, shares in Galileo Resources were up 5.7% at 0.92p.