Galileo completes phase three drilling at Shinganda

3rd Oct 2024 12:36

(Sharecast News) - Galileo Resources updated the market on its drilling activities at the Shinganda Licence in central west Zambia on Thursday.

The AIM-traded company said it had completed a phase three reverse circulation (RC) drilling programme, consisting of 30 holes totaling 2,213 metres.

It said the drilling was conducted across six fences of angled short holes, typically reaching a depth of 80 metres per hole.

Visual inspections of the drilling samples revealed intercepts in the supergene enrichment zone, which was considered to hold the highest potential for copper and gold mineralisation.

Based on the findings, Galileo said it launched a follow-up phase four diamond drilling programme to ensure more accurate grade assessments by retrieving core samples rather than relying on RC drill chips.

So far, the company has completed three diamond drill holes, totaling 310 metres, specifically targeting the supergene zone.

The drilling had intersected both iron-rich oxides and copper sulphide mineralisation, providing promising indications of the resource potential at Shinganda.

Further updates would be provided as the exploration progressed.

"We are pleased with the outcome of this drilling programme, both RC and diamond drilling," said chairman and chief executive officer Colin Bird.

"The mineralisation appears to extend over six kilometres cumulatively on the two mineralised structures at varying widths from six to 47.5 metres."

Bird said that while the core and RC chips appeared to be well-mineralised, the company had sent samples for assay.

"The Shinganda Project is shaping up to be significant in terms of copper and gold contribution and we eagerly await the assay results in order to proceed with the next phase of extension and infill with the objective of establishing a JORC 2012 mineral resource."

At 1511 BST, shares in Galileo Resources were down 0.1% at 1.12p.

Reporting by Josh White for Sharecast.com.