Galileo Resources launches new Shinganda drilling phase

9th Aug 2024 10:47

(Sharecast News) - Galileo Resources announced the start of its phase three drilling programme at the Shinganda project on Friday, targeting copper-gold mineralisation over a strike length of up to 10 kilometres.

The AIM-traded company said it awarded a contract for reverse circulation (RC) drilling, which would focus on identifying shallow, open-pittable copper-gold deposits along the Shinganda Main Fault and its splay structures.

It said the primary objective of the phase was to delineate a substantial resource of supergene mineralisation, potentially grading up to 2% copper equivalent at shallow depths.

That followed promising results from previous drilling, including a 50.3-metre intercept at 1.77% copper equivalent from a depth of 21 metres in one of Galileo's earlier holes and a 17-metre intercept at 2% copper equivalent from seven metres in a historic drill hole by Vale.

It said the drilling locations were selected based on recommendations from a recently-completed geophysical modelling study, which analysed airborne magnetic data, alongside insights from earlier drilling phases.

The programme was set to start in mid-August, with an initial plan to drill up to 30 holes totaling 2,400 metres.

Additional drilling could be considered based on the outcomes of the new phase.

"The Shinganda exploration area has met all our expectations and still presents a number of mineral styles to be explored," said executive chairman Colin Bird.

"We have, however, homed in on zones of clearly defined, structurally controlled copper-gold bearing iron carbonate alteration close to the surface with significant strike potential."

Bird said the drill programme was expected to start shortly, adding that the company was "excited" about the specific concession target and the licence area in general.

"We will keep the market informed of the outcome of the drilling and field work as we progress."

At 1018 BST, shares in Galileo Resources were up 4.89% at 1.18p.

Reporting by Josh White for Sharecast.com.