Galileo starts fresh drilling programme at Shinganda

21st Aug 2024 12:57

(Sharecast News) - Galileo Resources announced the start of phase three reverse circulation (RC) drilling on its Shinganda Licence in central western Zambia on Wednesday.

The AIM-traded firm said the phase of exploration was focussed on a potential large iron oxide copper gold (IOCG) target, particularly along a 10 kilometre stretch of copper-gold mineral-bearing fault and shear zones identified along the Shinganda Main Fault and associated Splay structures.

Previous exploration efforts confirmed the presence of copper-gold mineralisation at surface within the shears, with the current drilling programme aiming to further define the extent of that mineralisation.

Galileo said it would update the market as drilling results became available.

At 1119 BST, shares in Galileo Resources were up 9.09% at 1.2p.

Reporting by Josh White for Sharecast.com.