Search Share Prices
Galileo Resources sees 'positive results' from Zambian drill programme
AIM-listed exploration and development company Galileo Resources has returned positive results from three of its first four drill holes at its Zambian Star Zinc project in Zambia.
Galileo has completed more than 1.1km of diamond core drilling to date at Star Zinc, hitting depths of up to 80 metres across the four drill holes, three of which showing "significant intersections of extremely high-grade zinc" over good down-hole lengths from the surface.
"Hole 002 showed a weighted average assay of 38.15% Zn over 16m (downhole), Hole 004 showed 25.12% Zn over 6m and Hole 6 showed 20.12% Zn over 20m (all 0.4% Zn cut off)," the firm said on Friday.
Colin Bird, chief executive officer, said, "This drilling program has yielded very high-value zinc assay intersections with significant germanium and silver The presence of germanium and silver constitutes potentially valuable by-products and possible revenue. Once we have fully modelled the programme data, we will embark on another programme to explore other anomalies in the area using ground geophysics as our guide."
"This ore body shows the potential for significant quantities of high-grade willemite zine mineralisation; a postulated feeder source for this mineralisation could be sulphides and we will be seeking external expert advice to assist to locate this possible source," he added.
As of 1340 GMT, shares had gained 3.20% to 1.55p.