Galileo Resources plc (AIM: GLR) shares rose around 20% after the explorer reported evidence of a newly identified copper porphyry system at its Ferber project in Nevada.
Microscope and X-ray diffraction studies of rock samples collected from Ferber indicate a copper porphyry system with associated skarn mineralisation.
Galileo said mineral zonation, alteration patterns and copper mineral inclusions suggest the system was fertile, long-lived and developed through multiple stages, characteristics which could support the presence of a substantial mineralised body.
External consultants also concluded that the porphyry would need to be of significant scale to account for the mineral assemblages identified in skarn located some distance from the interpreted main porphyry body.
The findings have increased confidence ahead of a planned drilling campaign targeting both the porphyry and skarn systems.
Galileo has been exploring Ferber alongside Bronco Creek Exploration under a royalty and exploration agreement announced in May 2025.
The approximately 30-square-kilometre property lies in Elko County, Nevada, around 40 kilometres south of Wendover, and has a long history of copper, lead, silver and gold exploration and small-scale mining.
Previous exploration has produced drill intersections including 0.83% copper over 12.2 metres and 2.37 grams per tonne gold over 4.6 metres.
Galileo’s own grab sampling from historical workings and dumps has returned values as high as 10.8g/t gold, 674g/t silver and 4.19% copper, alongside elevated lead and zinc.
Colin Bird Chairman & CEO said: “Galileo has been undertaking exploration over the past 18 months in collaboration with BCE and the follow up on our initial reconnaissance has resulted in this new porphyry discovery. The growing demand for copper projects and the relative shortage of large copper assets in the United States leaves Ferber well-positioned for development. We are now preparing for a drilling campaign to test both the Skarn and the porphyry and we will keep shareholders informed of progress”.
