Shares of Galileo Resources PLC (AIM: GLR) surged by 16% to 1.25p following the announcement of key technical team appointments and the promising outcomes from the latest drilling phase at its Shinganda copper-gold project in Zambia.
To date, the second drilling phase has seen the completion of seven holes, spanning a total depth of 890 meters (m) at Shinganda. The standout hole, SHDD017, cut through a notably extensive section of alteration and brecciation, which is associated with copper mineralization within the Shinganda Fault Splay system.
Colin Bird, Chairman and CEO, highlighted the significance of hole SHDD017, describing it as “particularly notable for its intercept length exceeding 250m, filled with heavy brecciation and consistent copper mineralization throughout, pending assay results.”
Bird also remarked on the unique nature of the geological environment, stating, “The host environment’s characteristics diverge from the traditional Copperbelt mineralization, suggesting we may be looking at a completely different style of mineralization.”
Photo 1 – SHDD017 – Disseminated chalcopyrite in hydrothermally altered breccia
http://www.rns-pdf.londonstockexchange.com/rns/5527S_1-2023-11-6.pdf
Photo 2 – SHDD017 – Irregular chalcopyrite cluster in drill core
http://www.rns-pdf.londonstockexchange.com/rns/5527S_2-2023-11-6.pdf
Photo 3 – SHDD017 – Strongly brecciated and altered drill interval
http://www.rns-pdf.londonstockexchange.com/rns/5527S_3-2023-11-6.pdf
The firm has observed that mineralization, typically manifesting as clusters and disseminations linked with brecciation and quartz-carbonate veins, has been verified through pXRF analysis. The collection of samples for more detailed laboratory assays is currently underway.
In response to the promising findings from hole SHDD017, the company has outlined plans for additional drilling across the mineralized zone and intends to conduct further exploration to assess the iron alteration clusters and IP anomalies identified by earlier geophysical surveys.
The remaining six holes, which were comparatively shallower, aimed to investigate the surface expressions of supergene gossan and encountered shallow oxide mineralization with notable copper levels, as indicated by preliminary pXRF tests.
The company will send split core samples for comprehensive laboratory analysis to determine the content of copper, gold, and other elements.
Mike Holman has been appointed as the new senior technical advisor to oversee the Shinganda project and the group’s recently acquired North-western Licence. Holman brings a wealth of experience, with 38 years in the industry and a 16-year tenure at Anglo American PLC (LSE: AAL), including a role as the regional head of exploration in Africa until 2013.
Colin Bird emphasized the importance of Holman’s appointment, stating that the board deemed it essential to bring someone of his caliber on board in light of the recent project advancements and acquisitions.
Additionally, the company has appointed a consultant geologist to manage the day-to-day operations of several of its southern African projects. This geologist comes with extensive regional experience, further bolstering the company’s technical expertise.
