Galileo Resources PLC (AIM: GLR) has established a partnership with Cooperlemon Consultancy to investigate copper prospects in the 28001-HQ-LEL license located in Northwest Zambia.
Situated adjacent to the Angola border, this license spans 52,000 hectares in a Zambian district where Galileo perceives potential for Kamoa-like copper deposits.
Initial surveys are slated to start in the next 60 days to pinpoint drilling sites.
Galileo’s executive chairman, Colin Bird, remarked, “This project is strategically located in the emerging Northwestern region of Zambia. This area exhibits promising similarities to the Democratic Republic of the Congo’s neighbouring Kamoa and Ivanhoe exploration zones, recognized as the Western Foreland.”
The partnership agreement dictates that Galileo will initially provide Cooperlemon with a US$230,000 cash payment, ensure a minimum exploration expenditure of US$750,000 over 18 months, and allocate 2.5 million shares to the consultancy at a rate of 1.175p each.
Further payments will be mandated if the project progresses to its second phase and eventually to production.
