Galileo Resources has begun phase three reverse circulation (RC) drilling on the Shinganda Licence in central Western Zambia.
It said exploration, including drilling to date, has established the potential for a large IOCG-type target and the current programme is focusing on an about 10km strike length of Cu - Au mineral-bearing fault/shear targets along the Shinganda Main Fault and Splay structures.
These structures exposed at the surface are proven to host copper-gold mineralisation within shears associated with the Shinganda Splay Fault, it said.
The company holds a 51% interest in a joint venture agreement covering the Shinganda Copper-Gold Project.
The company can increase its interest by entering into a joint venture to develop a mining operation, ranging from 65% interest for a large deposit of greater than 1Mt of contained copper equivalent, up to an 85% interest in a smaller deposit of less than 200,000 tonnes of contained copper equivalent.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
