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Galileo Resources steps up activity on zinc and phosphate interests

Recent months have seen Galileo step up work at the Glenover phosphate prospect and the Star zinc project in Zambia.
zinc core
Star is a zinc project in Zambia

Galileo Resources PLC (LON:GLR) has decided to reduce its interest in the Concordia copper project in South Africa to 15% from 51%.

The junior said drilling in the summer had not provided enough of an understanding of the geology to warrant further exploration.

READ: Galileo advancing on several fronts with multi-commodity focus

As a result, the company has agreed with partner Shirley Hayes to reduce its interest.

Recent months have seen Galileo step up work at the Glenover phosphate prospect while drilling has just got underway at its most recent acquisition, the Star zinc project in Zambia.

The company acquired 51% in Star, where its partner is BMR Group.

A drilling programme provisionally for up to 1.750 metres started this month and will target a mix of resource confirmation and resource enlargement.

Colin Bird, chief executive, said it “is designed to confirm a regulatory JORC code resource and to test the potential of other nearby areas considered to be prospective. On completion of this drilling programme, we intend to commence a preliminary economic assessment.”

READ: Drilling to commence at Galileo’s Star Zinc joint venture

Elsewhere, a mining permit application has just been lodged at Glenover, in Limpopo South Africa, which is potentially a rare earths as well as a phosphate producer from the stockpiles of material and historical workings. A pilot plant phosphate flotation study to produce phosphate concentrate is underway.

Galileo posted a more than halved loss of £212,000 on the six months to September and closed the period with cash holdings of £1.1mln.

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Galileo Resources PLC Timeline

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