Galileo Resources PLC (AIM:GLR) said further drilling has extended the Shinganda copper-gold project in Zambia.
The AIM-traded company, which has the right to earn an initial 51% interest in the project, said full assay results have been received for all nine holes drilled in the second half of 2022.
The results included 50.3 metres (m) at 1.54% copper, 0.30 grammes a tonne (g/t) gold from a depth of 21.0m, including 7.0m at 4.36% copper and 1.51g/t gold. The company previously announced the copper results for this hole, and three others, last July.
The new results released today included 11.0m at 1.03% copper and 0.55g/t gold, including 3.4m at 2.89% copper and 1.61g/t gold.
The zone so far extends for an area of about 200m by 100m at vertical depth of about 70-80m with a higher-grade core and lower grade margins, Galileo said, adding that drilling towards the west-northwest and the east shows that mineralisation is not closed off in these directions.
"The Shinganda prospect is demonstrating significant potential as a copper-gold exploration project, with very encouraging intersection widths from drilling to date,” said chairman and chief executive Colin Bird.
“We are continuing to carry out pitting and trenching on additional nearby targets to demonstrate further potential within the licence area as we pursue our aim of drill testing several of these targets during the first half of 2023.”