Galileo Resources PLC (AIM:GLR) has published its first inferred mineral resource estimate for the Luansobe copper project in Zambia.
In an open pit resource, Luansobe has 5.8mln tonnes gross grading 1% giving 56,000 tonnes of contained copper, while underground there are 6.3mln tonnes at 1.5% for 97,000 tonnes of contained metal.
Galileo, which has a 75% interest in the project,- noted that there are a further 3mln-7mln tonnes in exploration targets at depths between 100 metres to 300 metres in an underexplored area of the licence.
Colin Bird, Galileo chairman and chief executive, said he was "very pleased" with the outcome of the Luansobe drill programme and the resultant tonnage and grade estimate.
"We will now continue the process of optimising a block model and open pit planning during the current quarter as a basis for engagement with potential contractors to quote for open pit mining," he added in a statement.
“Samples of drill core have been sent to a metallurgical testing laboratory and are being assessed for amenability to upgrade for processing elsewhere or construction of an onsite plant.
“The results appear to be capable of supporting a 10-year 600,000 tonnes per year project which would represent a significant operation, well timed due to the predicted shortage of copper supplies," Bird concluded.
Luansobe is 15 kilometres to the northwest of the Mufulira mine in the Zambian copper belt.