Galileo Resources PLC (AIM:GLR) has set up a joint venture with Cooperlemon Consultancy to explore for copper the 28001-HQ-LEL licence in Northwest Zambia.
Running along the border with Angola, the licence covers 52,000 hectares in a district in Zambia where Galileo believes there is scope for Kamoa-style copper mineralisation.
Initial fieldwork will commence within 60 days to define drill targets.
Colin Bird, Galileo’s executive chairman, said: "The project is well-positioned in the emerging NW part of Zambia which is showing potential not dissimilar to its' Democratic Republic of the Congo neighbour Kamoa and Ivanhoe exploration areas known as the Western Foreland.”
Key terms of the JV are for Galileo initially to pay US$230,000 cash to Cooperlemon, fund exploration expenditure of not less than US$750,000 within 18 months and issue 2.5 million shares to the consultancy at 1.175p.
Additional payments are due if the development moves to phase 2 and subsequently into production.