Galileo Resources PLC (AIM:GLR) shares shot 16% higher to 1.25p after it announced senior appointments to its technical team as more encouraging results emerged from the second phase of drilling at its Shinganda copper-gold project in Zambia.
Seven holes totalling 890 metres (m) have been drilled at Shinganda in this phase so far, the most significant being hole SHDD017, which intercepted what was said to be an “extensive” interval of alteration and brecciation with associated copper mineralisation within the Shinganda Fault Splay system.
Chairman and chief executive Colin Bird said the hole is “particularly impressive with an intercept length of more than 250m, heavily brecciated and accompanied by copper mineralisation throughout its length, with values to be determined by assay”.
“The nature of the host environment is not typical for traditional Copperbelt mineralisation which leads us to believe that this could be a totally different style of mineralisation.”
The company noted that mineralisation, which generally occurs as clusters and disseminations associated with brecciation and quartz-carbonate veining, is confirmed by pXRF analysis and sampling for follow-up laboratory assaying is in progress.
It said to follow up on hole SHDD017, several more holes are planned through the mineralised zone, as well as further drilling to test the iron alteration clusters and IP targets highlighted by a previous geophysical study.
The other six holes, which were shorter, that were drilled to test the “outcropping supergene gossan occurrences intersected shallow oxide mineralisation with anomalous copper based on initial pXRF testing”.
Split core samples will be submitted for laboratory assay for copper, gold and multi-elements.
Overseeing Shinganda and the group’s newly acquired North-western Licence will be new senior technical adviser Mike Holman, who brings 38 years’ experience in the sector, including 16 years at Anglo American PLC (LSE:AAL)'s exploration division up until 2013, including as regional head of exploration in Africa.
With the potential being demonstrated at Shinganda, Bird said “the appointment of someone of Mike's seniority was considered necessary by the board, against the background of recent acquisitions and project progress”.
Furthermore, to take day-to-day responsibility for several of the company’s southern African projects, a consultant geologist has also been appointed with senior geological experience in the region.