Galileo Resources PLC (AIM:GLR) shares soared some 23% in Monday morning's trade, after it told investors its second reverse circulation drill hole on licence PL253 in Botswana’s Kalahari Copperbelt has intersected a 61-metre-wide zone of visible copper oxides.
The interval was encountered from 75 to 136 metres depth in the form of malachite and chrysocolla, it added.
The company has so far completed two of the four planned holes designed to test geochemical and structural targets.
And, so far, the mineralisation is described as appearing linked to quartz veining within the D’Kar Formation, though Galileo said further work is required to determine the presence of copper sulphides.
"It is very pleasing that we have made an early copper intersection in our RC drilling programme on PL253 as we were essentially drilling a blind target based on soil geochemistry and geophysical interpretation of the geology," chief executive Colin Bird said.
"There is much recent interest in this northwestern part of the KCB and Galileo is well positioned in relation to the recognised prospective stratigraphy of the area."
"We will continue to keep shareholders informed as our drilling progresses."
In London, Galileo shares climbed 23% changing hands at 1.2p on Monday.