Galileo Resources PLC (AIM:GLR) told investors it has begun drilling operations at its Molefe Project in Zambia.
The update follows the signing of a conditional collaboration and project development agreement with Jubilee Metals Group, on 27 November.
The company confirmed that two out of an expected ten holes have been completed so far. The short-term goal is to maintain the current production profile for three months, with a six-month aim to replace depleted resources. Long-term plans include regional reconnaissance drilling.
“We are very pleased that drilling has commenced in line with the Collaboration Agreement. I look forward to reviewing initial results aimed at underpinning production goals whilst we undertake reconnaissance drilling of the general area,” said chair Colin Bird.