Galileo Resources PLC (AIM:GLR) shares surged as much as 28% on Tuesday after the explorer announced the discovery of a new copper porphyry mineralised system at its Ferber licence in Nevada.
The shares reached an intraday high of 0.80p, compared with Monday's close of 0.625p, as investors responded to initial surface work indicating Ferber hosts a copper porphyry system with associated skarn.
Microscope and X-ray diffraction studies of recently collected rock samples identified mineral zonation, alteration patterns and copper mineral inclusions that Galileo said pointed to a fertile, long-lived and multistage porphyry system.
External consultants concluded that the porphyry would need to be of substantial scale to produce the mineral assemblages observed within skarn located a significant distance from the main porphyry body.
Galileo said the findings provided strong encouragement ahead of a drilling programme now being planned to test both the porphyry and skarn targets.
Chairman and chief executive Colin Bird said the discovery followed around 18 months of exploration carried out alongside Bronco Creek Exploration.
“The growing demand for copper projects and the relative shortage of large copper assets in the United States leaves Ferber well-positioned for development,” Bird said.
“We are now preparing for a drilling campaign to test both the skarn and the porphyry.”
Ferber, around 40 kilometres south of Wendover in Elko County, covers approximately 30 square kilometres and has a history of copper, lead, silver and gold mining.
Historic drilling returned intercepts including 0.83% copper over 12.2 metres and 2.37 grams per tonne gold over 4.6 metres.
Galileo's own sampling of historic workings and dumps has returned grades of up to 10.8 grams per tonne gold, 674 grams per tonne silver and 4.19% copper, alongside elevated lead and zinc values.
The company is exploring Ferber with Bronco Creek under a royalty and exploration agreement announced in May 2025.
