Remodelling of the Koeelkop and Wheal Julia prospects at its Concordia concession in South Africa has confirmed significant copper grades, Galileo Resources PLC (LON:GLR) said.
The remodelling, by Minxcon and the first stage of an agreed work programme at the licence, indicated grades were similar to large copper open pits being mined globally.
Koeelkop modelled 4.19mln tonnes at 0.59% Cu and Wheal Julia 37.69 mln tonnes at 0.55% Cu at a 0.35% cut-off.
Colin Bird, Galileo’s chief executive, said: "This modelling confirmation is well received and verifies our own work.
“Concordia has the potential to progress to a large mining prospect and current work has demonstrated the existence of many potential opportunities within the Concession not previously recognised.
“We intend to fast track the modelling to an initial mine concept and thereafter direct our work to confirming and expanding the model."
In January, Galileo negotiated a deal to acquire a 51% interest in Concordia in the Northern Cape Provinc.
It must spend R10mln (£500,000) over a 14 month period to earn its stake, which it can take up to 80%.