Proactive Investors - Run By Investors For Investors

Galileo Resources finds very high zinc values in latest drilling at Zambia project

There were also high values found of germanium (Ge), a metal used in microscopes and cameras
Galileo Resources finds very high zinc values in latest drilling at Zambia project
One hole showed a weighted average assay of 38.15% zinc over 16 metres (m)

Galileo Resources PLC (LON:GLR) hailed drill results from three of its first four holes at the Star Zinc project in Zambia, which  showed very high value zinc intersections, it said.

Notably too, there were also high values found of silver and germanium (Ge), a metal used in microscopes, cameras and as an alloying agent.

Significant Ge values were found up to 63 ppm (g/t) Ge associated with high grade zinc mineralisation, the firm told investors.

READ: Galileo Resources shares higher as it lifts stake in Star Zinc project to 85%

Meanwhile, one hole showed a weighted average assay of  38.15% zinc over 16 metres (m), another had 25.12% zinc over 6m and another  showed 20.12% zinc over 20m .

"We are very pleased with these drilling results," said Colin Bird, Galileo's chief executive.

"The presence of germanium and silver constitutes potentially valuable by-products and possible revenue.

"Once we have fully modelled the programme data, we will embark on another programme to explore other anomalies in the area using ground geophysics as our guide. 

"This ore body shows the potential for significant quantities of high grade willemite zinc mineralisation; a postulated feeder source for this mineralisation could be sulphides and we will be seeking external expert advice to assist to locate this possible source."

More than 1,100 metres (m) of diamond core drilling in 24 holes has been completed at the project to date.

The strike of high-grade mineralisation has been increased by further 30m in the eastern ore body to an estimated 220m in total length west to east, the firm added.

Mineralisation remains open to the east and several other peripheral anomalies remain to be explored.

Last week, the group said it had increased its holding in the project to 85% from 51%.

It comes after it had spent more than US$250,000 on exploration, including geochemical soil sampling, permitting, and evaluation and ongoing drilling.

View full GLR profile View Profile

Galileo Resources PLC Timeline

Related Articles

October 10 2018
Tertiary Minerals has a unique portfolio of fluorspar assets in Europe and the US
January 18 2018
NextSource Materials Inc (TSE:NEXT) (OTCQB:NSRCF) may just be the best graphite company few investors know of.
Etango aerial view
November 21 2018
The uranium developer is positioning itself to benefit from the early stages of a recovery in the uranium sector.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use