Galileo Resources PLC (LON:GLR) shares rose on Tuesday following news it has hit exceptionally high zinc grades of between 41.51% and 46.58% across three holes drilled as part of a wider swathe of drilling on the Star zinc project in Zambia.
So far, 26 diamond drill holes have been completed at Star, comprising 1,200 metres in total drilled to depths of between 24 metres and 81 metres.
Other hits included a weighted average assay of 23.54% zinc over a width of 22 metres downhole, 21.73% zinc over 25 metres 19.82% zinc over 15 metres.
In addition, Galileo continues to hit significant germanium values, up to 29 parts per million associated with high-grade zinc mineralisation, and up to 38 grams per tonne.
"The results are very pleasing in that they exhibit a large zone of exceptionally high-grade zinc mineralisation,” said Galileo chief Colin Bird. “
“The additional mineralisation identified in karst/laterite zones could potentially lead to a considerable bulking up of Star Zinc's overall tonnage. Other operations have reported smelting directly willemite (zinc mineral) ore in excess of 30% zinc without processing being required other than crushing. Previous testwork on the project has also shown the karstic material is amenable to leaching. Another benefit is that the karst mineralisation is close to surface meaning that it is likely that this could be cheaply mined with minimal blasting.”
Galileo will move on to the next phase of work.
“Once all results are in place we will model the various ore types and develop a 3-D model to direct drilling towards expanding the resource,” said Bird.
“This initial programme and results thereof lead me to be very optimistic on the future prospects of developing a new zinc contributor.”
In afternoon trading, Galileo shares were 3.9% higher at 1.35p.