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Galileo Resources reports narrower full-year loss as it unveils CGT model for Star Zinc drilling results

The mining firm reported a net loss for the year of £1.02mln, less than the £1.38mln loss in 2017, while its balance for cash and cash equivalents stood at £539,301
Zinc element
The CGT model demonstrated a potential deposit target of 485 000 tonnes grading 15.4% Zn

Galileo Resources PLC (LON:GLR) has reported a narrowed net loss in its full-year results, while also revealing a post-period conceptual tonnage grade (CGT) model for the results of its latest drilling programme at its Star Zinc project.

The AIM-listed mining firm reported a net loss for the year of £1.02mln, less than the £1.38mln loss in 2017, while its balance for cash and cash equivalents for the year stood at £539,301, compared to £1.1mln last year.

READ: Galileo Resources expects to extend the known ore zone at Star Zinc with new drilling campaign

In its post-period report, Galileo said the CGT model for the drilling results at Star Zinc had demonstrated at nominal 3% Zn cut-off - a potential deposit target of 485 000 tonnes grading 15.4% Zn grade.

This model represented an 80% increase in deposit tonnage with a 14% decrease in grade when compared to previous CGT modelling in 2015 based on historical exploration data, the company said.

The drilling programme was completed in March, having drilled 26 holes at 1,200 meters, after which Galileo increased its earn-in interest in the Star Zinc project to 85% from the 51% interest it acquired previously.

In late-morning trading Wednesday, Galileo shares were steady around 1.1p.

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