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Galileo completes second phase of drilling at Star Zinc project, high grades keep coming

Galileo will now undertake a scoping study to model the economics of the Star Zinc project
Galileo completes second phase of drilling at Star Zinc project, high grades keep coming
INVESTMENT OVERVIEW: GLR The Big Picture
Zinc prices have been strong in recent years

Galileo Resources PLC (LON:GLR) has completed a second phase of drilling at the Star Zinc project in Zambia.

Preliminary results from four of the drill holes show intersections of high-grade mineralisation running at between 14% and 26% zinc, and over good widths.

READ: Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought

Among the highlights were 15.46% zinc over 23 metres, 14.32% zinc over 12 metres, and 9.38% zinc over 5 metres.

What’ more, portable hand-held XRF spectrometry on a further 9 drill holes have shown significantly higher grades, ranging from 12% zinc to 40.4.5% zinc in widths of up to 19m downhole.

Meanwhile, the transfer to Galileo of the 15% interest in Star currently not held by Galileo, is progressing. On transfer, Galileo will hold 95% and the Government 5% of Star Zinc

The company now intends to develop, as soon as practicable, a work programme with the objective of meeting the requirements for the application of a small scale mining licence for Star Zinc.

The two phases of drilling, are believed to have defined the general limits on mineralisation on the currently targeted resource area, though there are still potential additional drilling targets, which may be tested later, subject to resource/optimisation/financial modelling. 

"This has been an extremely satisfactory drilling program, which has effectively delineated the mineralisation limits of the current targeted resource area,” said chief executive Colin Bird.

“Good results have been obtained in both the eastern and western "ore" bodies, with the latter suggesting significantly higher grades than in the east. We believe we have extended the zone of mineralisation from that reported previously and expect, on incorporating these latest boreholes in the current model, to show an increase in contained metal. Our understanding of Star Zinc's geology and controls has increased. We intend now to proceed to scoping study stage to include resource modelling of the data and an initial pit design. The company believes it has adequately delineated a resource to design an open pit and generate a maiden JORC compliant resource estimate."

 

 

 

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