The mining firm said the phase 2 drilling, completed in October, had “significantly” increased the project’s non-JORC conceptual grade and tonnage estimate (CGT), with wireframe models suggesting the deposit had potential mineralisation that is open-ended to east/south-east.
READ: Grades at Galileo’s Star zinc project indicate upside could be greater than previously thought
The exploration target at above 3% Zinc cut-off is now estimated as being between 600,000 and 900,000 tonnes with an estimated average grade of 10% to 12% Zn.
Galileo added that analysis of the models based on the drilling results suggested that any maiden resource estimate at Star Zinc would “likely result” in a larger tonnage and contained metal at lower grade than the previously announced non-JORC 2012 CGT of 485,000 tonnes at 15.4% Zn and 75,000 tonnes of contained zinc metal.
Colin Bird, chief executive of Galileo, said the results of the programme and model were “extremely pleasing with a significant increase in conceptual tonnage and metal”.
He added that the company believed the project now had the drilling density and necessary confidence to convert the CGT to a maiden JORC mineral resource estimate, which was planned for the first and second quarters of 2019, once all chemical assays had been received.
The company also said it had instructed its consultants expedite the required work, with a view to applying for a mining license.
To achieve this, Galileo said it intended to commission further refinement of the model to delineate the body into high-grade and low-grade Willemite components and to develop an open pit design/mine plan.
In lunchtime trading Wednesday, Galileo shares were up 0.5% at 0.9p.