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Galileo publishes initial inferred resource estimate for Star Zinc project

The company said the estimate would allow for a six-year life-of-mine producing 12,000 tonnes of zinc metal per year

Zinc element
The resource indicated reasonable prospects of around 77,000 tonnes of zinc metal

Galileo Resources PLC (LON:GLR) has published an initial inferred resource estimate for its Star Zinc project in Zambia.

The AIM-listed miner said the resource had indicated reasonable prospects of around 500,000 tonnes at 16% Zinc for 77,000 tonnes of metal.

READ: Galileo increases beneficial interest in the Star Zinc project to 95%

Colin Bird, Galileo’s chief executive, said the resource had confirmed previous announcements of a “high grade zinc component” in the deposit which would be suitable for shipping to a zinc refinery plant near the Zambian capital Kabwe owned by Jubilee Metals Group PLC (LON:JLP).

Bird added that the estimate would allow for a six-year life-of-mine small scale operation to produce 12,000 tonnes of zinc metal per year, with in-house attributable revenues projected at around US$15mln annually at current prices, with the yearly all-in costs expected to be no more than US$2mln.

“We intend to apply without delay for a mining permit", the CEO said.

In early afternoon trading, Galileo's shares were 1% higher at 0.5p.

Quick facts: Galileo Resources PLC

Price: 0.51 GBX

AIM:GLR
Market: AIM
Market Cap: £2.84 m
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Galileo Resources begins off-take talks with Jubilee Metals for Star Zinc ore

Galileo Resources PLC's (LON:GLR) Colin Bird updates Proactive London's Andrew Scott after announcing talks are soon to begin with Jubilee Metals PLC (LON:JLP) over the supply of zinc ore to the Sable refinery in Zambia. Last month, Jubilee struck a deal to buy the Sable zinc refinery...

on 2/5/19

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