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Galileo Resources plans trial mining at Star Zinc after initial inferred resource

Snapshot

  • Owns 95% of Star Zinc project in Zambia
  • Inferred resource at Star Zinc of 77,000 tonnes of metal
  • Investigating potential for Glenover rare earths project
Zinc element

Quick facts: Galileo Resources PLC

Price: 0.85 GBX

AIM:GLR
Market: AIM
Market Cap: £6.51 m
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What Galileo does

Galileo Resources PLC (LON:GLR) is an AIM-listed base metals specialist run by serial resources entrepreneur Colin Bird.

What it owns

The company’s main focus is the Star Zinc project in Zambia, in which it holds a 95% interest with the remaining 5% held by the Zambian government.

Aside from Star Zinc, the company also has interests in the Kashitu project, also located in Zambia, as well as a 15% interest in the Concordia copper project and a 38% stake in the Glenover rare earth project, both located in South Africa.

Elsewhere, the company also owns 100% of the Ferber gold project in Nevada, USA.

How it's doing

Galileo has pencilled the second quarter for the start of a small scale mining operation at its Star Zinc project in Zambia.

The company recently raised new money to begin work both there and the Kashitu operation, where Galileo wants to start zinc exploration.

The company also recently acquired a portfolio of copper exploration assets in Botswana.

What the boss says: Colin Bird, chief executive

"The suitability of the potentially much larger Kashitu deposit and its vanadium content offers the opportunity of a long term sustainable ore supply."

Inflexion points

  • •   An initial inferred resource estimate for the Star Zinc project, which indicated reasonable prospects of around 500,000 tonnes at 16% Zinc for 77,000 tonnes of metal
  • •   Galileo is likely to supply up to 60,000 tonnes per annum from the Star Zinc project to Jubilee’s Kabwe zinc refinery.
  • •  34%-owned Glenover rare earths project is “well placed to benefit” as prices of the minerals are boosted by the standoff between China and the US.

Blue Sky

A small-scale mining permit at the Star Zinc project in Zambia, and begin mining in the second quarter next year.

The estimates would allow for a six-year life-of-mine small scale operation to produce 12,000 tonnes of zinc metal per year, with the yearly all-in costs expected to be no more than US$2mln.

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