Galileo Resources PLC (LON:GLR) saw its shares rise on Monday as the firm issued a "very promising" exploration update on its' 100% held property in the emerging Kalahari Copper Belt in western Botswana.
The company said a preliminary overview of the results from a Heliborne-EM geophysical surveying over several licences in its highly prospective Kalahari Copper Belt Project look very promising with the EM data interpreted to show several highly prospective geological settings for copper-silver mineralisation.
In particular, the group noted, the EM data from PL250/2018 and PL251/2018, which is situated only 30 kilometres west of Sandfire Resources' high-grade copper-silver A4 Dome Project, contains several EM anomalies, the most prospective of which display similar conductive dome geometry.
Galileo said that data obtained within PL40/2018 is interpreted by the group's technical team to show this area has a comparable geological setting to Cupric Canyon Capital's Zone 5 and Zone 5N deposits, situated only 25 kilometres due west (which are a subset of a combined sulphide resource of 502Mt @ 1.4% Cu and 17g/t Ag, including 185Mt @ 2.0% Cu and 27g/t Ag)
The company said detailed data interpretation is underway, utilising Spectral Geophysics, a consultancy that was involved in the discovery of the A4 Dome deposit (targeted from EM data) and the it will announce these conclusions once known.
The most prospective EM targets will be selected for early drill testing, it added.
In a statement, Colin Bird, Galileo's chairman & CEO said: "Soon after acquiring the Kalahari property portfolio we commenced an airborne EM survey. We have on our team several specialists who have been responsible for nearby copper discoveries in the Belt and who know the signatures and indicators of mineralisation in this region.
"Currently we are utilising all their scientific knowledge and experience to process and interpret the data and produce a detailed report with drilling recommendations. Preliminary overview of the EM results highlights several EM conductors which could lead to immediate drilling targets. We are excited about our initial progress and await a final report in the coming weeks."
In early morning trading, Galileo shares were 8.6% higher at 0.95p.