Galileo Resources PLC (AIM:GLR) said it intercepted visible copper mineralisation on the Sandfire agreement licences at the Kalahari Copper Belt (KCB) project in western Botswana.
More than 5,000 metres of drilling has been completed to date on five of the KCB exploration licences, including Galileo’s retained licences and the Sandfire Resources Ltd agreement licences.
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"We are very pleased that drilling on the Sandfire agreement licences hit mineralisation of a type that can be associated with copper deposits on the KCB,” said Galileo chairman and chief executive Colin Bird.
“This intersection site is located within a licence block where Sandfire has a US$4mln exploration commitment over the following two years. Initial results bode well for our prospects of earning a deferred consideration and we look forward to results of further drilling by Sandfire on these licences.”
Drilling on the Sandfire agreement licences intersected visible copper mineralisation at 242.7 metres and samples from this hole and other zones of interest will be sent for laboratory assay.
“Results to date are very encouraging, with the limited drilling programme having already encountered copper mineralisation,” said Bird. “We await with interest the assay results from the drill samples and the outcome of our ongoing drilling."
Galileo drilled in two of its retained licences, with most holes intersecting the target D'kar/Ngwako Pan Fm, where copper mineralisation has typically been found at previously discovered copper deposits in the KCB. While no copper mineralisation was found, one hole intersected a 6.32 metre interval of 2-5% fine-grained disseminated pyrite at the target horizon level which might represent a hydrothermal mineral system lateral to a copper occurrence, it said.