Galileo Resources PLC saw its shares jump 8.1% after it said a drilling programme will start "imminently" at the Luansobe copper project on the Zambian Copperbelt.
Galileo, which holds a 75% interest in a small exploration licence, signed a contract for a 3,000-metre drilling programme on a potentially open pittable copper deposit at Luansobe.
Up to 30 holes are planned that will cover areas where re-modelling of the deposit showed that shallow copper potential was not adequately tested, where no assay data is available in the historic records or where previous holes appear not to have fully tested the main mineral horizons.
The company said it completed the re-logging of historic drill core from the 1950s and 1960s.
“Re-examination of the old drill core found previously unrecognised copper-bearing zones of significant length,” said chairman and chief executive Colin Bird.
“The work undertaken adds value to the modelling of a potential open pit and the new drill programme will define the extent and copper content, if any, of pre-strip for such a pit. We will aim to put a development contract out to tender early in Q4, 2022.”
The Luansobe area is situated about 15km to the northwest of the Mufulira mine which produced more than 9 million tonnes of copper during its operation.
Galileo shares were up 8.1% at 1p in mid-morning trading.