AIM-listed mining company Galileo Resources has identified multiple gold targets in its latest aeromagnetic and radiometric survey conducted at the Bulawayo Gold Project, Zimbabwe.
The survey successfully mapped magnetic greenstone lithologies, the most likely host for gold mineralisation in the region, together with geological structures, which typically act as conduits for mineralising fluids.
Specific targets have been pegged for follow up based on regional shears and splays that have hosted former gold-producing mines.
Galileo is currently prioritising targets for further exploration, integrating the new geophysical data with existing gold deposit and soil geochemical datasets.
Chairman and chief executive officer Colin Bird said: "The area covered by our licences and the recent airborne survey has historically been a prolific source of small-scale gold mines and continues to support operating mines today.
"Our mission was to examine the potential for a major gold system and evidence certainly points to the possibility of a large gold system discovery.”
Shareholders can expect further announcements once a target hierarchy has been established.
GLR shares were up 6.7% on the day as of 15:50 August 16.