Galileo Resources PLC (AIM:GLR) said recent drilling at the Luansobe copper project in Zambia has identified wide zones of moderate grade and near-surface copper mineralisation, potentially offsetting open pit pre-stripping costs.
Assays from 15 of the 28 holes drilled have now come back, it added, with the best of the grades seeing 23.73 metres (m) at 2.63% copper from a depth of 85m in hole LUDD013.
These results mark an important step towards a new mineral resource, noted the junior.
In a statement, Colin Bird, Galileo chairman, said: "We are very pleased with the results of our drilling programme in that we have received confirmation that the deposit appears to extend closer to the surface than previously thought and we have encountered wide zones of good mineralisation.
“Our intention is to then put this model out to the open pit contracting industry to commence operations as soon as we can in quarter 1, 2023, following the receipt of the mineral resource estimate and the production of the block model and theoretical open pit plan".