Aim-listed Galileo Resources has completed a drilling programme at the Luansobe copper project, in Zambia, marking an important step towards the generation of a new mineral resource estimate (MRE) for the project.
Assay results for the first 15 of 28 holes drilled have been received, with 28 vertical diamond drill holes totalling 3 563.5 m having been completed.
Drilling has successfully identified wide zones of moderate grade, near-surface copper mineralisation, potentially offsetting openpit pre-stripping costs, which could be expected to impact positively on project economics.
Assays for the first 15 holes have been received.
Handheld X-ray fluorescent analyses routinely collected during logging on remaining holes also indicate the presence of copper mineralisation over pronounced widths that may reflect positively on the expanding openpit model.
External independent consultant Addison Mining Services will complete a Joint Ore Reserves Committee-compliant MRE as soon as the balance of geological data and supporting assays have been provided by Galileo.
The MRE will provide the information required to progress towards a potential openpit mine plan.
“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 surface than previously thought and we have encountered wide zones of good mineralisation.
“Our independent consultant Addison will collate these results and, once the additional drilling results are received, from that we'll establish an openpit block model and examine development options.
“Our intention is to then put this model out to the openpit contracting industry to commence operations as soon as we can in the first quarter of 2023, following the receipt of the MRE and the production of the block model and theoretical openpit plan,” says chairperson and CEO Colin Bird.