Aim-listed Galileo Resources has entered into an option and joint venture (JV) agreement with Garbo Resource Solutions to earn an initial 50% interest in the Shinganda copper/gold project, in Zambia.
Galileo has committed to spending $500 000 on exploration and evaluation at Shinganda over a two-year period.
"This project fits the Galileo model in that the licence areas have good copper and gold intersections from previous campaigns. The agreement gives us the opportunity for new deposit discovery and/or small mine production potential.
"We look forward to working on this project commencing early in the New Year," Galileo CEO Colin Bird says.
Galileo plans to review past exploration data and undertake a drilling programme to test the tenor and extent of the shallow copper/gold mineralisation indicated by previous drilling and nearby mining.
Once it has earned the 51% interest in Shinganda, Galileo will have the option to increase its interest to between 65% and 85% by entering into a JV to develop a mining operation.