Galileo Resources (GLR) has completed its phase-2 drilling programme at its Star Zinc Project in Zambia.
The preliminary results from four of the diamond drilling holes intersected high grade mineralisation of between 14% and 26% zinc and good widths.
Elevated germanium (Ge) assays of up to 45 ppm were recorded; generally being associated generally with high-grade zinc values.
Hand-held XRF spectrometry results on 9 of the diamond drilling holes mainly on the western body of the deposit showed significantly more persistent higher Zn grades ranging from 12% to 40.4.5% zinc, and widths of up to 19m downhole.
The project is 80.75%-owned by Galileo Resources, as the transfer to Galileo of the 15% interest in Enviro Zambia Ltd. is still progressing. On the transfer Galileo will hold 95% and the Government 5% of the Star Zinc project.
Shares in Galileo Resources were trading at 1.075p a share following the announcement
The Company intends to develop, as soon as practicable, a work programme with the objective of meeting the requirements for the application of a small scale mining licence for Star Zinc.
Colin Bird, Chief Executive Officer, said: “Good results have been obtained in both the eastern and western "ore" bodies, with the latter suggesting significantly higher grades than in the east.”
“The Company believes it has adequately delineated a resource to design an open pit and generate a maiden JORC compliant resource estimate”
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