Galileo Resources posts gains on Glenover sale, advances mining projects By Investing.com
LONDON – Galileo Resources PLC (AIM: GLR ), a mining exploration and development company, reported a profit of £2.17m for the six months ended 30 September 2024, a significant turnaround from a loss of £521,764 pounds during the same period in 2023. The gain is mainly attributed to the sale of the company’s stake in the Glenover project.
In its operational highlights, Galileo announced progress on its Zambian projects. The company was awarded a small scale mining license (SML) for the Luansobe Copper project, enabling it to proceed with the feasibility and development of the open pit mine. The Luansoba area, with inferred mineral resources of approximately 5.8 million tonnes of 1% of the total, is part of the Zambian Copperbelt.
Furthermore, a second SML was awarded after the period, covering an underground mineral resource and exploration target of 6.3 million tonnes grading 1.5% total copper. The company plans to test deeper exploration targets within this new license area.
At the Shinganda Copper-Gold project, the third phase of the drilling program has been completed and the subsequent fourth phase of drilling has been initiated based on visual well inspections. The Kashitu project has seen ongoing stakeholder engagement and exploration to assess the development potential of high-grade mineralization.
At the Western Foreland Copper Project, Galileo has commenced diamond core drilling to test copper mineralization in the sediment, with preliminary results expected soon.
Due to its interests in Zimbabwe, the company is awaiting the award of license extensions to explore the Kamativi and Bulawayo projects. Bench-based studies and data analysis are ongoing to identify drilling targets for lithium and gold, nickel and copper mineralization.
In Botswana, Galileo’s Kalahari Copperbelt project has completed an airborne gravity gradient survey, and plans have been announced for a follow-up IP geophysical survey to define drill-ready targets.
Finally, the company reported a full settlement of the sale of the Glenover Phosphate Project, which contributed to the profit reported in the financial statements.
This article is based on a press release from Galileo Resources PLC.
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