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LONDON - Galileo Resources Plc (AIM:GLR) reported advancements across its mining portfolio in its audited results for the year ended March 31, 2025, with significant progress at its Zambian copper assets.
The company secured two 10-year small-scale mining licenses for its Luansobe project, covering both open-pit and underground areas. The licenses encompass a JORC-compliant Inferred Mineral Resource of 5.8 million tonnes at 1% copper for open-pit mining and 6.3 million tonnes at 1.2% copper for underground extraction, totaling approximately 153,000 tonnes of contained copper.
Galileo completed open-pit sensitivity analysis at Luansobe and reported advanced discussions with potential partners interested in developing the site. The company aims to prioritize near-term open-pit mining while preserving longer-term underground potential.
At the Shinganda copper-gold project, the company completed third and fourth drilling phases, identifying what it claims is potential for a large Iron Oxide Copper Gold (IOCG) mineralized system. The drilling expanded shallow oxide copper-gold mineralization to a 150m x 350m area.
The company also conducted preliminary drilling at its Western Foreland project in Northwest Zambia and secured a small-scale mining license at the Kashitu project, which could potentially support a zinc willemite operation.
In Botswana’s Kalahari Copperbelt, a second phase of drilling commenced after the reporting period on license PL253, with the company reporting a 61m interval of visible copper oxide mineralization from 75m depth in one drillhole.
Galileo also entered a royalty agreement with Bronco Creek Exploration for its Ferber project in Nevada, USA, and reported that new mining license applications for its Zimbabwe projects are awaiting approval.
The company confirmed it received the final payments from the Glenover sale, totaling approximately ZR 54.4 million (about £2.35 million).
This article is based on a press release statement from Galileo Resources.
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