Galileo Resources (GLR)

Sector:

Mining

Index:

FTSE AIM All-Share

 1.10p
   
  • Change Today:
      0.000p
  • 52 Week High: 1.28p
  • 52 Week Low: 0.95p
  • Currency: UK Pounds
  • Shares Issued: 1,163.19m
  • Volume: 537,427
  • Market Cap: £12.80m
  • Beta: 0.58

Galileo launches new Western Foreland drilling programme

By Josh White

Date: Monday 29 Jul 2024

LONDON (ShareCast) - (Sharecast News) - Galileo Resources announced the start of a new drilling programme in the Western Foreland domain of Northwest Zambia on Monday.
The AIM-traded firm said the initial phase of the project would involve around 700 metres of drilling on licence 28001-HQ-LEL, with rig mobilisation scheduled for later in the week.

It said licence 28001-HQ-LEL is strategically located within the Western Foreland domain - a region with significant potential for Kamoa-Kakula style copper deposits.

The area is positioned along the strike of the Kamoa-Kakula mining complex in the Democratic Republic of Congo (DRC), and is adjacent to a substantial exploration licence area in Angola acquired by Ivanhoe Mines, which is targeting further extensions of the Western Foreland.

Galileo said the drill programme was designed to test potential redox front targets, where suitable lithological combinations could create the optimal environment for copper deposition.

The decision to proceed with drilling followed an extensive programme of reconnaissance and the construction of necessary infrastructure, including roads and bridges, to ensure safe access for drilling equipment.

Galileo said the project had been facilitated by Cooperlemon Consultancy, its partner in the region, which had played a crucial role in securing all necessary permits and approvals.

Additionally, Cooperlemon Consultancy had helped establish contacts with local chiefdoms, ensuring community engagement and support for the project.

"The operational activities outlined represent the company's initial drilling and extended fieldwork at our prime licence in the Northwest region of Zambia," said executive chairman Colin Bird.

"The licence is well situated in the Zambian Western Foreland trend, which hosts the Kamoa mine across the border in the DRC, about 100 miles northeast of our activities.

"We are pleased to have reached this juncture and look forward to the initial results, which will certainly add to our database and hopefully confirm our expectations for geological architecture supporting our prognosis."

At 0940 BST, shares in Galileo Resources were down 6.12% at 1.15p.

Reporting by Josh White for Sharecast.com.

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GLR Market Data

Currency UK Pounds
Share Price 1.10p
Change Today 0.000p
% Change 0.00 %
52 Week High 1.28p
52 Week Low 0.95p
Volume 537,427
Shares Issued 1,163.19m
Market Cap £12.80m
Beta 0.58

GLR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.08% below the market average11.08% below the market average11.08% below the market average11.08% below the market average11.08% below the market average
44.88% below the sector average44.88% below the sector average44.88% below the sector average44.88% below the sector average44.88% below the sector average
Price Trend
1.45% below the market average1.45% below the market average1.45% below the market average1.45% below the market average1.45% below the market average
50.36% above the sector average50.36% above the sector average50.36% above the sector average50.36% above the sector average50.36% above the sector average
Income Not Available
Growth
53.34% above the market average53.34% above the market average53.34% above the market average53.34% above the market average53.34% above the market average
55.93% above the sector average55.93% above the sector average55.93% above the sector average55.93% above the sector average55.93% above the sector average

GLR Dividends

No dividends found

Trades for 21-Nov-2024

Time Volume / Share Price
10:22 486,154 @ 1.06p
09:45 40,286 @ 1.06p

GLR Key Personnel

Finance Director Joel Silberstein

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