The AIM-listed miner said the resource had indicated reasonable prospects of around 500,000 tonnes at 16% Zinc for 77,000 tonnes of metal.
Colin Bird, Galileo’s chief executive, said the resource had confirmed previous announcements of a “high grade zinc component” in the deposit which would be suitable for shipping to a zinc refinery plant near the Zambian capital Kabwe owned by Jubilee Metals Group PLC (LON:JLP).
Bird added that the estimate would allow for a six-year life-of-mine small scale operation to produce 12,000 tonnes of zinc metal per year, with in-house attributable revenues projected at around US$15mln annually at current prices, with the yearly all-in costs expected to be no more than US$2mln.
“We intend to apply without delay for a mining permit", the CEO said.
In early afternoon trading, Galileo's shares were 1% higher at 0.5p.