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viewGalileo Resources PLC

Galileo Resources PLC continues to build on diverse metals portfolio

Snapshot

  • Owns 95% of Star Zinc project in Zambia
  • Inferred resource at Star Zinc of 77,000 tonnes of metal
  • Investigating potential for Glenover rare earths project
  • Significant potential from Botswana exploration
Zinc element

Quick facts: Galileo Resources PLC

Price: 0.775 GBX

AIM:GLR
Market: AIM
Market Cap: £5.96 m
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What Galileo does

Galileo Resources PLC (LON:GLR) is an AIM-listed base metals specialist run by serial resources entrepreneur Colin Bird.

What it owns

The new copper portfolio in Botswana is the current focus of attention, but there are several other assets inside the business.

The company owns the Star Zinc project in Zambia, in which it holds a 95% interest with the remaining 5% held by the Zambian government.

Aside from Star Zinc, the company also has interests in the Kashitu project, also located in Zambia, as well as a 15% interest in the Concordia copper project and a 38% stake in the Glenover rare earth project, both located in South Africa.

Elsewhere, the company also owns 100% of the Ferber gold project in Nevada, USA.

How it's doing

In July 2020 Galileo appointed the highly experienced and successful Kalahari Copper Belt exploration geologists, Dr Quinton Hills and Fred Nhiwatiwa to provide assistance with the exploration projects in Botswana

The new team members have previously discovered mineral deposits that have led to the development of mines in Botswana.·

Dr Hills has been appointed to an advisory and supervisory role across all the company's exploration projects in Botswana.

Mr Nhiwatiwa has been appointed to manage exploration activities in Botswana.

Preliminary exploration is now underway.

What the boss says: Colin Bird, chief executive

"The suitability of the potentially much larger Kashitu deposit and its vanadium content offers the opportunity of a long term sustainable ore supply."

Inflexion points

  • •   An initial inferred resource estimate for the Star Zinc project, which indicated reasonable prospects of around 500,000 tonnes at 16% Zinc for 77,000 tonnes of metal
  • •   Galileo is likely to supply up to 60,000 tonnes per annum from the Star Zinc project to Jubilee’s Kabwe zinc refinery.
  • •  34%-owned Glenover rare earths project is “well placed to benefit” as prices of the minerals are boosted by the standoff between China and the US.

Blue Sky

A small-scale mining permit at the Star Zinc project in Zambia, and begin mining in the second quarter next year.

The estimates would allow for a six-year life-of-mine small scale operation to produce 12,000 tonnes of zinc metal per year, with the yearly all-in costs expected to be no more than US$2mln.

Bird has found big copper projects before, and made investors significant sums

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Galileo Resources hits 'exceptionally' high grades at Star Zinc project

Colin Bird, chief executive at Galileo Resources PLC (LON:GLR), tells Proactive's Andrew Scott they've struck 'exceptionally' high zinc grades of between 41.51% and 46.58% across three holes drilled as part of a wider swathe of drilling on the Star zinc project in Zambia. So far, 26...

on 10/4/18

2 min read