LONDON - Galileo Resources PLC (AIM: LON:GLR), a mining exploration and development company, reported a profit of £2.17 million for the six-month period ending September 30, 2024, a significant turnaround from the loss of £521,764 during the same period in 2023. The profit was mainly attributed to the sale of the company's interest in the Glenover project.
In its operational highlights, Galileo announced advancements in its Zambian projects. The company was granted a small-scale mining license (SML) for its Luansobe Copper Project, allowing it to proceed with open pit mine feasibility and development. The Luansobe area, with an inferred mineral resource of approximately 5.8 million tonnes at 1% total copper, is part of the Zambian Copperbelt.
Further, a second SML was awarded post-period, covering an underground mineral resource and exploration target with 6.3 million tonnes at 1.5% total copper. The company plans to test deeper exploration targets within this new license area.
At the Shinganda Copper-Gold Project, a Phase Three drilling program was completed, and a subsequent Phase Four drilling program was initiated based on visual inspections of drill chips. The Kashitu Zinc Project saw ongoing stakeholder engagement and exploration to evaluate the development potential of high-grade mineralization.
In the Western Foreland Copper Project, Galileo commenced diamond core drilling to test for sediment-hosted copper mineralization, with preliminary results expected soon.
For its Zimbabwean interests, the company is awaiting the granting of extensions for the exploration licenses of the Kamativi and Bulawayo projects. Desk-based studies and data analysis are underway to identify drilling targets for lithium and gold-nickel-copper mineralization.
In Botswana, Galileo's Kalahari Copperbelt project saw the completion of an Airborne Gravity Gradient survey, and plans for a follow-up IP geophysical survey were announced to define drill-ready targets.
Lastly, the company reported the full settlement of the Glenover Phosphate Project sale, which contributed to the profit reported in the financial highlights.
This article is based on a press release statement from Galileo Resources PLC.
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