Shinganda Copper & Gold Project (Zambia)

Galileo entered into an Option and Joint Venture Agreement on 6 December 2021 with Garbo Resource Solutions Ltd. covering the Shinganda Copper-Gold Project, central Zambia comprising Large Scale Exploration Licence No. 22990–HQ-LEL. The agreement gives Galileo the opportunity for new deposit discovery and/or small mine production potential.

 

The Shinganda Project
•    The project area covers part of a major 10km structural trend with two previously developed small-scale open pit copper-gold mines
•    Very limited historic drilling on the property is reported to have intersected 1.07% Cu over a true width of 28.3m at shallow depth within supergene copper oxides
•    Drilling on the structure off-property to the west by Vale S.A. recorded 2m @ 3.93% Cu, 1.72 g/t Au
•    Historic grab sampling in an exploration pit towards the south of the Project area by Vale S.A., with reported assay values of 10.45% Cu, 11g/t Au, will be followed up in the field by Galileo for confirmation purposes
•    Galileo plans to review past exploration data followed by a drilling programme focussed on testing the tenor and extent of the shallow copper/gold mineralisation indicated by previous drilling and nearby mining

 

Agreement
•    The agreement gives Galileo the right to earn an initial 51% interest in the Shinganda project subject to any necessary Zambian regulatory approval, by spending US$0.5m on exploration and evaluation over two years
•    The Company can subsequently increase its interest through entering into a Joint Venture to develop a mining operation, ranging from 65% interest for a large deposit of greater than 1Mt of contained copper equivalent, up to an 85% interest in a smaller deposit of less than 200,000 tonnes of contained copper equivalent