By SANFROSSA MANYINDA
GALILEO Resources has committed to spend $500 000 on exploration and evaluation at Shinganda Copper/Gold project in Zambia over a two-year period.
The firm has entered into an option and joint venture (JV) agreement with Garbo Resource Solutions to earn an initial 50% interest in the project.
Company Chief Executive Officer Colin Bird said the project fitted the Galileo model in that the licence areas had good copper and gold intersections from previous campaigns.
Mr Bird said the agreement gave the firm the opportunity for new deposit discovery and/or small mine production potential.
“ We look forward to working on this project commencing early in the New Year.
“We plan to review past exploration data and undertake a drilling programme to test the tenor and extent of the shallow copper/gold mineralisation indicated by previous drilling and nearby mining,” he said.
Mr Bird said once the firm had earned the 51% interest in Shinganda, it would have the option to increase its interest to between 65% and 85% by entering into a JV to develop a mining operation.
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