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Galileo Resources PLC - mining company focused on US and Africa - Says delineation drilling at Luansobe copper project, located in Zambia, has been completed. Says it has successfully identified wide zones of moderate grade, near-surface copper mineralisation, potentially offsetting open pit pre-stripping costs. Galileo finds up to 3.51% copper at Luansobe, at hole LUDD014.
Chief Executive Officer Colin Bird says: ‘We are very pleased with the results of our drilling programme in that we have received confirmation that the deposit appears to extend closer to surface than previously thought and we have encountered wide zones of good mineralisation.’
Current stock price: 1.47 pence each, up 4.8% on Wednesday afternoon in London
12-month change: up 61%
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