Statunga Investments has been awarded an additional small-scale mining licence for the Luansobe copper project, in Zambia, in which Galileo Resources has a 75% interest.
This follows the granting of a previously announced small-scale mining licence to Statunga over part of the former Luansobe exploration licence, encompassing the shallow openpittable part of the project.
The additional small-scale mining licence now awarded encompasses the potential underground mineral resource and exploration target.
The new small-scale mining licence 34545-HQ-SML, covering an area of 384 ha, has been granted from August 4 for a period of ten years for the mining of copper and other base and precious metals.
The two mining licences cover an area for which Galileo has previously reported inferred mineral resources of about 5.8-million tonnes gross at 1% total copper above a cut-off grade of 0.25% total copper for 56 000 t of contained copper, potentially amenable to openpit mining, and 6.3-million tonnes gross at 1.5% total copper above a cut-off grade of 1% total copper for 97 000 t of contained copper, potentially amenable to underground mining.
Historic drilling suggests a further exploration target of about three-million to seven-million tonnes between depths of 100 m and 300 m, with grades in the region of 1% to 1.5% total copper.
The company says the exploration target is conceptual in nature and may not be realised, although sparse historical drilling indicates that there is potential for additional resources beyond those highlighted, subject to confirmation by deeper drilling.
"This marks an important step forward in our plan for the development of the openpit and accessible underground resources separate from a deeper drilling programme targeted at investigation of the extent of the deposit at depth.
“We continue to believe that there is the potential to define a much larger resource within our licence boundary," Galileo chairperson and CEO Colin Bird said. 