Business
Zambian Exploration Licence joint venture
Zambian Exploration Licence joint venture.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n\n \n \n5 September 2023\nGalileo Resources Plc\n(\"Galileo\" or the \"Company\")\n \nZambian Exploration Licence joint venture\nIssue of Equity & TVR\n \nThe Board of Galileo Resources Plc (\"Galileo\" or the \"Company\") is pleased to announce that the Company has entered into a joint venture agreement with Cooperlemon Consultancy Limited in relation to the exploration for copper at large scale exploration license 28001-HQ-LEL in Northwest Zambia (the \"Licence\").\n \nHighlights\n \n· Licence 28001 - HQ - LEL runs along the Angolan-Zambian border and is closely associated with the perceived Western Foreland geological district boundary that potentially hosts Kamoa - Kakula deposits in Northwest Zambia.\n \n· The licence is 52,000 hectares area covering ground in a district where the Company believes there is scope for the discovery of Kamoa-style mineralisation.\n \n· There has been limited exploration to date and initial fieldwork will commence within 60 days on the Licence with a view to defining potential drill targets as soon as possible.\n \nColin Bird, Executive Chairman said: \"This acquisition is consistent with our policy of acquiring opportunity projects where potential outweighs entry in reliable jurisdictions. The Project is well-positioned in the emerging NW part of Zambia which is showing potential not dissimilar to its' Democratic Republic of the Congo neighbour Kamoa and Ivanhoe exploration areas known as the Western Foreland. We intend to aggressively pursue this project to test the potential for near-surface mineralisation as well as the much postulated Kamoa-style mineralisation. Once targets are generated we will proceed to drilling as soon as we are able and hopefully before the rainy season commences. We will keep shareholders posted as progress occurs\".\n \nJoint Venture Agreement\nGalileo yesterday entered into a joint venture agreement with Cooperlemon Consultancy Limited (\"Cooperlemon\") in relation to the exploration for copper at large scale exploration license 28001-HQ-LEL in Northwest Zambia (the \"Licence\"). Under the joint venture agreement (\"JV Agreement\"), Galileo has agreed the following key terms:\n \nEarn-in and Phase 1 exploration budget: Galileo will earn a 65% interest...