Galileo Resources PLC (LON:GLR) saw its shares jump 18% higher today after it said preliminary results of the initial 14-hole drilling programme at its Concordia copper project in South Africa were "promising and well worth pursuing".
The AIM-listed firm said its induced polarity geophysical survey was less effective than traditional testing methods, but Galileo said copper sulphide mineralisations were intersected "more consistently" in drill holes targeted by traditional exploration methodology.
The company said drilling of basic rock bodies identified by outcrop, limited ground magnetic survey and previous aeromagnetic survey data, intersected encouraging "potentially mineable" near-surface copper mineralisation with good grades.
Galileo said the best holes were GSPD 008, 011 and 014. GSPD 008 intersected 6 metres from 23 metres to 29 metres downhole, assaying 0.90% copper.
The firm said it has committed all of the funds required for a 51% earn-in to Concordia under the terms of the cooperation and joint venture agreement with Shirley Hayes IPK.
Galilleo’s chief executive Colin Bird said: "At a previous strategic discussion with Shirley Hayes, it was decided to continue to drill a number of holes to test for continuity and extension of mineralisation and this we intend to do.
“After final expenditure of the balance of committed funds and full assessment of results thereafter we will advise SHIP of our future level of interest.”
In late afternoon trading, Galilleo shares were up 18.2%, or 10.5p to 3.25p.