Galileo starts drilling Molefe Project

(Sharecast News) - Galileo Resources announced the start of drilling at its Molefe Project in Zambia on Wednesday, following the signing of a cooperation and development agreement with Jubilee Metals Group last week. The AIM-traded company said two holes had already been completed as part of an anticipated 10-hole programme intended to support current production levels and guide future resource expansion.

It said the initial phase of drilling aimed to maintain the project's existing output profile for three months, after which Galileo intended to replace depleted resources over a six-month period.

Longer term, the company planned a broader programme of regional reconnaissance drilling to extend the mine's life.

Chairman Colin Bird said the work was progressing as planned.

"We are very pleased that drilling has commenced in line with the collaboration agreement," he said.

"I look forward to reviewing initial results aimed at underpinning production goals whilst we undertake reconnaissance drilling of the general area."

At 1337 GMT, shares in Galileo Resources were up 2.75% at 0.75p.

Reporting by Josh White for Sharecast.com.