- Galileo Resources said an independent estimate indicated that around 500,000 tonnes of 16% zinc could be extracted from its Zambian Star project in the African nation.

The mineral resource estimate provided for 77,000 tonnes of the industrial metal above a cut off grade of 2% zinc.

It included around 340,000 tonnes at 21% zine for 72,000 tonnes of metal above a cut off grade of 8%.

'This initial JORC-compliant resource estimate confirms the previously announced exploration target and the company's publicly announced* presence of a high-grade zinc component in the deposit,' chief executive Colin Bird said.

'The MRE clearly identifies an easy access near-surface mineable zone with a low stripping ratio of one to one.'

'There will be no requirement for processing equipment other than possibly a mobile primary crusher.'

'A low grade portion of mineralised material remains an exploration target and may be amenable to preconcentrate/upgrade to about 10% Zn either as DSO or blending, pending further test work and method development.'

At 1:30pm: [LON:GLR] Galileo Resources share price was +0.02p at 0.54p

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