Molefe Project Drilling Update, Zambia
Summary by AI BETAClose X
29 October 2026
Galileo Resources Plc
("Galileo")
Molefe Project Drilling Update, Zambia
Galileo Resources Plc (AIM:GLR) is pleased to provide shareholders with an update on a multi-faceted drill programme completed for the Molefe Project. Drilling was initiated to ascertain the morphology and continuity of mineralisation along the eastern limb of the ore zone, to provide confidence regarding mineable tonnes and to complete condemnation of certain sections of the Project where future planning envisages the placement of waste dumps, processing plant and other infrastructure that would otherwise sterilise resources. The programme was completed under the terms of the co-operation and project development agreement on 27 November 2025 (the "Collaboration Agreement") with Jubilee Metals Group PLC (AIM:JLP, Altx:JBL) ("Jubilee").
Highlights
- 9 holes totalling 552.6m tested continuity and mineralisation tenor with the balance of 14 holes totalling 1,298.9m being drilled for purposes of condemnation
- Peak intercepts included MNKDD021 returning 2.97% TCu (total copper) over 3.10m, MNKDD027 returning 1.24% TCu over 10.5m and MNKDD029 returning 1.51% TCu over 12.5m
- Drilling confirmed continuity and increased the strike length of mineralisation by approximately 380m in an easterly direction from 930m to an updated estimate of 1,310m
- A mine development plan and schedule have been provided to Jubilee for consideration supported by the condemnation drilling that identified areas within the licence suitable for waste rock disposal, tailings and a processing plant
- A mine schedule has been provided to Jubilee targeting an oxide copper reef of approximately 1 million tonnes at grades of at least 1.30% TCu, including approximately 240 000 tonnes at 1.45% TCu in the immediately targeted pits 2 and 3. The drilling results together with the in-pit sampling is specifically focussed at supporting the mining schedule and does not represent any resource estimate under any standard .
- The eastern extension has not been included in the mine schedule.
Colin Bird, chairman of Galileo said “We are pleased to be able to increase the strike length of mineralisation providing additional potential tonnes for mining and processing. The data collected has been included in a mine development plan and mine schedule and recommendations for subsequent development provided to Jubilee. Drilling has also enabled detailed planning to be undertaken with regard to future infrastructural development.”
For further information, please contact: Galileo Resources PLC
|
Colin Bird, Chairman |
Tel +44 (0) 20 7581 4477 |
|
Beaumont Cornish Limited - Nomad Roland Cornish/James Biddle |
Tel +44 (0) 20 7628 3396 |
|
AlbR Capital Limited– Joint Broker Colin Rowbury /Jon Belliss |
+44 (0) 20 7 469 0930 |
|
Shard Capital Partners LLP – Joint Broker Damon Heath |
Tel +44 (0) 20 7186 9952 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Table 1: Highlighted Drill Results – Mineralised Intercepts Molefe Project, Zambia
|
Borehole ID |
From (m) |
To (m) |
Mineralised Width (m)1 |
Grade (TCu %)2 |
|
MNKDD021 |
57.6 |
60.7 |
3.10 |
2.97 |
|
MNKDD024 |
22.0 |
35.0 |
13.0 |
0.87 |
|
MNKDD025 |
64.0 |
71.0 |
7.00 |
0.57 |
|
MNKDD026 |
18.3 |
26.0 |
7.70 |
0.45 |
|
MNKDD027 |
12.5 |
23.0 |
10.5 |
1.24 |
|
MNKDD029 |
26.4 |
38.9 |
12.5 |
1.51 |
|
MNKDD030 |
49.0 |
54.0 |
5.00 |
0.42 |
|
MNKDD033 |
9.30 |
20.4 |
11.1 |
0.84 |
Note 1: Minimum mineralised width for estimation purposes of 3.0m
Note 2: Cut-off grade 0.4% TCu (total copper)
Qualified Person
The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, C. Eng, FIMMM, South African and UK Certified Mine Manager and a member of the Institute of Materials, Minerals and Mining, with more than 40 years’ experience mainly in hard rock mining.
Nominated Adviser
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Distribution
This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.
Table 1: Continuity and Extension Drilling - Molefe
|
Hole ID |
EOH |
From (m) |
To (m) |
Width (m) |
Grade (% Tcu) |
|
MNKDD021 |
100.1 |
57.6 |
60.7 |
3.10 |
2.97 |
|
MNKDD024 |
52 |
22 |
35 |
13.00 |
0.87 |
|
MNKDD025 |
86 |
64 |
71 |
7.00 |
0.57 |
|
MNKDD026 |
55 |
18.3 |
26 |
7.70 |
0.45 |
|
|
|
29.05 |
36 |
6.95 |
0.74 |
|
MNKDD027 |
54.8 |
12.5 |
23 |
10.50 |
1.24 |
|
MNKDD029 |
56.7 |
26.4 |
38.9 |
12.50 |
1.51 |
|
MNKDD030 |
85.4 |
49 |
54 |
5.00 |
0.42 |
|
MNKDD033 |
62.6 |
9.3 |
20.4 |
11.10 |
0.84 |
Table 2: Condemnation Drilling – Molefe
|
Hole ID |
EOH |
|
MNKDD018 |
50.1 |
|
MNKDD019 |
100.1 |
|
MNKDD020 |
100.1 |
|
MNKDD022 |
119.1 |
|
MNKDD023 |
70 |
|
MNKDD028 |
62 |
|
MNKDD031 |
60 |
|
MNKDD032 |
44.2 |
|
MNKDD034 |
83.3 |
|
MNKDD035 |
61.3 |
|
MNKDD036 |
100.2 |
|
MNKDD037 |
206.2 |
|
MNKDD038 |
92.1 |
|
MNKDD039 |
150.2 |
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