Zambian mining company Statunga Investments Limited has secured an additional small-scale mining license for the Luansobe Copper Project in Zambia.
The license – 34545-HQ-SML – is valid for ten years and permits the exploration and extraction of copper along with other base and precious metals across a 384-hectare area.
“Statunga is now in receipt of the second mining license for Luansobe covering the area of the underground resource,” stated Colin Bird, Chairman of Galileo Resources.
The license enhances Galileo Resources’ strategy to develop open-pit and accessible underground resources at the Luansobe project. The company is also conducting separate drilling activities aimed at unlocking reserves within greater depths at the mine.
Galileo Resources estimates the underground reserves hold approximately 6.3 million tons with 1.5% copper content. Historic drilling campaigns have suggested the presence of between three to seven million tons of copper at depths of 100 to 300 meters.
Under an acquisition agreement initiated in March 2022, Stutanga Investments owns a 25% interest in the Luansobe Copper Project.
