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Galileo Agrees Arrangement For Rights To Star Zinc, Kashitu Projects

Tue, 14th Apr 2020 14:10

(Alliance News) - Galileo Resources PLC on Tuesday said it has agreed an arrangement with BMR Group PLC to secure the licences to its Star Zinc and Kashitu zinc projects in Zambia.

The exploration company said the arrangement will see it assuming the the rights to Enviro Mining Ltd and its wholly-owned Zambian subsidiaries, excluding the Kabwe small scale mining licence 7083-HQ-SML and the rights to property and plant held by Jubilee Group Metals in relation to the Kabwe project.

Enviro Mining is BMR Group's Mauritian subsidiary.

Galileo Resources said it will pay nothing to fulfil the arrangement due to it already having earned-in the rights to the Star Zinc and Kashitu projects.

"This arrangement completes, subject to Ministry approval, all matters necessary for Galileo actively to pursue mining development of the Star Zinc project and accelerate exploration of Kashitu. The two projects combined has the potential for a significant Zinc development in Zambia," said Galileo Chief Executive Colin Bird.

The stock was trading 43% higher at 0.48 pence each on Tuesday afternoon in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

More News

19 Mar 2024 14:03

IN BRIEF: Galileo drill results show lithium enhancement at Kamativi

Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa - Says phase one drill results for its 80% owned Kamativi lithium-tin project in Zimbabwe show "extensive" lithium enhancement. Results peak at 1.0% of lithium oxide over four metres. Adds that geological mapping and prospecting have identified mineralisation/alteration in pegmatites over at least 1.5 kilometre strike length, which has only been partially drill tested to date. Chief Executive Officer Colin Bird says: "An unusual feature of this discovery is the spread of highly anomalous lithium through the mica schist host rock, as opposed to being solely contained within the pegmatite. We have no doubt that discordant pegmatites are the drivers to lithium content and our mapping programmes have located more discordant pegmatites than previously recognised. On the basis that the nearby Kamativi mine was a long-producing tin operation it comes as no surprise that we also see anomalous tin associated with these discordant pegmatites, in some cases coincident with lithium."

29 Feb 2024 18:06

TRADING UPDATES: United Oil adds Jamaica expert; Vaalco makes buy

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

1 Feb 2024 15:50

Galileo unveils two new copper targets within Kalahari Belt

(Sharecast News) - Galileo Resources unveiled two additional copper targets within the Kalahari Copper Belt on Thursday, following the recent discovery of three targets on PL253/2028.

1 Feb 2024 14:27

TRADING UPDATES: Genflow wins new research grants; Seeen margin rises

(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

30 Jan 2024 14:20

TRADING UPDATES: Lexington completes Bothaville drilling phase

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

28 Dec 2023 16:41

Galileo Resources loss narrows in first half as expenses fall

(Alliance News) - Galileo Resources PLC on Thursday said it reduced its first-half loss as expenses and value adjustment losses narrowed during the period.

7 Nov 2023 15:17

Galileo reports progress at Shinganda drilling

(Sharecast News) - Galileo Resources updated the market on its second-phase diamond drilling programme at the Shinganda copper-gold project in Zambia on Tuesday.

7 Nov 2023 11:55

IN BRIEF: Galileo Resources Shinganda drilling progressing as expected

Galileo Resources PLC - Mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says phase two drilling programme at Shinganda copper-gold project in Zambia is progressing as planned with seven holes completed to date. Says most recent hole SHDD017 has intercepted an "extensive interval of alteration and brecciation with associated copper mineralisation within the Shinganda fault splay system." Confirms mineralisation and says sampling for follow-up laboratory assaying is in progress. Chief Executive Officer Colin Bird says: "Hole SHDD017 is a particularly impressive hole with an intercept length of more than 250 [metres] which was heavily brecciated and accompanied by copper mineralisation throughout its length, with values to be determined by assay. The nature of the host environment is not typical for traditional copper belt mineralisation, which leads us to believe that this could be a totally different style of mineralisation."

17 Oct 2023 16:20

IN BRIEF: Galileo Resources pleased with Kamativi drilling programme

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says the phase 1 drilling programme at Kamativi for lithium and associated elements over a pegmatite-rich area of about 1 kilometre by 0.5 kilometres has been completed, for 1,428.4 metres in 10 holes. Notes mineralisation and alteration similar to that reported in the first hole, KSDD001 has been observed in several of the subsequent holes. Adds core logging and sampling is underway, preparing samples for export to the ALS laboratory in Johannesburg for lithium and associated element analysis. Undertakes infill soil sampling over a strong rare earth elements soil anomaly in the north-eastern sector of the licence and testing for copper in the southern part of the licence for VMS-type mineralisation.

11 Oct 2023 13:31

Galileo Resources completes soil sampling programme in Botswana

(Alliance News) - Galileo Resources PLC on Wednesday said it completed a soil sampling programme for low detection TerraLeach mobile metal-ion geochemistry at the Kalahari copper belt in Botswana.

29 Sep 2023 12:21

EARNINGS: Rockfire interim loss widens due to increased expenses

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Friday and not separately reported by Alliance News:

20 Sep 2023 19:15

TRADING UPDATES: Thor Energy fundraise to support drilling activities

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

5 Sep 2023 19:42

IN BRIEF: Galileo Resources enters joint venture in Zambia

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Announces the company has entered into a joint venture agreement with Cooperlemon Consultancy Ltd in relation to the exploration for copper at large scale exploration license 28001-HQ-LEL in northwest Zambia. Colin Bird, executive chair said: "This acquisition is consistent with our policy of acquiring opportunity projects where potential outweighs entry in reliable jurisdictions."

21 Aug 2023 20:48

IN BRIEF: Galileo Resources reports pegmatites at Kamativi licence

Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Updates on the Kamativi licence in Zimbabwe. Says, to date, six holes have been drilled at the licence for over 700 metres of diamond drilling. Notes the holes have intersected around 111 metres downhole width of pegmatites with an "appropriately low" potassium/rubidium ratio with the potential to host lithium mineralisation. Follow-up work is also planned in the north-east of the licence area to test in more detail the rare earth element content of pegmatites. Says drilling has intersected "significantly" more pegmatite than was originally anticipated, and adds this has brought some areas of the licence thought to be less prospective "back into the spotlight".

10 Aug 2023 11:50

Galileo Resources makes "high-grade" lithium discovery at Kamativi

(Alliance News) - Galileo Resources PLC on Thursday said lithium analysis has confirmed the presence of lithium at its Kamativi project in Zimbabwe.

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Galileo Agrees Arrangement For Rights To Star Zinc, Kashitu Projects

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