Galileo Resources PLC Share News (GLR)

(Sharecast News) - Galileo Resources announced on Thursday that preparations for a drill programme had started over the Kamativi lithium-tin target, where it announced the discovery of a previously-unknown lithium anomaly in soils and streams in March.

The AIM-traded firm said it had signed a contract has for a diamond drilling programme, following on quickly from the discovery of a substantial lithium anomaly in soils on the Kamativi licence EPO 1782, adjoining the historic Kamativi tin-tantalum mine in which Galileo does not have an interest, which contains a significant lithium tailings resource.

It said its Kamativi soil anomaly, which peaked at 1,000 parts of lithium per million, extended over a strike length of almost three kilometres - comparable to the footprint of the Arcadia Lithium Project near Harare, considered to be one of the world's biggest hard rock lithium resources.

A swarm of coincident pegmatite dykes had been mapped within the anomaly area, which would be targeted in the first phase of drilling, with around 1,000 metres of drilling planned in at least 10 holes.

Other anomalies would be evaluated and drill-tested in due course, including one area particularly anomalous in rare earth elements.

"We have quickly moved from the discovery of a widespread lithium soil anomaly to the commencement of a drill programme at Kamativi," said chairman and chief executive officer Colin Bird.

"The anomaly is substantial, and we believe it is highly significant that the target is comparable in size to other large lithium deposits including the 42.3Mt Arcadia deposit also located in Zimbabwe."

Bird said the company would quickly evaluate the target with an initial drill programme to test the stacked lithium-bearing pegmatites, with results to determine the extent of follow-up drilling.

"The programme will also assess tin prospectivity as the recent soil and rock chip programmes also identified areas anomalous in tin."

At 1026 BST, shares in Galileo Resources were up 5.96% at 1.19p.

Reporting by Josh White for Sharecast.com.