Last checked at 29 Feb 2024 07:00
For immediate release
29 February 2024
Galileo Resources Plc
("Galileo" or "the Company")
Update on acquisition of a further 51% shareholding in
Lithium & Gold Projects, Zimbabwe
Galileo Resources plc ("Galileo "or the "Company") further to its announcement of 03 October 2022 is pleased to announce that all conditions have been met in relation to the agreement to acquire an additional 51% shareholding in BC Ventures Limited.
Galileo previously held an option to acquire a 51% interest through the Company spending $1.5million on exploration and evaluation of the Projects by 21 July 2024. As a result, Galileo now has an interest of 80% in BC Ventures Limited.
BC Ventures Limited is the owner of a highly prospective lithium project in Southwest Zimbabwe (the "Kamativi Lithium Project") and two gold licenses (the "Bulawayo Gold Project") close to Bulawayo (the "Projects") through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited, as more fully detailed in the original announcement of 7 March 2022. The Company has recently applied to the Zimbabwe authorities for a further three-year renewal of all three exploration licences to 12 March 2027.
Colin Bird Executive Chairman commented "I am pleased that we completed all the necessary work to complete on our 51% earn-in and with our existing 29% shareholding, we now have an 80% beneficial shareholding in BC Ventures Ltd. The projects in Zimbabwe all show significant interest and we are delighted with our initial progress at the Kamativi Lithium/Tin project, which has huge potential for the discovery of lithium and/or tin. The Bulawayo project also has indicated good potential for near surface and deeper gold discoveries. Our work has also indicated an ultramafic presence which may host nickel according to initial indications. We look forward to advancing all our projects in Zimbabwe and maintain our conviction that Zimbabwe has high prospectivity for new discoveries in most of the new age metals currently being sought globally."
You can also follow Galileo on Twitter: @GalileoResource
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 |
Novum Securities Limited - Joint Broker Colin Rowbury /Jon Belliss | +44 (0) 20 7399 9400 |
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").