Update on 51% interest in Lithium & Gold Projects

Downloadable PDF of this RNS

RNS Number : 8726E
Galileo Resources PLC
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”).

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 

END