REG - Galileo Resources - Update on 51% interest in Lithium & Gold Projects

Galileo ResourcesAnnouncement

29/02/2024 07:15

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RNS Number : 8726E  Galileo Resources PLC  29 February 2024

 

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           Tel +44 (0) 20 7628 3396

 Roland Cornish/James Biddle
 Novum Securities Limited - Joint Broker    +44 (0) 20 7399 9400

 Colin Rowbury /Jon Belliss
 Shard Capital Partners LLP - Joint Broker  Tel +44 (0) 20 7186 9952

 Damon Heath

 

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").

 

 

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