Galileo Resources PLC Update on 51% interest in Lithium & Gold Projects
29 Febrero 2024 - 1:00AM
RNS Regulatory News
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
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").
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END
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