Galileo Resources Advances Strategic Acquisition in Zimbabwe

  • Secures 80% Stake in Lithium & Gold Projects

Galileo Resources plc, has successfully fulfilled all conditions of the acquisition of an additional 51% shareholding in BC Ventures Limited. The announcement comes as a follow-up to the company’s initial declaration on October 3, 2022.

Galileo, which previously held an option to secure a 51% interest by investing $1.5 million in the exploration and evaluation of the Lithium & Gold Projects by July 21, 2024, has now increased its stake to 80% in BC Ventures Limited. This move positions the company strategically in the ownership of BC Ventures Limited, which holds the Kamativi Lithium Project and two gold licenses known as the Bulawayo Gold Project.

BC Ventures Limited, through its wholly-owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited, has recently submitted applications to Zimbabwean authorities for a three-year renewal of all three exploration licenses, extending the validity to March 12, 2027.

Colin Bird, the Executive Chairman of Galileo Resources, expressed his satisfaction, stating, “I am pleased that we completed all the necessary work to finalize our 51% earn-in, and with our existing 29% shareholding, we now have an 80% beneficial shareholding in BC Ventures Ltd.” Bird highlighted the potential of the projects, particularly praising the Kamativi Lithium/Tin project for its significant promise in the discovery of lithium and/or tin. He also noted positive indications for near-surface and deeper gold discoveries in the Bulawayo project, with preliminary findings suggesting the presence of ultramafic formations that may host nickel.

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Bird emphasized the company’s commitment to advancing all projects in Zimbabwe, underlining the high prospectivity for new discoveries in various sought-after metals globally. The executive’s optimistic outlook aligns with Galileo Resources’ dedication to exploring and unlocking the mineral potential in Zimbabwe, contributing to the ongoing global demand for new age metals.

Galileo Resources plc remains poised to play a key role in the exploration and development of Zimbabwe’s rich mineral resources, with the successful acquisition strengthening its foothold in the region. The company’s strategic move aligns with its broader vision of contributing to the global supply chain of critical metals, reaffirming its commitment to sustainable resource development.

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