Galileo Resources To Acquire A 51 Per Cent Stake In Kamativi Lithium Project
United Kingdom group, Galileo Resources PLC, said it has been granted an option to acquire a 51% stake in the Kamativi lithium project and the Bulawayo gold project.
Under the agreement:
- Galileo can earn an initial 51% interest in the two projects by spending US$1.5 million on exploration and evaluation by 21 January 2024 and paying US$100,000 to BC Ventures Ltd by 7 March 2022.
- Galileo will also issue 13.7 million shares to settle £150 000 due to Cordoba Investments Ltd for all of its rights and obligations relating to the projects.
Galileo Resources chairman and chief executive Colin Bird said the project marks the company’s first move into Zimbabwe. Said Bird:
This is a significant investment for Galileo, in that we have an option to acquire a controlling interest in what we consider a highly prospective lithium project in Southwest Zimbabwe.
The project is adjacent to the Kamativi mine, which produced tin for many years, closing in 1994.
The pegmatites in the area are known to contain lithium-bearing minerals, as well as tantalum and tin and the pegmatites will be the focus of our exploration programme.
Kamativi is close to the Kamitivi tin-tantalum mine which operated from 1936 to 1994 and is located in Matabeleland North Province.
The Zimbabwe Mining Development Corporation (ZMDC) is currently planning to produce lithium from mine tailings.
