London-listed Galileo Resources has met all conditions required to acquire an additional 51% shareholding in BC Ventures, which, coupled with its existing 29% shareholding, now adds up to an 80% beneficial shareholding in BC Ventures.
The company held an option to acquire the 51% interest by spending $1.5-million on exploration and evaluation of the Kamativi lithium and tin project and two gold projects that, together, form the Bulawayo gold project, in Zimbabwe.
The Bulawayo project may also contain nickel mineralisation, which Galileo continues to investigate.
BC Ventures owns the three exploration licences and operates them through a Zimbabwe-based subsidiary called Sinamatella Investments. BC Ventures recently applied to the Zimbabwean authorities for a further three-year renewal of all the exploration licences to March 2027.
Galileo chairperson Colin Bird says all the projects in Zimbabwe show high prospectively for new discoveries in most of the “new age” metals that are currently highly sought after globally.