Galileo increases stake in Star Zinc project

24th June 2019 By: Simone Liedtke - Creamer Media Social Media Editor & Senior Writer

Aim-listed Galileo Resources has acquired the remaining Kabwe residual rights, including the Kashitu zinc willemite exploration prospect, as well as exercised its right to acquire a further 15% interest in Enviro Zambia from BMR Group for 9.6-million Galileo shares.

Enviro Zambia owns 95% of Enviro Processing Zambia, to which Star Zinc's large-scale exploration licence remains to be transferred, subject to Zambian regulatory approval.  

Completion of this acquisition adds substantially to Galileo’s prospective zinc metal base and increases it beneficial interest to 95% in its advanced Star Zinc project, CEO Colin Bird said in a statement issued on Monday.

He added that the Kashitu zinc mineralisation had the added benefit of vanadium, which would add significant value to the overall metals package.