Galileo Resources has successfully fulfilled all the necessary requirements to obtain an additional 51% shareholding in BC Ventures.
This brings its total shareholding in BC Ventures to 80%, when combined with its existing 29% shareholding.
The company possessed the option to obtain a 51% stake in the Bulawayo gold project in Zimbabwe by devoting $1.5 million to exploration and evaluation of the Kamativi lithium and tin project and two gold projects that comprise the Bulawayo gold project.
Nickel mineralisation is another potential discovery at the Bulawayo project, which Galileo is currently exploring.
BC Ventures possesses the three exploration licences, which are managed by Sinamatella Investments, a subsidiary based in Zimbabwe.
BC Ventures recently submitted an application to the Zimbabwean authorities seeking an additional three years to renew all exploration licences until March 2027.
Galileo chairperson Colin Bird said that the projects in Zimbabwe demonstrate great potential for new discoveries in many of the "new age" metals that are currently in high demand worldwide.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
