Galileo Resources PLC (AIM:GLR) said it has moved a step closer to being able to offload a nearly 36% stake in the Glenover asset in South Africa, which is host to phosphates and rare earth metals.
Buyer Afrimat has been given the green light for the acquisition by the competition authorities meaning the deal now only requires a sign-off from the Department of Mineral Resources and Energy.
“The company anticipates that the above suspensive condition will be met by 31 July 2023,” investors were told.
In the same announcement, they also learned the Bulawayo gold project in Zimbabwe has delivered promising results from recent exploration activities.
Wide-spaced soil sampling along the northern part of the Bembeshi Trend has identified a 1.5-kilometre-long gold anomaly, with individual samples showing significant gold concentrations.
Following the success of the initial sampling, more detailed soil sampling has been completed and submitted for analysis.
In the Queens West area, a ground magnetic survey identified seven priority targets, with five already followed up by soil sampling, mapping, and prospecting.
Preliminary analysis shows strong anomalism for elements commonly accompanying gold, such as arsenic and antimony.
Soil and rock samples from Queens West have been sent for laboratory gold analysis.
Due to encouraging results from both Bembeshi and Queens West areas, the company has extended its sample programmes and deferred its proposed drilling in the first quarter to test a wider range of targets as soon as additional sample results are available and processed.
"We are very pleased with the progress of our gold projects in Zimbabwe,” said chairman and chief executive Colin Bird in the statement. “A combination of the significant level of small-scale mining activity in the area, combined with the results of our own geophysics and geochemistry has added to our confidence and we look to forward drill testing the targets we have generated as soon as all results are to hand."