Galileo Resources PLC (AIM:GLR) said all conditions have been met in relation to an agreement to acquire an additional 51% shareholding in BC Ventures.
Galileo had held an option to acquire a 51% interest by spending US$1.5 million on exploration and evaluation by 21 July 2024.
As a result, Galileo now has an interest of 80% in BC Ventures, which owns a lithium project in Southwest Zimbabwe (Kamativi) and two gold licences (Bulawayo gold project) close to Bulawayo.
Galileo has applied to the Zimbabwe authorities for a further three-year renewal of all three exploration licences to 12 March 2027.
Colin Bird, Galileo’s executive chairman commented: “The projects in Zimbabwe all show significant interest and we are delighted with our initial progress at the Kamativi Lithium/Tin project, which has huge potential for the discovery of lithium and/or tin.
“The Bulawayo project also has indicated good potential for near-surface and deeper gold discoveries.
“Our work has also indicated an ultramafic presence which may host nickel according to initial indications.”