logo-loader

Galileo Resources encouraged by progress in Botswana

Last updated: 09:38 29 Feb 2024 GMT, First published: 14:00 04 Mar 2021 GMT

Snapshot

  • Galileo Resources ups stake in BC Ventures to 80%
  • Galileo Resources is just a few months away from generating US$10mln cash flow per year
  • Galileo Resources presents drilling plans at Kalahari Copper Belt in western Botswana
Zinc element

About the company

Galileo Resources PLC is an opportunity-driven company whose model is to acquire large databases generated by major companies and abandoned for strategic, corporate, technical and other reasons which do not necessarily reflect the potential value of the project.

The company has a strong management team who have succeeded in discovering, evaluating and advancing mining projects.

How it is doing

29 Feb 2024

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.

01 Feb 2024

Galileo Resources PLC (AIM:GLR) has uncovered two new copper targets in its acreage in the southeastern margin of the Kalahari Copper Belt, in Botswana.

The targets, found across licences PL039/2018 and PL040/2018, were identified through a recent Terraleach soil geochemical survey, the company noted, highlighting that previous scout drilling had revealed the prospective lithological sequence typically associated with mineralisation in the region.

30 Jan 2024

Galileo Resources PLC (AIM:GLR) has unearthed three copper targets within licence PL253/2018, part of its portfolio in the Kalahari Copper Belt in Botswana.

The company told investors that the combined strike length of the targets exceeded 6 kilometres.

Insight: Galileo Resources is just a few months away from generating US$10mln cash...

16 Apr 2020

Shares in Galileo Resources PLC (LON:GLR) have enjoyed something of a resurgence in recent days as the company moved to consolidate its ground position in Zambia, where it holds licences to the Star Zinc and Kashitu projects.

Galileo’s chief executive Colin Bird describes the most recent developments more as a “mopping up exercise” than as anything drastically new, but in the midst of the current market uncertainty it didn’t hurt for investors to be put on notice that things are still moving ahead.

What management says

06 May 2021

Galileo Resources PLC's (LON:GLR) Colin Bird present his plans to commence drilling at its prospecting licences in the Kalahari Copper Belt in western Botswana.

Data processing is now complete, interpretation and drill target selection work on the Heliborne-EM geophysical survey has been carried out over two priority licences in its highly prospective KCB Project.

Bird also updates investors on The Star Zinc Project in Zambia which has been fully evaluated and is now ready to commence production as a small mining operation. 

London’s blue-chip index helped by revival on Wall Street following Elon...

FTSE 100 opened higher, gaining 50 points to 7,433. London’s blue-chip index was helped by a revival on Wall Street following Elon Musk’s takeover of Twitter, although updates from AB Foods and HSBC are dragging the market. UK's post-Brexit trade agreement with the EU saw the continent’s...

on 26/4/22