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Galileo Resources completes acquisition of Botswana exploration project

It lands a highly prospective area in the vicinity of previous discoveries

Galileo Resources PLC - Galileo Resources completes acquisition of Botswana exploration project

Galileo Resources PLC (LON:GLR) has completed its acquisition of Africibum, delivering the company 100% interests in five prospecting licences known as the ‘North East Kalahari Copper Belt Project’, in Botswana.

To acquire the assets the company has issued 42mln Galileo shares to Africibum's ordinary shareholders and a further 7mln shares have been issued to one seller to reimburse costs incurred by Africibum. Share warrants were also issued as part of the transaction, allowing new Galileo shares to be purchased priced at 2p over the next two years.

"I am very pleased that we have completed the acquisition of Africibum whose licences lie in an area of high prospectivity in the Kalahari Copper Belt,” Colin Bird, Galileo executive chairman said in a statement.

READ: Galileo appoints new finance director

“The licence area is 15 km from the Boseto Copper Project and generally on trend with other known discoveries in the area. With drill holes assaying >1% Cu the project has already advanced beyond the conceptual stage, and it is the intention to test for an extension of the open strike on one licence and update the geophysics on another licence.

“The acquisition completes the company's Kalahari Copper Belt portfolio and we look forward to exploration in our expanded footprint in the Belt which is part of the Northwest Botswana Rift which the USGS in 2015 reported as the world's most prospective area for yet-to-be-discovered sediment-hosted copper deposits," Bird added.

Quick facts: Galileo Resources PLC

Price: 0.885 GBX

AIM:GLR
Market: AIM
Market Cap: £7.23 m
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