UK-listed Galileo reaches 80% shareholding in Zim-focused BC Ventures

By Agencies

London-listed Galileo Resources has met all conditions required to acquire an additional 51% shareholding in BC Ventures, which, coupled with its existing 29% shareholding, now adds up to an 80% beneficial shareholding in BC Ventures.

The company held an option to acquire the 51% interest by spending $1.5-million on exploration and evaluation of the Kamativi lithium and tin project and two gold projects that, together, form the Bulawayo gold project, in Zimbabwe.

The Bulawayo project may also contain nickel mineralisation, which Galileo continues to investigate.

Galileo chairperson Colin Bird says all the projects in Zimbabwe show high prospectively for new discoveries in most of the “new age” metals that are currently highly sought after globally.

“I am pleased that we completed all the necessary work to complete on our 51% earn-in and with our existing 29% shareholding, we now have an 80% beneficial shareholding in BC Ventures Ltd,” he said.

“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. We look forward to advancing all our projects in Zimbabwe and maintain our conviction that Zimbabwe has high prospectivity for new discoveries in most of the new age metals currently being sought globally.”

BC Ventures owns the three exploration licences and operates them through a Zimbabwe-based subsidiary called Sinamatella Investments. BC Ventures recently applied to the Zimbabwean authorities for a further three-year renewal of all the exploration licences to March 2027.