Galileo Resources makes ‘high-grade’ lithium discovery at Zimbabwe’s Kamativi
Galileo Resources PLC on Thursday said lithium analysis has confirmed the presence of lithium at its Kamativi project in Zimbabwe.
The mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US said it discovered ‘strongly positive’ lithium results from assays from its first drill hole at the site. Peak values included 4 metres at 1% lithium oxide, including a 1-metre intercept at 2.0% lithium oxide.
Galileo Resources shares rose 17% to 1.23 pence each on Thursday morning in London.
The company noted that further samples have shown similar characteristics to the lithium-mineralised samples from the first hole, KSD001.
The firm said drilling at the site continues to intercept pegmatite dykes.
Galileo also noted that detailed mapping combined with the assay results from KSD001 shows a large target area that has not yet been evaluated and will require additional drilling and an extension to the programme.
Chair & Chief Executive Colin Bird said: ‘A new lithium discovery in the Kamativi region represents a significant find particularly in view of the historic mining and lithium potential in the region and the intersection of high-grade lithium in our first hole is particularly pleasing. Our detailed soil surveys and mapping have identified multiple pegmatites with swarms extending more than 4km in strike length’