UK FIRM STARTS LITHIUM EXPLORATION IN ZIM

HARARE - United Kingdom-based Galileo Resources says it has started exploration works at the Kamativi lithium project and its gold asset in Bulawayo.

This comes as Zimbabwe continues to receive growing attention from global investors keen to take positions as lithium grows in popularity due to its use in the manufacture of electric vehicle lithium-ion batteries.

Galileo Resources is engaged in the exploration and development of gold, copper, rare-earth aggregates, and iron ore and manganese.

Outside Zimbabwe, the UK Alternative Investment Market (AIM) listed firms projects include Kalahari copper belt project, Kashitu Project, Ferber project, Star Zinc Project, Glenover rare earth project and Concordia Copper Project.

Following an assignment agreement (Deed of Assignment) Galileo entered with BC Ventures and Cordoba Investments Limited in January this year, the resources firm has an option to acquire a 51 percent interest in BC Ventures by spending US$1,5 million on exploration. BC Ventures own the lithium project and two gold licences near Bulawayo through its wholly-owned Zimbabwe subsidiary, SinamateIa Investments (Private) Limited.

The company is pleased to provide an update on the commencement of exploration at the lithium and gold projects in Southwest Zimbabwe, which are the subject of a US$1,5million earn-in agreement as announced in March 2022, said Galileo in a statement.

Lithium is one of the minerals expected to contribute to the achievement of the US$12 billion mining economy by 2023. -