Galileo shares up on latest work at Kamativi

8th Dec 2022 15:55

(Sharecast News) - Galileo Resources updated the market on the reconnaissance mapping and sampling programme completed over the Kamativi Lithium Project in southwest Zimbabwe on Thursday.

The AIM-traded firm said the project area comprises exploration licence EPO 1782, covering 520 square kilometres in the west of the country.

It has a current interest of 29% in the project, held through its interest in BC Ventures, along with an option to earn an additional 51% interest through spending a combined total of $1.5m on exploration and evaluation in the project area, and over the Bulawayo gold-nickel property, by 21 January 2024.

The board said "detailed" reconnaissance mapping and sampling over Kamativi identified four target zones with potential for pegmatite-hosted lithium, tin and tantalum.

It said the target zones lay along strike extensions or on parallel structures to the Kamativi Tin Mine, which contains a JORC 2012-compliant indicated mineral resource of lithium in tailings of 26.3 million tonnes at 0.58% lithium oxide.

Former workings for tin, tantalum and tourmaline were noted within the project area on the historic geological maps, but lithium was not targeted at that time.

Possible visual identification of spodumene and petalite mineralisation by the Galileo field team in rock chip samples from one site, meanwhile, would require laboratory confirmation.

Galileo said a total of 1,661 samples, comprising rock chips, stream sediments and soil samples, were dispatched to an assay laboratory for a range of elements, including lithium, tin and tantalum.

Confirmed targets would be identified for follow-up work, which could include drilling.

"We have meticulously sampled the pegmatites over four target zones across our Kamativi lithium project licence area with the mission of identifying lithium occurrences, as well as testing the significant potential for tin and tantalum," said chairman and chief executive officer Colin Bird.

"We await the results of laboratory analysis and, if appropriate, we will aim to progress confirmed prospects to drill testing stage.

"We also have a substantial number of additional samples in storage for analyses, depending on the results of the current batch."

At 1536 GMT, shares in Galileo Resources were up 1.38% at 1.47p.

Reporting by Josh White for Sharecast.com.