Galileo Resources PLC says exploration work has started at the Kamativi lithium project and the Bulawayo gold project in Zimbabwe.
The company has an option to earn an initial 51% interest in the two projects by spending US$1.5mln on exploration.
It plans to start a reconnaissance mapping/sampling site visit imminently at Kamativi which is adjacent to the historic Kamitivi tin-tantalum mine. The mine operated from 1936 to 1994 and Zimbabwe Mining Development Corp is currently planning to produce lithium from mine tailings.
“The Kamativi lithium project is adjacent to the Kamativi tin mine which hosts a substantial lithium tailings resource, mainly in the form of spodumene which is the most sought-after lithium mineral,” said chairman and chief executive Colin Bird.
“Primary lithium grades at the Kamativi mine could well be higher than reported in tailings.”
The AIM-traded company said an airborne magnetic and radiometric survey over the most prospective parts of the Bulawayo project is already underway and is expected to take about four-five weeks to complete, including delivery of processed data.
The survey aims to map critical structures and belts linking the many known small to medium-scale historic gold mines and deposits to help identify targets for the potential development of a medium to large-scale mine.
Galileo confirmed the Zimbabwe deal in March with Bird saying at the time;
“This is a significant investment for Galileo, in that we have an option to acquire a controlling interest in what we consider a highly prospective lithium project in Southwest Zimbabwe.
“The project is adjacent to the Kamativi mine, which produced tin for many years, closing in 1994. The pegmatites in the area are known to contain lithium bearing minerals, as well as tantalum and tin and the pegmatites will be the focus of our exploration programme.”
“In addition, we have an option to acquire a controlling interest in two gold licences, which are in the midst of small producing gold mines near Bulawayo, where we have a good understanding of the structural controls and believe there is a propensity for a significant new gold discovery, notwithstanding the opportunity to small scale mine in the short term,” said Bird.
“This is our first foray into Zimbabwe, where foreign investment is being welcomed and the country has excellent potential in many commodities as well as good infrastructure support.”