UK-based mining company Galileo Resources has satisfied all the requirements to acquire an additional 51% stake in BC Ventures.

The acquisition follows the terms set out in the announcement made on 3 October 2022, which allowed Galileo to increase its interest in BC Ventures by spending $1.5m (£1.19m) on exploration and evaluation of the latter’s projects by 21 July 2024.

Galileo now has a beneficial shareholding of 80% in BC Ventures, up from the existing 29%.

BC Ventures, through its subsidiary Sinamatella Investments, owns the Kamativi Lithium Project in south-west Zimbabwe and the Bulawayo Gold Project.

It has also taken proactive steps to secure its exploration prospects by applying for a three-year renewal of all three exploration licences, which, if granted, would extend the licences until 12 March 2027.

Galileo executive chairman Colin Bird 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.”

Meanwhile, in March 2021, Galileo agreed to sell the Star zinc project to Zambia’s Siege Mining.

Siege Mining also acquired project-linked exploration data, while Galileo secured royalties on zinc sales from the project.