Business
Update on Glenover sale and Bulawayo Gold Project
Update on Glenover sale and Bulawayo Gold Project.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n 22 March 2023\n \n \n \n \n \n \n \n \n \n Galileo Resources Plc\n \n \n \n \n (\"Galileo\" or \"the Company\")\n \n \n \n \n \n \n \n \n Update on Afrimat Option to sell shares in Glenover and Gold Target Delineation at Bulawayo Gold Project, Zimbabwe\n \n \n \n \n \n \n Galileo Resources plc (\"Galileo \"or the \"Company\") is pleased to inform shareholders on progress in relation to the Afrimat option to sell shares in Glenover (refer to announcements of 9 December 2021 11 February 2022, 30 March 2022 and 20 October 2022) and in relation to target delineation over the Bulawayo Gold Project (the \"Project\") in Zimbabwe.\n \n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n \n Glenover:\n \n \n \n \n \n \n \n \n ·\n The Company has been informed that the South African Competition Commission has given its approval to the acquisition of Glenover Phosphate Proprietary Limited (\"Glenover\") by Afrimat Limited (\"Afrimat\")\n .\n \n \n ·\n The remaining suspensive condition for the Glenover Acquisition is the approval from the South African Department of Mineral Resources and Energy (\"DMRE\") in terms of section 11 of the South African Mineral and Petroleum Resource Development Act No. 28 of 2000.\n \n \n \n \n \n \n Bulawayo:\n \n \n \n \n \n \n \n \n ·\n Wide spaced soil sampling traverses along the northern part of the Bembeshi Trend have delineated a 1.5km long gold anomaly, with individual soil samples returning analytical values of 231ppb, 523ppb and 1,458ppb Au.\n \n \n ·\n Mapping confirms that gold mineralisation along the Bembeshi Trend is controlled by NW/NNW trending shears and intimately associated with key lithological contacts.\n \n \n ·\n Given the success in delineating soil targets based on initial wide-spaced sampling, the Company has completed more detailed soil sampling along the Bembeshi Trend and these samples have already been submitted for analysis.\n \n \n ·\n At the Queens West area a detailed ground magnetic survey identified seven priority targets, with five already followed up by soil sampling, mapping and prospecting.\n \n \n ·\n Preliminary analysis of soil samples utilising a hand-held pXRF unit shows strong anomalism for elements that commonly accompany gold, such as arsenic and antimony.\n \n \n ·\n Soil and rock ...