daniel chigunwe
Oliver Kazunga
Senior Business Writer
THE United Kingdom-headquartered resource group, Galileo Resources plc, has announced a new lithium discovery over the company’s Kamativi project in Matabeleland North province.
The mining firm, which is developing a lithium project in Kamativi has intersected multiple pegmatite dykes from the first two holes that have been drilled.
In a statement, Galileo said: “The company is pleased to inform shareholders that initial lithium analyses by an independent accredited laboratory has confirmed the presence of lithium mineralisation over a significant width in the first hole completed at the Kamativi project in Zimbabwe.
“Drilling continues to intersect multiple pegmatite dykes, some over notable widths in the same environment.”
The lithium project’s Exclusive Prospective Order 1782 covers an area of 520 square kilometres and Galileo has an option to earn an 80 percent interest through spending a combined total of US$1,5million on exploration and evaluation in the project area and over the Bulawayo gold-nickel property by July 21, 2024.
Commenting on the new lithium discovery in Kamativi, Galileo’s chairman and chief executive officer Mr Collin Bird said, “A new lithium discovery in the Kamativi region represents a significant find particularly in view of the historic mining and lithium potential in the region and the intersection of high-grade lithium in our first hole is particularly pleasing.
“Our detailed soil surveys and mapping have identified multiple pegmatites with swarms extending more than 4 kilometre in strike length.”
Lithium is used in the production of batteries and its demand has arisen sharply because of the global demand in electric vehicles, particularly in developed economies that are proceeding to phase out fossil fuels like petrol and diesel in the coming years.
The mining sector is one of the major economic mainstays anticipated to contribute exponentially towards the attainment of Vision 2030 where the Government aspires to make Zimbabwe an upper middle-income economy.
The Government hoped that under the US$12 billion mining industry by the end of this year, lithium will contribute US$500 million and the figure would rapidly rise beyond 2023 as more such mines come on board and existing mines increase production.
Of the projected US$12 billion milestone, the gold sub-sector is expected to contribute US$4 billion and Zimbabwe is among major lithium producers that may draw significant benefits from firm global prices.
Bongani Ndlovu