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Galileo Resources plc has announced that it has entered into a conditional agreement with Siege Mining Ltd, in relation to the ceding of ownership and operation of the Star Zinc Project.
Under the agreement, Siege has agreed to pay Galileo US$750 000 – US$200 000 in relation to the large scale exploration licence 19653-HQ-LEL, and US$550 000 for Galileo ceding its participation in the Star Zinc Project and all exploration information which it has in relation to the Star Zinc Project. Galileo will also be paid a royalty (proportion share) based on future sales of zinc from the Star Zinc Project for Galileo allowing Siege to use Galileo’s information, know-how and commercial experience in relation to the Star Zinc Project.
· Completed, 21 June 2019, an independent initial inferred resource estimate ( IRE ) for the Star Zinc project in accordance with JORC 2012 · The IRE reports Inferred zinc resources with reasonable prospects of future economic extraction of approximately 500 000 tonnes at 16% Zn or 77 000 tonnes of contained metal above a cut-off grade of 2% Zn, including approximately 340 000 tonnes at 21% Zn for 72 000 tonnes of metal above a cut-off grade of 8% Zn · Raised £1,000,000 in placing, before expenses, to advance the Star Zinc Project and for general working capital purposes · Acquired unconditionally from BMR, the remaining 15% of the shares that the Company did not hold in Enviro Zambia Ltd, thereby increasing the Company s ownership in the Star Zinc Project to 95% with the Zambian government holding the other 5% Kashitu Zinc Prospect ( Kashitu )