Galileo Resources PLC (LON:GLR) has announced it is to acquire 21 prospecting licences inside the Kalahari Copper and Limpopo Mobile Belts in Botswana from Crocus-Serv (Pty) Ltd. covering 14,875 square kilometres.
The consideration for the acquisition comprises 38.8 million shares and £10,082 in cash. Galileo will conduct due diligence during a 30-day exclusivity period.
“We are very pleased with this proposed acquisition,” Galileo Chief Executive, Colin Bird, who is highly experienced in copper exploration, said in a statement posted after the market closed last Thursday.
“The Kalahari Copper Belt has been the site of recent important large copper discoveries. The licences include tenements proximal to these discoveries and the initial prognosis for further discovery is excellent. Relative to the average copper grade of discoveries globally, this region has the potential to develop into a major copper supplier.
“The Limpopo Mobile Belt tenements in eastern Botswana are close to important nickel-copper discoveries in the area and lie on a similar trend and strike to the historic major BCL’s Selebi Phikwe nickel-copper mine, which operated from 1970 to 2008,” he added.