Galileo Resources announces potential nickel discovery at Bulawayo prospect

Zimbabwe-focused Galileo Resources has announced a possible discovery of nickel targets at Bulawayo prospect. The targets were from airborne geophysical surveys over two exploration licences it has in Zimbabwe

The same survey also identified potential gold targets over the two licences, which together comprise the Bulawayo project. The survey was undertaken by Xcalibur Airborne Geophysics, and also used historical soil geochemical data to identify the potential gold and nickel targets.

Greenstone belts

The firm revealed the presence of greenstone belts and banded iron formation beneath the cover of gold and nickel mineralisation, where no exploration has taken place. CEO Colin Bird said the company plans on following up three nickel targets, as well as other areas that may be hosts for nickel mineralisation.

“The nickel presence discoveries are an unexpected “bonus” for the company’s gold mission.The Shangani mine located closest to our 12.6-km-long Kenyane nickel target contains an estimated 12-million tonnes of ore grading 0.56% nickel and is an integral part of the Bindura Nickel Corporation’s portfolio. We, therefore, look forward to evaluating the principal targets, as well as other nickel anomalies now in the exploration inventory,” said the CEO.

Nickel is one of Zimbabwe’s principle metallurgical exports. It is processed to a very high level of purity and hence has a high value. The economics of nickel production can be difficult, as the selling value of nickel varies tremendously with time, from a low of US$ 3 900 per ton in late 1998 to US$ 10 100 per ton in May 2000, and to US$ 8 500 less than a year later. By contrast, copper is essentially a minor product in Zimbabwe, although still of significant value.

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