GXY Share Price Increased By 2.632% After The Mt Cattlin Update
On 28 November 2018, Galaxy Resources Ltd (ASX: GXY) announced the exploration update for its project Mt Cattlin. By the end of October, the company was able to complete 25,555 meters of grade control. Further, there was a new resource drilling development program in progress with 543 new drill holes. Out of these 543 drill holes, 108 holes drilling objective is to fill the north-east and the north-west parts of the Mt Cattlin ore body and also support in the extension of the mining operation towards the east of Floater road.
During the excavation, there was a discovery of new pegmatite lode beneath the known lode in the north-west zone of the project. Both these lodes i.e. the earlier lode and the new lode remain open at the depth towards the west of the project. Further excavation is going on to discover resource and reserves. Any update related to the same is expected to come in Q1 of 2019.
Further, as per the expectation, Drill hole NERC056 which will be 20 meters deep from its earlier excavation of 44 meters will produce 1.4% Li2O. There will be another drilling of 6 meters from its earlier excavation of 48 meters in the same drill hole NERC056 which might produce @ 2.1 % Li2O.
At drill hole NWRC024, there were earlier two excavations. One of 208 meters deep and other 212 meters deep. Now, the company is going to drill the existing drill hole NWRC024 further. The first one will be 13 meters from the earlier excavation of 208 meters will result in 1.6% Li2O. In the second one, a further drilling of 4 meters will be done which might produce 2.8% Li2O.
At drill hole NWRC029, there were earlier two excavations. One of 202 meters deep and other 203 meters deep. Now the company is going to drill the existing drill hole NWRC029 further. The first one will be 8 meters from the earlier excavation of 202 meters will result in 2.1% Li2O. In the second one, a further drilling of 5 meters will be done which might produce 2.7% Li2O.
At drill hole NWRC034, there were earlier two excavations. One of 194 meters deep and other 198 meters deep. Now the company is going to drill the existing drill hole NWRC034 further. The first one will be 14 meters from the earlier excavation of 194 meters which resulted in 1.4% Li2O. In the second one, a further drilling of 4 meters will be done which might produce 2.6% Li2O.
At drill hole NWRC052, there will be a further 16 meters drilling on its previous 88 meters excavation which might produce in 1.7% Li2O. There will be another 11 meters of drilling from its earlier 89 meters of excavation. It is expected that 2.2% Li2O will be discovered.
There will two drillings done at drill hole NWRC052 — one of 16 meters which are expected to produce 1.7% Li2O and the second of 11 meters which will produce 2.2% Li2O.
Similarly, At Drill hole NWRC060, there will be three drillings. In 12 meters of drilling from 197meters will produce 1.6% Li2O, 2 meters from 197 meters will produce 3.0% Li2O and 1 meter from 206 meters will produce 2.3% Li2O.
By the end of the day, the market price of the share was $2.73 with the market capitalization of A$1.08 billion.
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