Galileo Mining Limited (ASX: GAL) functions in the operations of exploring minerals. The interest of the company includes tenements located near Norseman and the Fraser Range in Western Australia, with Norseman Project, including other prospective areas for further cobalt discoveries.
The company today, on 17th April 2019, provided a summary of activities for the quarter ending 31 March 2019.
In the Fraser Range Project, the group has highlighted outstanding geophysical results from the Empire Rose Prospect 30 km from the Nova mine site in the Fraser Range. The Empire Rose drill holes targeting geophysical results are scheduled for May and follow on from initial aircore results of 36m @ 0.2% nickel from 18m.
Anomalous nickel and copper results, including 27m @ 0.18% nickel and 0.17% copper from 47m (drill hole LAAC041), 8m @ 0.21% nickel and 0.03% copper from 45m (drill hole LAAC042), have been returned by Aircore samples from maiden aircore drilling at the Lantern Prospect.
Pyrite and chalcopyrite sulphide minerals have been observed in rock chips in the Fraser Range Project. The rock types recognised under the microscope include gabbro, gabbro-norite, pyroxenite, peridotite, and mafic cumulates, similar to the host rocks at the Fraser Range Nova and Silver Knight nickel-copper deposits.
In the Norseman Cobalt Project, highly efficient beneficiation and processing methodology for cobalt extraction has been confirmed through the scoping study level process plant design. The current test work has an objective to optimise beneficiation potential as a key project differentiator.
The company is well funded with a cash position of $8.0 million at the end of the March Quarter 2019. 83.0% of operating expenditure ($852,000) went into exploration and evaluation over the quarter.
Commenting on the results, the Managing Director of the company, Brad Underwood said that the March quarter was a defining period for the company with a maiden aircore drilling at the highly prospective Fraser Range Lantern and Nightmarch nickel-copper targets exceeding expectations.
Numerous positive indicators with sample results, mineralogy and rock types have been delivered by drilling at Lantern. With the upcoming drilling program at the Empire Rose prospect, the Fraser Range has emerged as a major focus for Galileo in the foreseeable future.
The company continued to progress its work at wholly-owned Norseman cobalt project during the quarter with the group outlining the proposed process plant design. GAL’s Managing Director has communicated that this project, over its cobalt peers, will have a competitive advantage, as it will use the low-cost beneficiation and an efficient processing methodology for cobalt extraction.
On the price-performance front, at market close on 17 April 2019, Galileo Mining Limited closed the day’s trade at $0.140 on ASX trading flat for the day. The market capitalisation of GAL is $16.85 million. The stock has generated negative returns of 24.32% and 15.15% over the past three months and one-month period, respectively. Its 52-week high price stands at $0.395, and 52-week low price stands at $0.130, with an average trading volume of 122,730.