Galileo Mining Updates Fraser Lantern Prospect’s Maiden Drilling Results; Stock Rises Over 8% On ASX

Galileo Mining Updates Fraser Lantern Prospect’s Maiden Drilling Results; Stock Rises Over 8% On ASX

The West Perth -based Galileo Mining Ltd (ASX: GAL) is engaged in the exploration and development of cobalt, nickel and copper resources in Western Australia. Its key projects include Norseman Project and Fraser Range Project.

On March 11th, 2019 the company announced the first laboratory assay results from the maiden aircore drilling at the Lantern Prospect within the Fraser Range province.

As reported, the assays are derived from the first 14 drill holes on a 200-metre spacing with a 50-metre spacing around the zone of interest. The intersection of anomalous nickel and copper from the first ever line of drilling at the prospect is a good sign, given the scale of target. This is highly indicative of the Lantern Prospect to possibly contain economic mineralisation at shallow depths.

The company believes that the laboratory assay results are the best till date and include 21m at 0.05% nickel and 0.04% copper from 63 metre (drill hole LAAC014); 16 metre at 0.06% nickel and 0.02% copper from 63 metre (drill hole LAAC008); and lastly 6 metre at 0.04% nickel and 0.05% copper from 63 metre (drill hole LAAC013).

Although, the cover rock in the area is around 60-metre deep which eliminates any surface sign of mineralisation. Yet, 60-metre is comparably shallow for modern exploration and mining methods.   The rock has been identified as a meta-gabbro, similar to the host rocks at the Fraser Range Nova and Silver Knight nickel-copper deposits.

For the next phase of exploration, a further 3,000 metre of first pass aircore drilling is planned.

The planned program of 5000-7000metres of aircore drilling at the Fraser Range Lantern and Nightmarch nickel-copper targets commenced on February 20th, 2019, to test key magnetic and gravity targets at the two prospects.

On January 21st, 2019, Galileo Mining also released outstanding results of an Induced Polarisation (IP) geophysical survey accomplished at the Empire Rose prospect in the Fraser Range.

The results represented a strongly chargeable response, coincident with the results of an electro-magnetic (EM) survey conducted in 2018. The initially drilling results at the same target in October 2018 had demonstrated highly anomalous nickel results including 36 metre @ 0.2% nickel from 18 metre. The continuation of the drilling is awaiting government approvals as reported.

The Group recently released it half-yearly financial report for the six months to December 31st, 2018, posting the net loss after providing for income tax at $ 637,371 as compared to the $ 43,333 recorded in the previous corresponding period.  As of date, the Group has not yet achieved a stage in its development, where it is generating an operating profit due to extensive efforts expended into project exploration and evaluation. At the end of the period, the net cash at hand, including deposits stood at $ 9.124 million (June 30th, 2018: $ 11.28 million) and net assets of $ 16.33 million (June 30th, 2018: $ 16.67 million).

Galileo Mining has a market capitalisation of AUD 20.46 million, with ~ 120.37 million outstanding shares. At the close of the market on March 11th, the GAL stock last traded at a sell-off price of AUD 0.185, zooming in by 8.824%, indicating an intra-day gain of AUD 0.015. Besides, the GAL stock has also generated a positive YTD return of 21.43%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report


Please enter your comment!
Please enter your name here