GAL drilling to the north of its PGE-nickel discovery

Published 26-AUG-2024 09:18 A.M.

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Our long-term exploration Investment Galileo Mining (ASX: GAL) has just kicked off a 2,000m RC drill program to the north of its Calisto project.

Calisto was where GAL hit its first PGE-nickel discovery back in early 2022.

That discovery was the catalyst for a ~10x move in GAL’s share price at the time - GAL’s share price went from ~$0.20 to ~$2 per share.

Now GAL is looking for repeat discoveries, drilling geophysical anomalies to the North of Calisto - all the target areas are between ~1-5km of its existing 17.5Mt deposit.

Here are the target areas GAL will be drilling relative to its existing deposit:

The targets GAL is drilling are mainly based on geophysical surveys GAL has been running on its project over the last year or so.

The bright coloured blobs is where GAL will look to drill in its upcoming programs:

With $13.6M cash in the bank (at 30 June 2024) we are looking forward to seeing whether or not GAL can replicate its Calisto discovery…

Any hint of a discovery should bring back market interest in GAL considering how far down it is from its post-discovery peak of ~$2 per share.

How today’s news relates to our GAL Investment Memo:

Well-funded for exploration

GAL is an active explorer, running multiple drilling campaigns every calendar year. With $26.4M in cash (at 21 July 2022) GAL is well-funded to expand its new PGE discovery whilst also pursuing additional discoveries

Source: “Why we Invested in GAL” Section - GAL Investment Memo 30 August 2022

GAL is going into this drill program with a relatively strong cash position.

GAL had ~$13.6M (at 30 June 2024) which means the company wont need to rush to raise capital IF it has any drilling success. This is a positive as it usually means there is no weight on GAL’s share price (assuming the drilling is a success).