GAL releases sulphide assays at Jimberlana
Our long term exploration Investment, Galileo Mining (ASX: GAL), has released encouraging results from their sulphide intercepts at its Jimberlana South target in WA.
GAL is running two drill programs at its Norseman project:
- At its Callisto discovery: GAL is drilling to extend its discovery and work toward a maiden JORC resource estimate for the project.
- At the Jimberlana South target: GAL is chasing a second major discovery. The assays released today are from this project.
Here is where the two projects sit within the overall Norseman project
Today’s two assays picked up shallow sulphide hits which are fairly close to the surface, approximately 59m below ground. The best hit today was:
- 1m @ 0.83% Ni, 0.36% Cu and 0.07% Co from 74m (NRC456)
- 7m @ 0.22% Ni, 0.13% Cu and 0.02% Co from 68m (NRC456)
The grades announced today are encouraging and we think that there is a chance for GAL to improve on these results with more targeted drilling.
GAL is focussing its efforts at the southern end of its Norseman project, looking to make a fresh discovery on top of the existing Callisto discovery which took GAL to a peak share price of $1.95 in late May of this year.
Since then, the GAL share price has drifted lower currently sitting at ~47 cents with a market cap of ~$90M.
We think a second major discovery could be the key to unlocking more value for GAL and re-rate it higher again.
Below is the area (red circle) where GAL intends to drill further, overlaid on top of the EM survey completed at Jimberlana South:
EM surveys at Jimberlana South, as can be seen above, show anomalies as well as a modelled EM conductor running through the eastern section of the drill target area.
In short - we think today’s assays leave GAL with more to build on.
What’s next for GAL?
Assays from Mission Sill 🔄
Assays from the remaining drill holes completed at the Mission Sill prospect during the June/July RC drill program are in the pipeline with final results from that program expected to be received in August.
Resource definition + step out drilling at Callisto 🔄
GAL is currently drilling to define a maiden resource estimate at its Callisto discovery.
A resource model will not only give the market an idea of how big GAL’s discovery is BUT also help with future drill programs and drill targeting.
Drill program at Mission Sill & Jimberlana 🔄
4000m RC drill program across these two prospects.
A follow up RC drill campaign at Jimberlana South prospect and in nearby areas will look to which way the mineralisation is trending. If GAL can find the source of the mineralisation at high enough grades with thick enough intercepts understand which, the southern area of GAL’s Norseman project could develop into a discovery. This drilling is scheduled to begin in late August.
