PFE Completes Manganese Drilling - Visuals Identified


Nov 14, 2022


Investment Memo: PFE IM-2022
Objective 2 : Drilling at PFE’s Manganese project.

Our junior exploration Investment Panteral Mineras (ASX:PFE) just completed its 965m RC drilling campaign for manganese at Weelarrana, WA.

Drilling confirmed that manganese mineralisation continued over 800m of strike, with mineralisation open to the North, East and West.

Semi-massive to massive manganese shale was identified, this is the exact type of manganese that we were hoping for PFE to discover, and it has a visually estimated 20-50%+ Mn grade.

Again, these are only visual estimates, and assay results will be the only way to confirm the results.

Assays are due in December.

PFE has already confirmed the deposit is open in three directions, so this result is indicative of something closer to our Bull Case:

  • Bull Case: Mn grades of 20%; deposit open in at least one direction
  • Base Case: Mn grades of 8-15% in line with Element 25’s manganese deposit
  • Bear Case: No manganese (or trace manganese) found in assays.

What’s Next?: Assays for this drilling program. PFE will secure permits to drill manganese areas 2-4 once and conduct further infill drilling on area 1 to support a resource estimate.

More elevated gas shows as total depth reached


Nov 14, 2022


Investment Memo: IVZ IM-2022
Risk 4 : Exploration Risk

Our 2020 Energy Pick of The Year Invictus Energy (ASX:IVZ) has reached total depth at the primary target at its Mukuyu-1 well, providing further validation of the presence of a conventional working hydrocarbon system in the Cabora Bassa Basin in Zimbabwe.

We took an in depth look at IVZ’s drilling program last week when the well was at 3,086m and IVZ still had a few hundred metres left to reach total depth of 3,618m. You can read that report here.

At that time, IVZ had already encountered multiple zones of elevated gas shows and fluorescence. Since then it has encountered further elevated gas shows — now of up to 135 times above background levels in Upper Angwa primary target while drilling through a measured depth of 3,171m.

What’s Next?

The company is now planning a comprehensive wireline logging program, aiming to confirm the presence of moveable hydrocarbons in multiple zones.

This wireline logging and evaluation is anticipated to take 3-6 days to complete, depending on logging conditions.

Upon completing wireline logging, IVZ will decide whether it will deepen the Mukuyu-1 well to test the deeper potential of the remaining Upper Angwa and Lower Angwa formations.

After its announcement last week the IVZ share price gained as much as 185%, suggesting further positive news — including that announced today — could see us even closer to achieving our Big Bet for the company:

“To see IVZ make a basin opening oil/gas discovery in Zimbabwe and re-rate by over 1,000% - similar to the move Africa Oil experienced after making its basin opening discovery in Kenya.”

More copper at Emull - resource update pending.


Nov 14, 2022


Investment Memo: AKN IM1
Objective 1 : More drilling at the Copper-Zinc project to upgrade the JORC resource.
Objective 3 : Test regional prospects

This morning our exploration Investment Auking Mining (ASX: AKN) put out more assay results from its drilling program at its Emull prospect.

The assays confirmed more of the same - copper mineralisation with grades starting at 0.3% to 1.23% with the thickest interval measuring ~41m.

This round of drilling by AKN was largely designed to try and supplement all of the existing knowledge AKN had of its project.

The ultimate aim is to infill previous drilling results and get enough data to put out a maiden JORC resource estimate for the Emull prospect.

AKN confirmed that an initial resource estimate would be completed by the end of this year.

AKN’s Emull prospect sits outside of its current 8.9mt JORC resource, and so a resource at Emull would increase AKN’s overall JORC resource at its Koongie Park project.

Below is an image showing where the Emull prospect sits relative to AKN’s two other projects where it already has JORC resources defined.

The new holes drilled are highlighted in the image from today’s announcement.

What’s next for AKN:

AKN recently announced that it would be acquiring uranium projects in Tanzania.

We are now watching to see the company complete that acquisition.

🔲 Complete due diligence on the transaction

🔲 Complete the acquisition

🔲 Start fieldwork sampling, review existing data

At its WA copper-zinc project (Koongie Park) we want to see AKN do the following:

🔲 Revised JORC resource incorporating Emull prospect

🔲 Further resource definition drilling at Emull prospect

🔲 Drilling of two anomalies at Emull prospect

🔲 Metwork progress for Onedin prospect

Demonstration plant to start producing offtake samples


Nov 11, 2022


Investment Memo: EMN IM-2022
Objective 1 : Construction of the Demonstration Plant
Objective 4 : First Offtake Partner
Objective 2 : Early Progress on Project Financing

This morning our European battery metals Investment Euro Manganese (ASX: EMN) started commissioning its manganese demo plant.

We’ve been waiting for this, as we think it could be key to accelerating competitive tension around EMN’s high-purity manganese products.

EMN confirmed that the bulk of the installation works had been completed and as part of commissioning the plant testing had commenced.

Below is a screenshot from a video that shows the plant being installed in place. The ASX announcement also had a bunch of photos that help understand what EMN has put together.

The installation and start up of the demonstration plant is key objective #1 of our EMN Investment Memo because we believe it was a crucial precursor for the company to be able to market its product to potential offtake partners.

Interestingly, in today’s announcement, EMN confirmed that it was now in discussions with no less than 12 different companies (including automotive OEMs, EV battery and cathode manufacturers, and speciality alloy manufacturers) with respect to samples.

EMN also confirmed that due to strong demand for its high-purity manganese product samples its pilot plant in China was turned on for a second time and that samples were now ready to be shipped from that site to potential customers.

Whilst today’s news was specifically about the demo plant, we think it has repercussions for three of the four key objectives we set for EMN as part of our Investment Memo.

To see those objectives in detail, the reasons why we are Invested in EMN and the key risks to our Investment thesis, click on the image below.

LCL wins Colombia’s leading ESG award


Nov 11, 2022


Investment Memo: LCL IM-2022
Risk 4 : Sovereign risk

This morning, our gold Investment Los Cerros (ASX:LCL) announced that it had won the Colombian Gold Symposium ESG Award.

For those living under a rock, ESG stands for Environmental Social Governance, and is somewhat a measure of how corporations act responsibly.

In this instance, LCL has been recognised for its Miraflores Somos Todos (We are all Miraflores) program, which assists the local artisanal mining community to transition to more sustainable and safer activities.

These activities include agricultural training and capital for farm optimisation, higher education scholarships, and entrepreneurial productive projects. The latter in particular has had a profound impact on the local community, incorporating high profile initiatives such as Quinchips and Quinchia Coffee projects.

ESG is especially important for companies with ambition to develop projects through to commercialisation, as without government and community support, these projects rarely receive the green light to advance. When done well, the local community and government can actually become proactive advocates, as has been the case with LCL - Los Cerros recognised for local ESG endeavours.

This all bodes well should LCL progress its Quinchia Project in Risaralda, Colombia through to production.

If you recall, this project is a cluster of porphyry and epithermal gold/copper targets within a 3km radius, underpinned by established Mineral Resources of 2.6Moz @ 1g/t Au, with further upside for more discoveries.

LCL remains cashed up, with over $11M in the bank as at 30 September 2022, so is well funded to advance Quinchia.

What’s next?

We look forward to an update on the progress of the Preliminary Economic Assessment (PEA). As covered with our LCL Investment Memo, the PEA provides clarity on what investment returns development of the project could deliver.

The recent election of a left-leaning president has dampened broad investor interest in resources companies focused in Colombia, and we’re watching to see how the new president's policies play out.

Tempus' No.9 Vein assays are in - what do we think?


Nov 10, 2022


Investment Memo: TMR IM-2022
Objective 1 : Upgrade the JORC resource at the Canadian gold project.

This morning our gold exploration Investment Tempus Resources (ASX: TMR) put out assay results from its no.9 Vein at its gold project in Canada.

Today’s assays come from the area we highlighted could (based on assays) be home to the discovery of a whole new vein and is also where TMR hit a ~25.75m quartz vein with visible gold.

We listed the assays from the holes at no.9 vein as something we were looking out for, check out our TMR ‘Progress Tracker’ to see that slide.

The highlight intercept from today’s results was 87g/t across 2.11m from a depth of ~135m.

This is well above the 5g/t base case expectation we set for grades going into this round of drilling which could mean TMR are starting to define an entirely new high grade vein system at the No.9 Vein.

While today’s news was positive, the main intercept we are looking forward to seeing the assays from is the 25.75m thick quartz vein that TMR hit and found visible gold in.

If we see high grade gold mineralisation over that entire interval then we think this could be a major catalyst for TMR’s share price.

What’s next?

TMR recently confirmed its 2022 drilling program was completed for a total of 40 holes over 9,760m.

As of today’s announcement we have results from the first 19 holes which means there is still ~21 assays pending. As before, we are particularly interested in seeing what comes from the remaining assays at the No.9 Vein.

Ultimately TMR will be looking to include the results of past few drilling programs (~129 new drillholes) in an updated resource estimate which is likely to come after all of the assays are released.

Lithium DFS specialist appointed


Nov 10, 2022


Investment Memo: EMH IM-2022
Investment Thesis 1 : Strategically important location
Objective 2 : DFS (Definitive Feasibility study)

Our European lithium Investment European Metals Holdings (ASX: EMH) just appointed lithium specialist Marc Rowley, who brings extensive experience in delivering Definitive Feasibility Studies (DFS).

This comes as EMH works on putting together a DFS of its own at its Cinovec Lithium Project - Europe’s largest hard rock lithium resource.

EMH is looking to build on its pre-feasibility study (PFS) which showed:

  • Net Present Value (NPV) = US$1.9BN
  • Internal Rate of Return (IRR) = 36.3%
  • Payback period = 2.5 years
  • Capex = US$644M

Marc’s CV looks strong having worked on the following:

  1. Marc delivered a DFS for Leo Lithium (capped at $611M), after which a final investment decision was made, and the project was put into construction.
  2. Marc also worked for Altura Mining, where he delivered both the PFS and DFS for what is now the Pilgangoora mine (owned by Pilbara Minerals - capped at $16.5BN).

We hope Marc can apply this experience to EMH’s project and help it progress the three key objectives we want to see EMH achieve, per our 2022 EMH Investment Memo.

Click on the image below to read our full Investment Memo, where we detail why we Invested in EMH, what we want to see EMH achieve and the key risks to our Investment Thesis.

Acreage acquired near the USA’s biggest ever oil discovery


Nov 10, 2022


Investment Memo: 88E IM2
Investment Thesis 1 : North Slope in Alaska - one of the most oil rich places on the planet

This morning our oil and gas exploration Investment 88 Energy (ASX: 88E) expanded its acreage in the North Slope of Alaska, USA.

The ground acquired covers ~25,600 acres and sits immediately south of Prudhoe Bay, the USA’s biggest-ever oil discovery.

The acreage is already covered by existing 3D seismic data, and a historical well was drilled back in 1985 (Hemi Springs Unit #3), which at the time was targeting deeper-lying reservoirs similar to the ones being produced out at Prudhoe Bay.

Rather than taking these leases and drilling the same reservoir units, 88E is looking at the shallower “Upper Schrader Bluff (USB) reservoir”.

88E said an initial review had shown a ~100-foot column “with good porosity and oil shows”.

88E also noted that the seismic data indicates that the prospect sits between faults on either side, which may be the important “traps” for any oil/gas reservoir here.

What is 88E’s plan?

88E confirmed that it would further analyse all the data available over acreage before putting together a potential exploration program for the project. It looks like most of this work will focus on that USB reservoir target.

We will wait and see what comes of this work at this stage.

Minbos secures site for Cabinda phosphate plant


Nov 10, 2022


Investment Memo: MNB IM-2022
Objective 2 : Plant Construction and first production

Today, our fertiliser and green ammonia/green hydrogen Investment Minbos Resources (ASX:MNB) executed the land acquisition contract for its fertiliser plant in Angola.

We’re pleased with development as it gives added certainty to the project, and evidences MNB’s extensive work on stakeholder relations in-country.

The selected site is located in an ideal spot, close to both the port at Cabinda and the mine at Cácata:

This Subantando site is different to Futila — the previous site that MNB was looking at, and which the DFS was based on — providing significant OPEX and production advantages.

Click here for our full rundown of the DFS.

With the new site secured, studies are underway to secure environmental and construction licenses.

We see this as good progress against Objective #2 from our MNB Investment Memo:

What’s next for MNB? MNB to advance further along into the financing phase for its phosphate project as well as progress on offtakes, with a technical study is underway for the green ammonia project.

Kuniko adds more licenses to Norwegian battery metals portfolio


Nov 09, 2022


Investment Memo: KNI IM-2022
Investment Thesis 2 : Historically producing projects

Today, our European battery metals Investment Kuniko (ASX:KNI) announced it had been granted 27 new exploration licenses across three of the company’s projects.

Given that KNI is targeting a maiden drilling program at the Undal-Nyberget Copper Project towards the end of Q1 2023, we’re glad KNI has expanded its footprint in Norway, particularly in this area.

KNI was granted:

  • 19 exploration licenses at the Undal-Nyberget Copper Project, increasing KNI’s land position by 545% to 178 square kilometres.

  • 4 exploration licenses at Skuterud increasing the project area by 24 square kilometres to 76 square kilometres. - We note this project has already returned positive cobalt-copper assays.

  • 4 exploration licenses at the Ringerike Battery Metals Project - extending the project area by 34 square kilometres to 395 square kilometres - this area is prospective for “nickel, copper, and cobalt as well as platinum group metals”

This is where Undal-Nyberget is located in Norway:

And the region where Undal-Nyberget sits is home to a number of historically mined deposits:

KNI is using modern exploration techniques and aeromagnetics, “appear to directly connect the licence geology to the Tverfjellet deposit.

You can learn more about the Tverfjellet deposit here.

What’s next for KNI:

  • Follow up exploration at its cobalt project (Skuterud) 🔄
  • Exploration programs to be announced on other projects 🔄

To see our detailed notes on what’s next check out our recent KNI note here.

GTR presentation to US based investors.


Nov 09, 2022


Investment Memo: GTR IM-2022

Overnight, our US-based Uranium exploration Investment GTI Energy (ASX: GTR) presented at the OTC markets ‘Uranium Virtual Investor Conference’.

GTR is in the middle of its 100,000 feet (~30,480m) drilling program in Wyoming, USA - the capital of the uranium industry in the USA, where Bill Gates and Warren Buffet are building a US$4BN nuclear reactor.

GTR’s ultimate aim for the drilling program is to either define an achievable exploration target or a maiden JORC resource estimate off which to develop its project.

In the presentation, Managing Director Bruce Lane runs through the macro backdrop the uranium industry faces and touches explicitly on the supply/demand outlook domestically in the US.

Below is a link to Bruce’s presentation for those who are interested:

Lanthanein finds more ironstones in WA


Nov 09, 2022


Investment Memo: LNR IM-2022

Our rare earths Investment Lanthanein Resources (ASX:LNR) discovered what could be more ironstones at its project in WA using satellite imaging.

By examining Worldview‐3 satellite imagery, the company has identified 41 new targets that could be related to rare earths bearing ironstones.

We think this is a promising development that could help generate further drill targets for LNR to follow-up after recently completing its maiden drilling program at its project.

While we wait for assays from that initial drill program, LNR said they would be trying to correlate the satellite imagery with rock sampling to identify the highest priority targets.

We also note that LNR mentioned it would be drilling its “LI‐01 Crown Carbonatite” in either Q4 2022 or Q1 2023.

This is a big target for us as it shares some geological similarities with Lynas’ Mt Weld, this drill program has been co-funded with help from the WA government who chipped in $200k.

This is what that looks like:

Note the presence of an array of ironstone targets within the LI-01 Crown Carbonatite intrusive.

And for reference, this is what Mt Weld’s carbonatite looks like (green line):

Obviously, these are just targets and exploration risk is an ever present feature here. But we do like the looks of this carbonatite target that LNR is aiming to drill.

What’s next for LNR?

The next catalyst will be the results from the recent round of drilling LNR completed.

After this, our focus will be on the “LI‐01 Crown Carbonatite” drilling program.

Assay results in soon for gold & copper projects


Nov 08, 2022


Investment Memo: TG1 IM-2022
Objective 3 : Drill test the Ashburton Basin copper projects:
Milestone 4 : Drilling commencement

Last week our junior exploration Investment Techgen Metals (ASX: TG1) put out an exploration update across its portfolio of projects.

TG1 has recently completed drilling at its two copper projects in WA and is in the middle of a detailed soil sampling program at its NSW gold discovery, with the following news pending:

  1. Assay results from WA copper projects - having recently finished drilling its two WA copper projects (Mt Boggola and Station Creek), assays are expected from both projects sometime this month.
  2. Soil sampling results from NSW gold discovery - TG1 is following up its recent discovery with a detailed soil sampling program, aiming to identify high priority follow up drilling targets. Assay results from soil sampling are expected later this month.
  3. Soil sampling at nickel/copper/PGE project in WA - TG1 is doing target generation works, and any interesting soil sampling results are likely to be followed up in future drilling programs. The soil sampling program is expected to take two weeks to complete.

We also note that TG1 ran some additional geophysical surveys at one of its WA copper projects (Mt Boggola) and has put together more targets that it thinks are worth following up with drilling.

The targets can be seen in the image below as BT1, BT2, and BT3:

We now await assay results from the copper projects in WA, after which we expect TG1 to detail what’s next for its portfolio of projects.

High grade gold in soil sampling


Nov 08, 2022


Investment Memo: LCL IM-2022

Our junior gold exploration Investment, Los Cerros (ASX:LCL) opened 20% higher this morning on news of high grade gold hits from soil channel sampling at the Dosquebradas gold/copper porphyry, which is part of LCL’s Quinchia Gold Project in Colombia.

The 2.6Moz Quinchia Project comprises a cluster of porphyry and epithermal gold/copper targets within a 3km radius, including Dosquebradas which has an existing Inferred Resource of 0.46Moz grading 0.71g/t gold.

Today’s higher grade surface sampling results include:

  • 146.6m grading 1.82g/t gold, including 34m @ 4.22g/t gold, and
  • 40m grading 2.16g/t gold

We like that LCL suspects that these results could enhance the Dosquebradas Resource grade near surface.

Additionally, results from deeper (3+ metre) auger samples were reported, including 9.28g/t gold and 5.68g/t gold.

Both the channel sample results and the auger samples are from a zone of sparse drilling beyond the historical 0.5g/t gold envelope defining the Dosquebradas Resource, suggesting potential extensions to surface of the current high grade resource envelopes.

LCL intends to integrate this new target area into the ongoing Quinchia Project geological review, which is targeting high grade resources proximal to those resources included in the ongoing Preliminary Economic Assessment (PEA) investigations.

What’s Next?

We now await word that the Preliminary Economic Assessment (PEA) has commenced. As mentioned in our LCL Investment Memo, the PEA — which is similar to a scoping study — will provide a clearer indication of what returns could be expected should the project be commercialised.

Trading in LCL shares (and broadly across listed companies focused in Colombia) have fallen significantly since the Colombian election of President Gustavo Petro earlier this year, given his pre-election stance for higher taxation of select natural resources sectors.

We are watching to determine whether the new government will actually commit to those policies, noting that it has already softened its stance by abandoning a proposed 10% export tax on gold companies.

Drilling delivers more uranium mineralisation


Nov 08, 2022


Investment Memo: GTR IM-2022
Objective 2 : Drilling at the company’s Wyoming uranium projects.
Milestone 4 : Drilling results

This morning our US-based uranium exploration Investment GTI Energy (ASX: GTR) put out some more drilling results from its 2022 drilling program in Wyoming’s Great Divide Basin.

As of today’s announcement, GTR has completed 10,300m of drilling — just a fraction of the planned total of 30,480m program (100,000 feet).

GTR has now completed drilling at the Thor prospect, and has moved on to the project's Odin prospect where two rigs are operating.

Drilling is expected to continue through to the end of the year and should be completed by Christmas. This means we expect to continue to see a steady stream of newsflow over the coming months.

As for today’s results, our key takeaways are:

  1. Increased strike length: ~1,609m of new roll front trends (host structures for ISR uranium) found to date, total strike length of uranium mineralisation now sits at ~7.8km.
  2. 50% of drilling meeting cut-off grades: ~35 of the first 70 drillholes completed have delivered an average grade x thickness (GT) of 0.65 (above the cut-off grade of 0.2).

These are both are important because they signal an increase in GTR’s overall project size and, we hope, translate into either an achievable exploration target or a maiden JORC resource estimate.

The ultimate aim of GTR’s drilling program is to define either one of the above, and we have set our expectations as follows:

Important European patent for iNKT technology secured


Nov 08, 2022


Investment Memo: ALA IM-2022
Objective 1 : Prepare for Phase-1 clinical trial for treatment #1

Securing intellectual property across major jurisdictions is always important to small companies working on innovative technology and a de-risking factor for investors.

Our biotech Investment, Arovella Therapeutics (ASX:ALA) has secured a key patent in Europe for the company’s lead product, ALA-101.

This is ALA’s iNKT cell therapy platform, the same product which has performed so well in pre-clinical studies and that we are keen to see move into a Phase 1 study.

The patent covers the manufacture of CAR-iNKT cells and can be found on the European Patent Office website.

ALA has patents pending in other major jurisdictions as below:

ALA is currently working on combining ALA-101 with Imugene’s onCARlytics platform to potentially target solid tumours, which make up the vast majority of cancers.

What’s next for ALA? Securing additional patents in pending jurisdictions. Beyond that, we’re particularly looking forward to the in-vitro and in-vivo study outcomes from the combined ALA + Imugene therapy that’s due in Q1 2023 and Q2 2023.

Three gas prospects - prospective resource assessment ongoing


Nov 07, 2022


Investment Memo: TEE IM-2022
Objective 1 : Target generation works at the QLD gas project

This morning our domestic gas exploration Investment Top End Energy (ASX: TEE) put out an update on its Queensland gas projects.

In the update, TEE detailed three primary gas targets that could be tested in future drilling programs.

For now, TEE is focusing on putting out a prospective resource estimate and is considering running an additional 2D seismic data acquisition program to firm up drilling targets.

The three targets are as follows:

  1. Prospective Area 1 = Large closure (~278km^2). Similar age structure to the previously producing Gilmore gas field. TEE has in the past mentioned there is potential for the formations that host the Gilmore gas field to extend into TEE’s grounds.
  2. Prospective Area 2 = This prospect needs additional 2D seismic data to firm up into a potential drilling target.
  3. Prospective Area 3 = This is a possible extension of the Adavale basin to the east. This prospect also requires more 2D seismic data to firm up a potential drilling target.

What’s next:

TEE is now looking into the prospective resource potential of the first prospect (Prospect area 1) with the ultimate view of firming up a high priority drilling location.

We also note that TEE is considering an expanded 2D seismic data acquisition program, which would cover all three prospects and be shot in Q1-2023.

The benefits of running an additional seismic data acquisition program would be that TEE could refine its drilling locations to test those areas that it thinks have the highest chance of success.

We will now be watching to see just how big of a prospective resource TEE can put together before considering the implications of a drilling program here.

New well location finalised - drilling this quarter


Nov 07, 2022


Investment Memo: GGE IM1

This morning our 2021 Catalyst Hunter Pick of The Year Grand Gulf Energy (ASX: GGE) laid out its plan for its upcoming drilling program.

GGE plans to drill the Jesse#2 well this quarter.

The new well will be following up the helium discovery made earlier this year where GGE made a new US-based helium discovery with a >61m gross gas column (~31m of net pay - independently audited) and helium grades of up to 1%.

The main target with the new well (Jesse#2) will be to avoid the gas/water contact zone that was hit with the first well and to do this, GGE has refined its drilling location based on all of the data available from its previous drilling program, historic results and 2D seismic data.

More specifically the Jesse#2 well will be looking to avoid hitting the water contact zone by terminating the well depth ~15m above the identified gas/water contact zone at Jesse #1A.

Once the helium zones are hit, GGE will look to conduct a “bottoms-up flow test will be conducted to characterise the reservoir”.

If the flow rates are deemed commercial then GGE will look to put its discovery into production through nearby existing pipeline infrastructure.

We also note that GGE made mention of a planned third well at the drill ready ‘Earp’ prospect but the drilling location hasn’t been finalised yet.

Investment Memo update:

With GGE having completed its first drilling event and the details of its next well now explained we will be putting out an Investment Memo retro and launching our new GGE Investment Memo soon.

In our Memo we will restate our Investment Thesis and exactly what we want to see GGE achieve over the next 12 months.

Got questions for GTR director Bruce Lane?


Nov 04, 2022


Our US uranium exploration Investment GTI Energy (ASX:GTR) has invited individual investors, along with institutions and analysts, to an interactive online presentation next week.

The online event will see GTR executive director, Bruce Lane, present on the progress of the company’s current drilling program at its ISR Uranium Projects in the Great Divide Basin in Wyoming, USA.

GTR is now operating two rigs at its Thor ISR uranium prospect, having completed the first 40 holes of the ~40,000ft (~12,200m) 70-hole drill program.

The live event will be held on Tuesday 8 November at 10:00 AM US EST — making it a late one for those of us in Australia at 1:00 AM (AEST) on 9 November; or 11:00 PM Perth-time on the 8th.

Click the following link to register your attendance:

We encourage any investors to attend as this is your opportunity to hear directly from Bruce and to ask questions in real time.

For those who prefer their sleep and can’t make the live event, an archived webcast will be made available afterwards.

New nickel sulphide discovery confirmed


Nov 03, 2022


Investment Memo: GAL IM-2022
Objective 1 : Drilling in the Fraser Range nickel province

Our WA exploration Investment Galileo Mining (ASX:GAL) today reported on assays from the first four drillholes that intersected disseminated nickel sulphide mineralisation 400 metres north of the Callisto discovery.

Results included a big 50 metre drill intersection (from drillhole NRC346) containing higher grade nickel intervals, of 0.32% nickel from 95m (~80m below surface).

We like that these assays revealed a new style of mineralisation for the project area with nickel sulphide contained within a mafic-ultramafic intrusion.

In short, new targets and new mineralisation mean today’s results further increase the overall prospectivity of GAL’s Norseman project.

GAL also reported that a large-scale mafic-ultramafic intrusion is interpreted to occur 100 metres north of drillhole NRC346 that has the potential for a substantial nickel discovery.

This area, as seen circled in the image below, is now a priority follow-up drill target. Upcoming drill holes will focus on defining the sulphide zone and its potential relationship with the interpreted intrusion.

The large-scale mafic-ultramafic intrusion to the north and the nickel sulphide zone, for which assays were reported today, are each believed to be separate mineralised domains from Callisto to the south.

Norseman has seen minimal exploration in the past. The reason the area remains largely unexplored is because the mineralisation does not outcrop, whereas the historical exploration undertaken was only guided by surface sampling.

Now with the Callisto under its belt, GAL can effectively explore and discover the next generation of deposits that are not detected by surface prospecting techniques.

Today’s announcement is further progress for our #1 Objective for GAL, as outlined in our Investment Memo — to execute drilling campaigns at Norseman (Callisto) PGE Discovery.

GAL continues to explore the potential for a large mineralised system along its five kilometres of untested strike length, along with the potential for more mineralisation of the same style.

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