It was a stellar start on the Australian bourse for Mark Creasy-backed Galileo Mining today as the company now turns its attention to rapidly developing its suite of cobalt and nickel resources in Western Australia.
The cobalt explorer (ASX: GAL) began trading at 38c in morning trade, a 90% premium to its 20c issue price with 2.7 million shares changing hands by 12:30 pm AEST.
With its heavily oversubscribed $15 million IPO raising and ASX listing now behind it, Galileo is now focused on kicking off exploration at its wholly-owned Norseman cobalt-nickel project and 67%-owned Fraser Range nickel-copper-cobalt project.
We are committed to working diligently towards development of the Norseman and Fraser Range projects with the objective of delivering value to our shareholders, Galileo Managing Director Brad Underwood said.
“From today’s listing on the ASX Galileo is now 100% focused on getting on the ground at both of our projects. We are confident that both Norseman and the Fraser Range are highly prospective for additional resources as well as new discoveries.
The Norseman project comprises a series of tenements including exploration and prospecting licences totalling 276.8 square kilometres in an area centred 12km west-northwest of Norseman.
Norseman has a JORC compliant indicated and inferred resource containing over 22,000 tonnes of cobalt and 106,000 tonnes of nickel.
Importantly the resource also contains a higher-grade component of 8.8Mt grading 0.15% cobalt and 0.57% nickel at a cut-off of 1000ppm cobalt.
Plans are now to begin drilling of exploration target areas at Norseman with the potential to host additional JORC compliant cobalt resources. At the same time, Galileo will plan work on a scoping study with the initial step of acquiring high quality diamond core samples from the existing JORC resources.
The Fraser Range project covers two zones of the extensive, 400km long, Fraser Range geological belt which was proven prospective for nickel mineralisation with the 2012 discovery of the Nova-Bollinger nickel-copper-cobalt mine.
Galileo will undertake a review and interpretation of previous exploration at Fraser Range to define prospective areas for follow-up work including drilling and ground geophysics.
At 12:30pm AEST, the stock was trading at 32.5c.
