Fresh from a highly successful IPO which saw the cobalt explorer trade as high as a 90 percent premium to its issue price, Galileo Mining (ASX:GAL) has got the wheels in motion, commencing maiden drilling at its Norseman project.
The prospector is aiming to fast-track its activities, using two drill rigs on site, which is located 13km from the historic mining town of Norseman.
The Norseman project is highly prospective for the in-demand battery mineral and is located at the southern end of the prolific Norseman-Wiluna greenstone belt.
A diamond drill rig is being used to focus on known resource mineralisation, providing high-quality core sampling for metallurgical test work, while a second Reverse Circulation (RC) drilling rig is targeting new areas prospective for additional cobalt mineralisation.
The two-pronged attack is critical to delivering a comprehensive metallurgical test work program, while also supporting exploration upside.
Our ability to get on the ground within four weeks of listing is a good result and our shareholders can expect to see drill assays flow through to the market from next month,” Galileo Mining managing director, Mr Brad Underwood said.
“The successful IPO has put us in a great position to capitalise on the growing demand for cobalt.
“We aim to increase our resource base and will invest significant time and effort into targeting the discovery of further cobalt ore bodies,” he said.
Diamond drilling for metallurgical test work is wholly within the known JORC resource at Norseman and the samples will be reviewed at an advanced minerals laboratory, based in Perth. The drilling locations have been selected based on the extent and thickness of mineralisation.
The RC drill will inspect up to 15,000 metres of geology over the next few months.
Galileo reports that preliminary core assays are expected in early August, while the bulk of the test work will be completed throughout August and September.
Shares in Galileo opened at 35 cents per share.