The race is still on for companies trying to crack the exploration code within Western Australia's rugged Albany-Fraser Orogen in the ongoing mission to reproduce the area's renowned – and only – Nova-Bollinger nickel-copper find. Despite some firms claiming to have defined the geological silver bullet they believed would shoot them to fame, the search for the elusive prize continues.
Mineral exploration company Galileo Mining has announced its farm-in and joint venture with a wholly-owned subsidiary of Chris Ellison-backed Mineral Resources, has been finalised.
Conico has struck heavily disseminated and semi-massive sulphides in four more drill holes at the company's 50-50 owned Mt Thirsty joint venture with Greenstone Resources less than 200m south from Galileo Mining's newfound Callisto deposit. Five diamond drill holes for 1650m are now complete as part of an ongoing phase I drill campaign testing for extensions to the recent palladium-platinum-gold-copper-nickel discovery 16km north-west of Norseman in WA.
The share price of mineral explorer Conico spiked 31 per cent during intraday trading this afternoon on the back of news of a 65m intercept of disseminated sulphides at its Mt Thirsty joint venture just 400m south of ASX-listed Galileo Mining's recent Callisto discovery near Norseman in WA. With the assays expected within six weeks, there is a sense Conico and JV partner Greenstone Resources could have bagged an attractive extension.
Conico is set to spin the rods this week on a 5800m drilling probe at its Mt Thirsty multi-metal project as it seeks to extend Galileo Mining's major discovery at Callisto that sits only 200m from its fence line. Conico is keen to test the underexplored mineralised horizon on its patch of dirt that has recently delivered a slew of head turning results for its neighbour, only 16km from Norseman in Western Australia.
Octava Minerals is preparing for its ASX debut next month as it seeks to exploit some early lithium shows just 10kms from Global Lithium's revered Pilbara lithium discovery. Octava has also pulled together a package of Kimberley and Mid West tenements in solidly mineralised terranes that are already jostling with battery metals big hitters and the company's Pilbara ground also has some intriguing historical gold drill holes that are begging for follow up.
After a recent high-profile multi-metal discovery only 200m from its boundary, Conico Limited has quickly seized the bit by booking a multi-purpose diamond and reverse circulation drill rig for a maiden, 5000m program on its Mt Thirsty project in search of platinum group metals 16km north-northwest of Norseman in WA. The company will also kick off a geological review in the wake of its neighbour's find.
Galileo Mining has received commitments to raise $5 million through a share placement, including from IGO, as it seeks to ramp-up exploration activities at its Fraser Range project in Western Australia.
Our board moves wrap includes Leigh Warnick, Marc Ducler, John Jones, Peter Stern, David Varcoe, Graeme Smith, Andrew Barclay, Matt Hardisty, Matthew Banks, Alexander Hewlett, Zane Lewis, Simon Jenkins, Brad Underwood, Mathew Whyte, and Mark Strizek.
At least $1.6 billion of equity has been raised by WA-linked critical minerals hopefuls in the past five years, but achieving consistent returns is another battle.
Shares in Galileo Mining, which is backed by Mark Creasy and Chris Ellison, have closed up strongly on their first day of trading after the company raised $15 million via an initial public offering.
