{australien_flagge}Following the spectacular palladium-platinum-gold-copper-nickel discovery by neighbor Galileo Mining Ltd (ASX: GAL) on May 11, 2022, just 200 meters from the property boundary of the Mt. Thirsty joint venture area (MTJV) in Western Australia, 50/50 JV partners Conico Ltd (ASX: CNJ; FRA: BDD) and Greenstone Resources (ASX: GSR) are planning 5,000 meters of diamond and reverse circulation drilling on the project as early as this summer. Mt. Thirsty is located just 16 kilometers north-northwest of Norseman, Western Australia.
Subject to permitting, drilling is expected to commence from the end of July this year. Work at the site is currently being prepared by a team of high-caliber experts who are developing a new geological model based on the extensive historical data from Mt. Thirsty. The focus is on verifying the analogy to the Platreef deposit type, after Galileo had already pointed out the similarities in mineralization style to the Platreef deposits in South Africa when publishing its results. Located on the northern edge of the world famous Bushveld complex, Platreef deposits are among the largest polymetallic deposits in the world. Their distinctive feature is the high continuity of mineralization. Indicated palladium, platinum, gold, rhodium, copper and nickel resources amount to more than 700 million tons (at a cut-off grade of 1 g/t 3PE+Au).
Figure 1: The so-called Callisto trend on Galileo Resources’ property, outlined in green, continues geologically across the Mt. Thirsty joint venture area. Initial review indicates that an additional 1.5 km of prospective mineralized horizon may extend onto the MTJV property. A strike length of 1,500 meters needs to be tested.
Despite extensive near-surface drilling over the Mt Thirsty resource area, which has an Inferred and Indicated JORC resource of 26.9 million tonnes at 0.126% cobalt and 0.54% nickel, the prospective eastern margin remains untested (Figure 1). Only 3.5% of all holes drilled at Mt Thirsty have penetrated deeper than 100 meters! In contrast, the Galileo discovery hole was 144 meters deep. The continuity of the prospective mineralized horizon on the MTJV property is confirmed by geology and geophysics. The prospective mineralized horizon remains untested and extends for an additional 1.5 km onto the MTJV property.
Summary: The mere suggestion that Galileo Resources’ latest discovery may be analogous to South Africa’s Platreef has caused Galileo’s stock to skyrocket. Galileo is currently valued at AUD 286 million, eight times higher than just over 5 weeks ago. This is of course an advantage for the JV neighbors Conico Ltd. and Greenstone, whose share prices have also already profited from the discovery of the neighbor. Mt. Thirsty, which previously had rather the status of an old shopkeeper that had to be dusted off again and again, suddenly comes into focus. The dust is beeing blown away: First-class experts from all over the world are now looking at the project with fresh eyes. They note (with surprise) that the most promising part of the property according to current knowledge – the continuation of the Callisto trend to the south – has virtually not been tested at all. They suggest that the geological structure found by Galileo could continue for 1.5 kilometers into the MTJV area. The opportunities in the upcoming drill holes are enormous, and with minimal financial commitment, as each of the partners is paying for only 2,500 meters of drilling. As a shareholder, one can only wish for such a risk-reward ratio.
At the same time, the discovery story for Conico in East Greenland continues. Soon, the ship carrying the Conico exploration team is expected to set sail for Greenland, again. On the program for the long Arctic summer are the Ryberg mega project with planned 5,000 meters of drilling and the Mestersvig project with up to 7,500 meters of drilling. We will also be hearing a lot more about these projects in the near future.
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