08:59 Wed 01 Dec 2021
Galileo Mining’s Fraser Range and Norseman Projects have strong potential for new resource discoveries
“The first assays from our Norseman aircore drilling program show that we have intercepted magmatic sulphide mineralisation containing nickel, copper, cobalt and palladium metal. The mineralisation is at shallow depth and, due to the small aircore rig not drilling through the sulphide at the bottom of hole, is open in all directions,” says MD.
Galileo Mining Ltd (ASX:GAL) has strengthened the prospectivity of its Norseman Project in Western Australia with confirmation of nickel-copper-cobalt-palladium mineralisation in massive sulphides intersected during an extensive aircore drilling campaign.
Exploratory aircore drilling for a total of 8,000 metres has been completed to date at the project, testing a large total magnetic intensity (TMI) target identified over an extensive prospective contact zone, perpendicular to the Jimberlana Dyke.
Sulphides were intersected 60 metres downhole in a drill hole placed where the Dyke meets the ultramafic intrusive contact zone, returning acid digest test results of 1-metre at 0.24% nickel, 0.35% copper, 0.04% cobalt and 0.25 g/t palladium.
The aircore drilling was unable to break through the massive sulphide body, leaving the mineralisation open in all directions.
Galileo Mining managing director Brad Underwood said: “The first assays from our Norseman aircore drilling program show that we have intercepted magmatic sulphide mineralisation containing nickel, copper, cobalt and palladium metal.
“The mineralisation is at shallow depth and, due to the small aircore rig not drilling through the sulphide at the bottom of hole, is open in all directions.
“The sulphide occurs on the margin of a large ultramafic intrusion which can be traced along strike over several kilometres. This is the exact setting where mineral deposits can occur and at just over 50 metres below surface, the potential for further sulphides is exceptional.
“Approximately 8,000 metres of aircore drilling have been completed to date with the drill program expected to be concluded over the coming days. Samples have been submitted to the laboratory for assaying with the majority of results expected in January.
“Follow up work on the massive sulphide prospect will include EM surveying prior to RC drill testing planned for 2022.”
The sulphides noted at the bottom of the drill hole are priority samples, with the bulk of results from the current drill program expected to be returned sometime in January.
Galileo believes the shallowness of the massive sulphide intercept ‘significantly increases the prospectivity of Galileo’s project area’.
Follow up work will include electromagnetic (EM) surveying prior to a new round of drilling with a reverse circulation rig, which is more capable of breaking through hard rock using concussive force.
Galileo Mining is focused on the exploration and development of nickel, copper and cobalt resources in Western Australia.
The company has joint ventures with Creasy Group over tenements in the Fraser Range which are highly prospective nickel-copper sulphide deposits similar to the operating Nova mine.
Galileo also holds tenements near Norseman with more than 26,000 tonnes of contained cobalt and 122,000 tonnes of contained nickel in JORC-compliant resources.
Price: 0.235 AUD
Add related topics to MyProactive
Create your account: sign up and get ahead on news and events
Proactive Investors Australia Pty Ltd ACN 132 787 654 (the Company, we or us) provides you with access to the content set out above, including any news, quotes, information, data, text, reports, ratings, opinions,…
Galileo Mining Ltd (ASX:GAL)'s Brad Underwood joins Proactive to talk through the latest batch of base metal assays from the Norseman Project. He says the results hint at a nickel-copper-cobalt-palladium mineralised system —exactly what they're looking for at the WA project.
Only registered members can use this feature.
Copyright © Proactive 2021.
All Rights Reserved – Proactive Australia PTY LTD ACN:132787654 ABN:19132787654.
Crypto Airdrop: What's an Airdrop and Why Crypto Airdrops Are Issued – Coindesk
Foundry launches a BTC mining rig marketplace with over 40k units – Techstory
The Bitcoin mining industry is booming as the overall network hashrate continues to increase. This has been used as a good opportunity by Foundry to launch a BTC mining rig marketplace. The mining rig marketplace is called the Foundryx and has over 40,000 mining units for resale. They also have their own mining setups, which contribute 16.8% to the total BTC hash rate. This also makes them the largest miner as per hash rate, followed closely by AntPool.
The company has been making money by employing the mining rigs themselves and selling them as well. This makes it really profitable for them. In August 2020, the digital currency group invested $100 million in the company. Foundry was just a year old when this investment was made, and they have been working in the BTC mining industry ever since. Their new marketplace is also a step in the right direction as it offers much-needed rigs in the market,
The company is already the largest individual contributor of the BTC hash rate with 29.83 EH/s. And now, they are planning to use the company’s robust shipping and logistic units to reach customers who purchase from their new mining unit marketplace. I think their profits are going off the charts with this new business idea.
One very important thing to note here is that the BTC mining rig marketplace has units for resale. This means it doesn’t sell new devices. The mining rigs have been used before and hence will be available for cheaper rates. Additionally, the current supply chain issues and chip shortages have increased the demand for used rigs. Currently, there aren’t many used rigs resellers in the market that can be trusted properly, but with Foundryx, the trust factor is there. This is why they are planning to become a properly trusted secondary marketplace of BTC mining rigs. It is also important to note that Foundry has also been launching staking services on 20 different networks, which will be yet another important business for them.
What are your thoughts on Foundry USA launching a used BTC mining rig marketplace? And do you think it will take off due to the current shortage of chips and rigs supply? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Metaverse will be a multitrillion dollar market, says Cathie Wood.
I am a geek trying to make an audience for his awesome content. With laser eyes, I believe that Bitcoin is going to $100k very soon. HODL! Follow me on Twitter for more updates.
Copy Protect PDF, MP3, MP4 and more, with Nexcopy USB Duplicator Systems .
Crypto Markets Rebound $130B: Bitcoin Recovers 5%, Shiba Inu Up 37% Since Yesterday’s Low – CryptoPotato
The crypto market has recovered more than $100 billion in a day with BTC standing at $36,000 and the alts with more impressive gains.
After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.
The past few days didn’t go all that well for the primary cryptocurrency. It was just on Thursday when a sudden price pump drove the asset to a multi-day high at $43,500.
However, this is where it all went south. Bitcoin started to dump in value rapidly and slumped to $38,000 a day later. This became the lowest price point since early August.
While this was a steep correction of its own, the bears only tightened their grip on the market. As a result, BTC dropped by another $4,000 and dipped to around $34,000. This, on the other hand, became the lowest price point since late July.
Since then, though, BTC added around $2,000 and now stands at $36,000. Nevertheless, its market capitalization is still well below $700 billion.
Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:
The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.
Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.
On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.
Ultimately, the cryptocurrency market capitalization is up by $130 billion since yesterday’s low and is now at nearly $1.7 trillion.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
How To?2 months ago
Register now for winter-spring 2022 ORICL courses – Oak Ridge Today
How To?2 months ago
News blog, November 18: Nearly all restrictions to stop from 11.59pm; an Everest challenge for a good cause – Shepparton News
Mobile3 weeks ago
Pixel 6 looks to debut the Gboard ‘Assistant voice typing’ experience first demoed at I/O 2019 – 9to5Google
How To?2 months ago
How to use technology in your life? – The Times of India Blog
Games2 months ago
Coin-Op Management Sim Arcade Paradise Teases Minigames in PS5, PS4 Trailer – Push Square
Games2 months ago
Amazon Games switches off New World's entire economy after players discover duping glitch – PC Gamer
Tech3 months ago
Facebook is now Meta! Metaverse good or bad?
Games3 weeks ago
PS5 Stock: Where to Buy PlayStation 5 and When in January 2022 – Push Square