Galileo Mining (ASX: GAL), another of famed millionaire prospector Mark Creasy’s punts, has had a positive start to ASX life, with its shares soaring 90% during its first hour of trade.
The ASX debutant listed at 12pm AEST at A$0.20 under the ticker code GAL and went on to hit an intraday high of A$0.38 shortly after, with 3.4 million shares traded by 1pm AEST.
After raising A$15 million in a heavily oversubscribed IPO, Galileo will begin exploring its Norseman cobalt-nickel and Fraser Range nickel-copper-cobalt projects in Western Australia.
“From today’s listing on the ASX, Galileo is now 100% focused on getting on the ground at both of our projects,” Galileo Managing Director Brad Underwood said.
“We are confident that both Norseman and the Fraser Range are highly prospective for additional resources as well as new discoveries.”
The Norseman project consists of a series of tenements including exploration and prospecting licences totalling 276.8 square kilometres in an area centred 12km west-northwest of the town of Norseman.
Norseman has a JORC compliant indicated and inferred resource containing over 22,000 tonnes of cobalt and 106,000t 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 1,000 parts per million cobalt.
Galileo will kick-off drilling at defined targets within Norseman, which the company believes have the potential to host additional JORC compliant cobalt resources.
At the same time, Galileo will plan 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.
Mark Creasy’s latest punt
Mr Creasy is known for having his fingers in multiple mineralised pies across WA including his now 31% stake in Galileo, making him the company’s largest shareholder.
The British-born mining engineer is perhaps mostly famous for selling the Bronzewing and Jundee gold deposits in Western Australia in 1994 for A$130 million.
Further significant investors in Galileo include ASX-listed miner Independence Group (ASX: IGO) and Mineral Resources’ (ASX: MIN) founder Chris Ellison with the top 10 shareholders holding more than 50% of the share register.
At 12:30pm AEST, the stock was trading at A$0.325.