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Galileo Mining embarks on important exploration phase with first-ever diamond drilling at Lantern Nickel Project

Galileo Mining Ltd (ASX:GAL) has launched an important phase of exploration with the first-ever diamond core drilling at highly prospective nickel targets at Lantern Nickel Project within the Fraser Range nickel belt in Western Australia.

There are three high-priority zones to be tested in the promising Fraser Range nickel project.

The first reverse circulation (RC) drilling program demonstrated that the area contains disseminated nickel and copper sulphide mineralisations and the second RC drilling targeted additional zones of mineralisation and laid the foundation for the diamond core drilling which will start in August.

Lantern East is a conductive target on the margin of a major gabbronorite intrusion while Lantern East is a conductive target on the margin of a major gabbronorite intrusion.

Following a well-supported $5 million placement, Galileo is in the enviable position of being well funded with cash of $8.7 million at the end of the June quarter.

This allows the company t..

Galileo Mining Ltd (ASX:GAL) has launched an important phase of exploration with the first-ever diamond core drilling at highly prospective nickel targets at Lantern Nickel Project within the Fraser Range nickel belt in Western Australia.

There are three high-priority zones to be tested in the promising Fraser Range nickel project.

The first reverse circulation (RC) drilling program demonstrated that the area contains disseminated nickel and copper sulphide mineralisations and the second RC drilling targeted additional zones of mineralisation and laid the foundation for the diamond core drilling which will start in August.

Lantern East is a conductive target on the margin of a major gabbronorite intrusion while Lantern East is a conductive target on the margin of a major gabbronorite intrusion.

Following a well-supported $5 million placement, Galileo is in the enviable position of being well funded with cash of $8.7 million at the end of the June quarter.

This allows the company to effectively explore the entire area around its Lantern Prospect over the next six to 12 months.

Managing director Brad Underwood said: “This was an important period for Galileo in which we laid the groundwork for the next round of RC drilling which is to be followed by the first-ever diamond core drilling at our Fraser Range Lantern Prospect.

“Our air-core drilling outlined the prospective ultramafic unit at Lantern South and this target is now ready for advanced drilling.

“Our ground has had no previous nickel exploration which provides Galileo with a first-mover advantage on a virgin greenfields property in a new nickel belt.

“The next round of drilling is scheduled to commence this month and marks the beginning of an important phase of exploration.

Current works at Fraser Range


Diamond core drilling is set to follow after completion of the 1,500 metres of RC drilling, with initial laboratory assays expected within two weeks of finishing drilling.

Managing director Brad Underwood said: “There are three high-priority zones to be tested and we look forward to updating the market as results are received from this promising Fraser Range nickel project.”

It will also undertake first pass moving loop electro-magnetic (MLEM) survey over the newly identified intrusions at the Think Big, Backwood and Green Moon prospects and on the southern side of the major Lantern intrusion.

The surveys, which will take eight weeks, will cover prospective intrusions along strike from the Lantern area, which is the target of upcoming RC and diamond drilling programs.

Norseman Cobalt Project


The Norseman Cobalt Project mine lease and miscellaneous license applications continue to progress.

Galileo said if cobalt prices improve in the future then the Norseman project may again become a significant focus.

Project permit approvals will be a considerable value-add to the asset base at Norseman in the event that cobalt prices recover sufficiently.

$5 million capital raising


Galileo is wellRead More – Source

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Australia

Danakali bolsters board with mining technical and project finance experience

Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) has strengthened its board with technical mining and international investment experience through the appointment of Neil Gregson as a non-executive director.

Gregson is a qualified mining engineer with deep experience in the resources sector and he has more than 30 years of experience as an investment manager predominantly in the mining and energy sectors.

Board transition[hhmc]
The appointment comes as part of a board transition as the company moves towards development of the world-class Colluli Sulphate of Potash (SOP) Project in Eritrea.

This process has also seen the retirement of Paul Donaldson and Andre Liebenberg as directors although Donaldson will remain actively engaged with Danakali as a senior consultant.

“Exciting time”[hhmc]
Danakali chairman Seamus Cornelius said: “I am very pleased that Neil Gregson with his wealth of experience in mining and project finance has agreed to join the Danakali board at a very exciting tim..

Danakali Ltd (ASX:DNK) (LON:DNK) (OTCMKTS:SBMSF) has strengthened its board with technical mining and international investment experience through the appointment of Neil Gregson as a non-executive director.

Gregson is a qualified mining engineer with deep experience in the resources sector and he has more than 30 years of experience as an investment manager predominantly in the mining and energy sectors.

Board transition


The appointment comes as part of a board transition as the company moves towards development of the world-class Colluli Sulphate of Potash (SOP) Project in Eritrea.

This process has also seen the retirement of Paul Donaldson and Andre Liebenberg as directors although Donaldson will remain actively engaged with Danakali as a senior consultant.

"Exciting time"


Danakali chairman Seamus Cornelius said: “I am very pleased that Neil Gregson with his wealth of experience in mining and project finance has agreed to join the Danakali board at a very exciting time for the company.

"We look forward to benefitting from Neils involvement as we complete the funding package and bring the Colluli project into production as quickly and safely as possible for the benefit of all stakeholders."

Gregsons most recent role was as portfolio manager at JP Morgan Asset Management Global Equities Team based in London where he was responsible for global natural resources mandates.

He held prior investment management roles at CQS Asset Management as a senior portfolio manager focused on natural resources and at Credit Suisse as head of Emerging Markets and related sector funds.

Former company CEO


Donaldson has been a highly valued board member and previously held the role as CEO of Danakali.

He was instrumental in guiding the company through the early study stages of its development and the high-quality comprehensive FEED study and was closely involved in establishing the Colluli Mining Share Company (CMSC).

He has been a valuable resource to the company and will continue to provide his expertise.

Liebenberg has been a valued boRead More – Source

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Australia

THC Global plans to accelerate medicinal cannabis production on back of strong June quarter

THC Global Group Ltd (ASX:THC) reached several milestones in the June quarter, supplying its first Australian patient with Canndeo branded medicinal cannabis medicines produced at its Southport Facility.

The roll-out of the full suite of the Canndeo medicines range is continuing throughout this quarter and will see the launch of eight new medicine formulations for Australian patients.

THC is also preparing for its maiden export of Canndeo branded medicines to Europe and Canada, with supply expected to commence in quarter three for Canada and quarter four for Europe.

New Zealand exports[hhmc]
In addition to medicinal cannabis sales under the Canndeo brand, THC is now a manufacturer for both Cannatrek and Medleaf Therapeutics.

Under the agreements with Cannatrek and Medleaf, THC will produce and white-label cannabis medicines under those respective brands for sale in the Australian and New Zealand market.

The initial export order to New Zealand worth $260,000 is expected to be deliv..

THC Global Group Ltd (ASX:THC) reached several milestones in the June quarter, supplying its first Australian patient with Canndeo branded medicinal cannabis medicines produced at its Southport Facility.

The roll-out of the full suite of the Canndeo medicines range is continuing throughout this quarter and will see the launch of eight new medicine formulations for Australian patients.

THC is also preparing for its maiden export of Canndeo branded medicines to Europe and Canada, with supply expected to commence in quarter three for Canada and quarter four for Europe.

New Zealand exports


In addition to medicinal cannabis sales under the Canndeo brand, THC is now a manufacturer for both Cannatrek and Medleaf Therapeutics.

Under the agreements with Cannatrek and Medleaf, THC will produce and white-label cannabis medicines under those respective brands for sale in the Australian and New Zealand market.

The initial export order to New Zealand worth $260,000 is expected to be delivered by the company in October.

Tetra Health


The Companys newly acquired clinic network, Tetra Health, has seen significant growth since acquisition with an increase of over 30% in patient enquiries in June alone.

Tetra Health is a key strategic asset for the company in seeking to bridge the affordability gap for cannabis medicines in Australia by providing low cost of access for new patients and product-independent guidance on medicines.

Hydroponics equipment


As announced in early July, the companys hydroponics equipment and cultivation solutions provider achieved its maiden $3 million unaudited half-year trading revenue milestone in June 2020, with total first half 2020 unaudited revenue reaching $3.2 million, being around a 50% increase over the prior period.

The launch of new product and service offerings targeted at the micro-cultivator and home-cultivator sectors through the year is expected to drive further revenue growth.

Difficulties in sourcing and transporting of merchandise from major Asian manufacturing hubs experienced in quarter one due to COVID-19 appear to have partially subsided over quarter two.

As the company noted in its quarter one update, these delays have affected the timing of cash receipts from customers but is unlikely to significantly affect revenue over a longer time scale given pending customer orders are fulfilled as stock is landed in Canada.

THC is preparing for its maiden export of Canndeo branded medicines to Europe and Canada

$8.1 million capital raising


During the quarter, the company completed an institutional placement to raise $6.6 million and a subsequent share purchase plan which raised a further $1.5 million, taking the total capital raised to $8.1 million at 30 cents per share.

Funds will be primarily applied towards enhancing the THCs working cRead More – Source

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Australia

Yandal Resources completes shortfall in $3.3 million non-renounceable rights issue

Yandal Resources Ltd (ASX:YRL) has issued the remaining shortfall shares under the 1 for 5 non-renounceable pro-rata rights issue to raise a total of $3.3 million before costs.

On June 12, the company directors announced a pro-rata non-renounceable rights offer to accelerate the Gordons project as well as the Mt McClure project in Western Australia.

Under the rights issue, eligible shareholders were offered the opportunity to acquire one new share for every five shares held at the record date on June 17 at an issue price of 25 cents per new share.

A total of 1.32 million shortfall shares have now been issued for $330,000

Exploration well-funded[hhmc]
The company plans to progress the feasibility study at its Flushing Meadows prospect at the Ironstone Well Project in the September quarter.

Exploration will also continue at the Gordons Dam prospect.

Yandal is well funded for drill programs which were postponed in the June quarter and will be completed in the September quarter.

The..

Yandal Resources Ltd (ASX:YRL) has issued the remaining shortfall shares under the 1 for 5 non-renounceable pro-rata rights issue to raise a total of $3.3 million before costs.

On June 12, the company directors announced a pro-rata non-renounceable rights offer to accelerate the Gordons project as well as the Mt McClure project in Western Australia.

Under the rights issue, eligible shareholders were offered the opportunity to acquire one new share for every five shares held at the record date on June 17 at an issue price of 25 cents per new share.

A total of 1.32 million shortfall shares have now been issued for $330,000

Exploration well-funded


The company plans to progress the feasibility study at its Flushing Meadows prospect at the Ironstone Well Project in the September quarter.

Exploration will also continue at the Gordons Dam prospect.

Yandal is well funded for drill programs which were postponed in the June quarter and will be completed in the September quarter.

These include:

  • 21 AC holes for 2,500 metres at the Flushing Meadows North prospect;
  • 6 AC holes for 720 metres at the Flushing Meadows South prospect;
  • 3 RC holes for 200 metres Read More – Source
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