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Share Watch – 5 June 2022

Updated: Sep 25, 2022

Galileo Mining (GAL:ASX)

From Stockhead:

“Discovery confirmed!” says GAL, which has now surged ~550% since hitting the PGE-nickel-copper jackpot in hole number one at ‘Callisto’ early this month.

Assays from all drill holes at the prospect, part of the Norseman project in WA, contain significant zones of mineralisation and confirm initial results from the discovery drill hole NRC266.

New highlights include 28 metres @ 1.58g/t 3E (1.29g/t Pd, 0.22g/t Pt, 0.07g/t Au), 0.27% Cu & 0.26% Ni from 137m. There’s strong geological continuity between the holes, spaced 50m apart, GAL says.

Reported assays also occur within wider disseminated sulphide zones “indicating the potential for a large mineralised system”. New drilling will kick off next week, focused on the “thickest and highest grades in the easterly direction”, says managing director Brad Underwood.

“The same program of drilling will then continue to the north as we aim to move from discovery drilling to advanced and detailed resource drilling,” he says.

“The extensive prospective strike, combined with the thick and consistent mineralisation drilled to date, indicates the potential for a large mineralised system. Approximately 20 holes will be undertaken in the coming round of drilling and we look forward to updating the market with results from this exciting new discovery.”

Culpeo Minerals (ASX:CPO)

The explorer is up +90% after hitting 173m grading 1.05% copper from 313m depth in drilling at the ‘Lana Corina’ project in Chile.

The drilling also intersected a broad zone of high-grade molybdenum mineralisation — 85m @ 1,367ppm Mo and 0.07% Cu from 486m — which “highlights the presence of a deeper mineralised source of the base metal system … and provides new targets for exploration”, CPO says.

The stock listed on the ASX September 10 with a couple of porphyry projects in Chile — ‘Las Petacas’ and ‘Quelon’ — and only entered into an agreement to acquire 80% of Lana Corina in March.

CPO exploded out of the blocks later that month after hitting the copper motherlode in its very first drillhole at the historical ‘Lana Corina’ project in Chile.

Assay results have now been reported for three holes, all of which have returned significant copper grades over wide intervals.

The $13m market cap stock is up 91% in 2022. It had $3.3m in the bank at the end of March.

Financial indicators

The VIX fear gauge down by 4.08 points since 15 May to 24.79.

The Dow Jones Industrial Average up 703.04 points or 2.54% since 15 May to 32,899.70, the STOXX 600 down 19.73 points or 4.93% to 440.09 and the Shanghai Composite index up 110.18 points or 3.84% to 3,195.46.

Gold up to 1,853.90. US 10-year Treasury Bonds up to 2.940 and oil up to 120.26. Cryptos Bitcoin up by 21 points or 0.01% to 29.740.

ASX 200 163.70 points or 2.31% since 15 May to 7,238.80. The Aussie dollar up to 72.07 US cents.

Carbon Market Spot Prices

LGC $48.25                                                     STC $39.85

ESC $29.25                                                     VEEC $52.00

ACCU $36.50                                                  EU ETS €84.76

NZU $NZ76.80                                                 UK ETS GBP82.46

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