Resources Top 5: Galileo charts another massive discovery as others scramble to gain ground

Galileo’s portable XRF analyses confirm the presence of nickel and copper sulphides at Callisto
Olympio defines high-priority targets at Halls Creek Project
Dart Mining, Metalsgrove, and Cassius up on no news

Here are the biggest small cap resources winners in early trade, Monday August 29.

GALILEO MINING (ASX:GAL)

GAL, up 410% year-to-date, is backed by billionaire prospector Mark Creasy – known for his role in the discoveries of the Bronzewing and Jundee gold mines, as well as the Nova nickel mine.

Back in May, shares in the company surged 557% for the month after making its big Callisto palladium discovery within the Norseman Gold Project in Western Australia.

This morning, diamond drilling at Callisto has intersected massive sulphide mineralisation displaying the potential for high-grade zones at a shallow depth of only 190m downhole.

Managing director Brad Underwood says this is an ‘exceptional result’ from first diamond drilling at the site and demonstrates how much there is to learn about the larger mineralised system.

Around 1.25m of massive sulphides has been logged within a larger 29.1m zone of disseminated and stringer sulphides, with portable XRF analyses confirming the presence of nickel and copper sulphides.

Underwood says Galileo believes significant potential exists for additional discoveries at shallow depth as there is no known mineralised outcrop, and over five km of strike.

The 2,000m diamond drilling program is continuing alongside a 10,000m RC program at the project.

NOW READ: ASX Small Cap May Winners: Galileo. Galileo. Galileo. And some other stocks

DART MINING (ASX:DTM)

(Up on no news)

Shares in this little ~$15m market cap explorer are on fire this morning, up ~32% at the time of writing.

Stockhead columnist Barry Fitzgerald picks DTM as the ‘most under the radar ASX lithium stock right now’ having recently signed up Chile’s lithium king SQM to a lithium joint venture at its Dorchap project in northeast Victoria.

SQM is one of the big three of the lithium business and sports a $US28 billion market cap, best known in the market for its JV with Wesfarmers (ASX:WES) in the $US700m integrated development of the Mt Holland lithium project in WA.

DTM also has exposure to gold and copper at its Granite Flat prospect.

Of 98 rock chip samples collected across the site, around 73% demonstrated anomalous copper, gold, silver, lead or zinc values.

Peak chip sample results included 5m at 6g/t gold, 14.4g/t silver and 0.52% copper, including 5m at 1g/t gold, 0.9g/t silver and 0.21% copper.

OLYMPIO METALS (ASX:OLY)

Rock chip sampling, geological mapping, compilation of historical soil sampling and drill hole planning has wrapped up at priority targets within the Woodward Range and Rubens – part of the wider Halls Creek Project.

“Our on-field exploration and systematic data-compilation have highlighted several areas at the Rubens and Figaro prospects that are under-explored and require follow-up drilling,” managing director Sean Delaney says.

“The Olympio exploration team will be back in the field in this week, refining these drill targets and working towards our maiden drill program in quarter four this year.”

CASSIUS MINING (ASX:CMD)

(Up on no news)

CMD has projects based in Africa, most notably its Soalara Limestone Project in Madagascar where phase 2 of its coring program kicked off last week on five holes to a depth of 100m each.

Phases 1 and 2 combined form a nine-hole coring program targeting a potential upgrade from the existing JORC exploration target to a JORC mineral resource, to be estimated after phase 2 is complete.

The company has already selected its consultants to conduct this mineral resource estimate.

Back in July, CMD also acquired four contiguous prospecting licences in central Tanzania prospective for lithium.

Historical lithium pegmatite occurrences are known immediately adjacent to and within the Cassius licences and a previously lithium-tantalum discovery is present around 700m from the Cassius licence border.

Metalsgrove Mining (ASX:MGA)

Newly listed MGA is looking to fuel the energy transition with all the right minerals – lithium, rare earths, and base metals.

The company has kicked off a 5,973-line km helicopter borne magnetic and radiometric survey across key prospects at its Northern Territory based Arunta Project.

“This survey programme will play an important role towards refining our priority drill targets for our maiden drilling program scheduled to begin in quarter four at Arunta,” MGA managing director Sean Sivasamy says.