donnie
24-04-2007, 07:10 PM
This looks like an exciting company.
About Galaxy (ASX: GXY)
Galaxy is a diversified exploration company with interests in five targeted projects in Western Australia covering a range of commodities including lithium, tantalum, base metals (copper-zinc-nickel), gold, iron ore, rare earths and uranium. The projects, with the exception of two joint ventures at Ravensthorpe, are owned 100% and were acquired prior to the recent IPO.
Galaxy listed on the ASX on 5 February 2007 at a premium of 70%. The company raised $3 million through the issue of 15 million shares at the offer price of $0.20. Funds raised through the offer will be used to progress the company’s existing exploration programs and will initially focus on an infill drilling program and a feasibility study at the Cattlin Creek tantalum and lithium prospect.
The Company’s tantalum and lithium deposit, located at Cattlin Creek, was significantly enhanced by the acquisition of M74/12, from the administrators of Sons of Gwalia Ltd, in November 2006 and is the centre piece of Galaxy’s 185km2 ground holding within the Ravensthorpe Greenstone Belt.
Galaxy also has a second joint venture with Pioneer Nickel Limited (ASX: PIO) in the Ravensthorpe Aerodrome Project. Through the joint venture Galaxy has offered Pioneer Nickel the option to earn a 75% interest in the project. Detailed aeromagnetic and VTEM surveys will be completed during March followed by detailed evaluation including soil geochemistry and RC drill testing of targets.
In addition to the Ravensthorpe package, the Company holds a 100% interest in four projects at various stages of exploration including:
• Ponton Uranium, rare earths and base metals
• Shoemaker Base metals, gold, iron ore and uranium
• Connolly Base metals
• Boxwood Hill Base metals
Galaxy Commences New Drilling Program at Mt Cattlin Tantalum/Lithium Prospect
Galaxy Resources Limited (ASX: GXY) announced today that it has commenced a 5,000 metre Reverse Circulation (“RC”) resource definition drilling program at the Mt Cattlin Tantalum/Lithium prospect, located in the Ravensthorpe Greenstone Belt..
The objective of the drilling program is to link the areas of historic drilling within the identified central zone of the pegmatite (Figure 1). Galaxy and other explorers have previously completed drilling programs totalling 12,420 metres in 341 holes.
About 100 holes (average depth 50 metres) will be drilled vertically to intersect the flat lying pegmatite (average thickness 11 metres) on 40 by 40 metre centres.
Once drilling in the central area is completed, extension drilling on a wider spacing will be undertaken in the western and eastern areas so that complete coverage of the interpreted extent of the pegmatite is achieved. The size of the conceptual target in the central zone is 8 to 12 million tonnes and the overall target to the interpreted perimeter of the pegmatite is 30 to 40 million tonnes of mineralised (tantalum and lithium) pegmatite (including the central zone).
The program is designed to provide sufficient information to allow completion of a JORC compliant resource estimate. It is expected that drilling of the central zone will be completed by the end of April and a resource estimate by late May.
Galaxy’s Managing Director Michael Fotios said the commencement of drilling was a significant milestone for the company as it progresses its exploration strategy.
“We are pleased to have commenced the resource definition drilling program so soon after listing and look forward to providing results in the short term as they come to hand,” he said.
“Mt Cattlin is an under explored lithium and tantalum deposit with a demonstrated commercial grade and significant tonnage potential.
“We believe the project has the potential to generate significant cash flow for the company and provide sufficient funding for the development of other projects – particularly our Ravensthorpe base metals prospects including the Elverdton joint venture with Pioneer Nickel Ltd,” said Mr Fotios.
About Galaxy (ASX: GXY)
Galaxy is a diversified exploration company with interests in five targeted projects in Western Australia covering a range of commodities including lithium, tantalum, base metals (copper-zinc-nickel), gold, iron ore, rare earths and uranium. The projects, with the exception of two joint ventures at Ravensthorpe, are owned 100% and were acquired prior to the recent IPO.
Galaxy listed on the ASX on 5 February 2007 at a premium of 70%. The company raised $3 million through the issue of 15 million shares at the offer price of $0.20. Funds raised through the offer will be used to progress the company’s existing exploration programs and will initially focus on an infill drilling program and a feasibility study at the Cattlin Creek tantalum and lithium prospect.
The Company’s tantalum and lithium deposit, located at Cattlin Creek, was significantly enhanced by the acquisition of M74/12, from the administrators of Sons of Gwalia Ltd, in November 2006 and is the centre piece of Galaxy’s 185km2 ground holding within the Ravensthorpe Greenstone Belt.
Galaxy also has a second joint venture with Pioneer Nickel Limited (ASX: PIO) in the Ravensthorpe Aerodrome Project. Through the joint venture Galaxy has offered Pioneer Nickel the option to earn a 75% interest in the project. Detailed aeromagnetic and VTEM surveys will be completed during March followed by detailed evaluation including soil geochemistry and RC drill testing of targets.
In addition to the Ravensthorpe package, the Company holds a 100% interest in four projects at various stages of exploration including:
• Ponton Uranium, rare earths and base metals
• Shoemaker Base metals, gold, iron ore and uranium
• Connolly Base metals
• Boxwood Hill Base metals
Galaxy Commences New Drilling Program at Mt Cattlin Tantalum/Lithium Prospect
Galaxy Resources Limited (ASX: GXY) announced today that it has commenced a 5,000 metre Reverse Circulation (“RC”) resource definition drilling program at the Mt Cattlin Tantalum/Lithium prospect, located in the Ravensthorpe Greenstone Belt..
The objective of the drilling program is to link the areas of historic drilling within the identified central zone of the pegmatite (Figure 1). Galaxy and other explorers have previously completed drilling programs totalling 12,420 metres in 341 holes.
About 100 holes (average depth 50 metres) will be drilled vertically to intersect the flat lying pegmatite (average thickness 11 metres) on 40 by 40 metre centres.
Once drilling in the central area is completed, extension drilling on a wider spacing will be undertaken in the western and eastern areas so that complete coverage of the interpreted extent of the pegmatite is achieved. The size of the conceptual target in the central zone is 8 to 12 million tonnes and the overall target to the interpreted perimeter of the pegmatite is 30 to 40 million tonnes of mineralised (tantalum and lithium) pegmatite (including the central zone).
The program is designed to provide sufficient information to allow completion of a JORC compliant resource estimate. It is expected that drilling of the central zone will be completed by the end of April and a resource estimate by late May.
Galaxy’s Managing Director Michael Fotios said the commencement of drilling was a significant milestone for the company as it progresses its exploration strategy.
“We are pleased to have commenced the resource definition drilling program so soon after listing and look forward to providing results in the short term as they come to hand,” he said.
“Mt Cattlin is an under explored lithium and tantalum deposit with a demonstrated commercial grade and significant tonnage potential.
“We believe the project has the potential to generate significant cash flow for the company and provide sufficient funding for the development of other projects – particularly our Ravensthorpe base metals prospects including the Elverdton joint venture with Pioneer Nickel Ltd,” said Mr Fotios.