Greenstone is getting ready to drill near Galileo after its Burbanks gold triumph

With Galileo’s Callisto discovery “less than 200m from the northern tenement boundary” held by Greenstone’s 50:50 joint venture with Conico, the latter could begin in the next 6-8 weeks, depending on the approval process.

Greenstone has recently been looking into market and strategic options for this ground, which includes the Mt Thirsty cobalt-nickel resource, though it wouldn’t be surprising if those discussions are put on hold for the time being. This month, Callisto was discovered.

Following the discovery, shares in the Mark Creasy-backed Galileo rocketed from 20c to more than $1 per share, valuing the company at around $170 million.

Meanwhile, 5m grading 30.5 grammes per tonne gold from 292m at Burbanks North led Greenstone’s hits at Burbanks.

Drilling will continue for the next four weeks, with another eight holes expected to be completed before the rig moves to Phillips Find.

Greenstone’s stock was trading at 4.7c this week, valuing the company at $43 million.

Greenstone had $3.5 million in cash at the start of the current quarter.