Tag: Nova mine

Fraser Range nickel junior commences drilling program

Fraser Range nickel junior commences drilling program

DRILLING is underway at Galileo Mining Ltd.’s (ASX: GAL) Fraser Range Nickel Belt tenements, which are highly prospective for nickel-copper sulphide deposits similar to the operating Nova mine. Anticipation ahead of the drilling program has been building with the company’s share price gaining more than 50% in July alone: investor attention has tuned into the Fraser Range, along with Galileo’s highly prospective nickel targets. The commencement of Galileo’s drilling program is lining up nicely with nickel price forecasts. Research firm Wood Mackenzie anticipates nickel consumption in electric vehicle batteries to soar 64% by 2025 from 2019 levels. Supporting that view is Elon Musk’s call last week for a lift in the mining and production of nickel. Musk said Tesla will...

Independence Group: Discovery & Delivery

Independence Group: Discovery & Delivery

All images: Independence Group. BY REUBEN ADAMS THE March quarter was a mixed bag for Independence Group, but the miner’s medium to long term fundamentals are sound. The flagship Nova operation continues to ramp up and generate good cash flow, while a $50 million exploration program and downstream processing studies could deliver massive cash flow generation in the years to come. Independence Group (IGO) is transitioning into a cash-generative business, as growing free cash flow from its operations – especially Nova – results in an ever-shrinking debt pile. Building cash reserves is an important part of the IGO strategy. It gives the company flexibility for potential acquisitions, or development options should a $30m exploration program on its...