The latter could kick off in the next 6-8 weeks depending on the approval process, with Galileo's Callisto discovery "less than 200m from the northern tenement boundary" held by Greenstone's 50:50 joint venture with Conico.

Greenstone has recently been canvassing market and strategic options for this ground - which features the Mt Thirsty cobalt-nickel resource - though it would not be surprising if considerations are put on ice for the time being given Callisto was only discovered this month.

Shares in the Mark Creasy-backed Galileo rose from 20c to more than $1 each in the wake of the discovery, with Galileo currently having an enterprise value of about $170 million.

Meanwhile at Burbanks, Greenstone's hits were led by 5m grading 30.5 grams per tonne gold from 292m at Burbanks North.

Drilling is continuing with another eight holes expected to be completed over the next four weeks before the rig moves to Phillips Find.

Shares in Greenstone were trading at 4.7c this week, capitalisng the company at about $43 million.

Greenstone started the current quarter with $3.5 million cash.