Join our daily newsletter At The Bell to receive exclusive market insights
- Exploration company Galileo Mining (GAL) has identified a new diamond drill target at the Lantern South prospect in the Fraser Range region of Western Australia
- The survey began on June 11, looking for new nickel targets at Lantern North and South Prospects
- Bet nickel results from previous aircore drilling over the target area indicated 27 metres at 0.18 per cent, and 17 metres at 0.17 per cent
- New reverse circulation (RC) drilling of shallow targets will begin next month, with diamond drilling of the new target — and any additional targets found — scheduled to start in August
- Shares in Galileo Mining are now trading at 19.5 cents per share, up 2.63 per cent
Exploration company Galileo Mining (GAL) has identified a new diamond drill target at the Lantern South prospect in the Fraser Range region of Western Australia.
Initial results from a fixed loop EM survey of the area revealed a conductive target 1.5 kilometres along strike from drilling, which intersected nickel and copper sulphide mineralisation.
The survey was announced earlier this month, and aimed to define the most prospective zones for nickel sulphide mineralisation before drill testing
Galileo Managing Director Brad Underwood today labelled the results promising and said this could be the beginning of an important phase of exploration for the company’s Fraser Range project.
“This is an encouraging sign in our exploration for new nickel deposits, as conductive targets can be associated with significant amounts of nickel sulphides,” he said.
The company will now look at conducting RC drilling of shallow targets in the area from next month.
Previously, aircore drilling at the Lantern South prospect uncovered nickel results such as 27 metres at 0.18 per cent, and 17 metres at 0.17 per cent.
Meanwhile, diamond drilling of the new target, and any additional targets to come from the completed EM survey, will commence in August.
The EM survey is expected to wrap up fully in two weeks, with the full results to be released after that.
Galileo Mining shares are trading at 19.5 cents each, a slight rise of 2.63 per cent.
