Galileo Mining (ASX:GAL) has uncovered a new diamond drill target at its Lantern prospect in the highly prolific Fraser Range region in Western Australia with investors welcoming the news.
Initial results from fixed loop electromagnetic (EM) surveying has revealed a conductive target 1.5km along strike from Galileo’s previously reported disseminated nickel-copper sulphides intersection of 12m at 0.38% nickel and 0.33% copper from 124m including 5m at 0.49% nickel and 0.46% copper from 126m at the Lantern South prospect.
Results from aircore drilling have also delineated the ultramafic unit at the Lantern South prospect with results of 27m at 0.18% nickel from 48m and 17m at 0.17% nickel from 48m.
RC drilling of shallow targets at the Lantern South prospect is scheduled to commence in July with diamond drilling of the new EM target, and any additional targets to come out of the current EM survey, to begin in August.
The first results from our current EM survey have shown the presence of a conductor along strike from drilling that intersected nickel and copper sulphide mineralisation,” Galileo Managing Director Brad Underwood said.
“This is an encouraging sign in our exploration for new nickel deposits as conductive targets can be associated with significant amounts of nickel sulphides.
“Our aircore drilling has also outlined the prospective ultramafic unit at Lantern South and this target is now ready for advanced drilling. The next round of drilling is scheduled to commence in July and marks the beginning of an important phase of exploration at our Fraser Range Project.”
Drilling will include Reverse circulation (RC) and diamond drill testing of targets defined by EM surveying and by shallow drilling.
Shares in Galileo have gained 0.5c, 2.6%, to 19.5c in Monday trading.