Investors in Galileo Mining (ASX:GAL) have today welcomed news of the discovery of three new nickel targets in the highly prospective Fraser Range region of Western Australia.
Shares in the company gained 4.4% to hit an intraday high of 23.5c after the company reported petrography results from reconnaissance aircore drilling had identified nickel prospective rocks beneath shallow cover ranging from 17 metres to 92 metres below surface.
According to Galileo, the drilling results combined with magnetic data show three intrusions named Think Big, Backwood and Green Moon.
Today’s news comes after the company raised $5 million in a well-supported placement last month. Galileo Managing Director Brad Underwood said the funds allowed Galileo to expand its exploration in the Fraser Range.
We have now substantially increased the search space around our Lantern Prospect and have the funds to effectively explore the entire area over the next six to twelve months,” Mr Underwood said.
“Our Fraser Range ground has never before been explored for nickel and the significant chance of a high value discovery makes this is an exciting time to be investing in the area.”
Galileo is initially planning a high-powered ground electro-magnetic (EM) survey to cover the newly identified intrusions with the intention of defining zones of potential nickel mineralisation.
Additional aircore drilling will then be undertaken to delineate the near surface boundaries of the prospective intrusive rocks to be followed by reverse circulation (RC) and diamond drill testing of targets defined by EM surveying and shallow drilling.
At its Lantern South prospect, aircore drilling is progressing with over 5,500 metres completed of a planned 8,000 metre program which is following up on initial RC drilling results of 12 metres at 0.38% nickel and 0.33% copper in LARC003.
After completing the aircore drilling program, Galileo will undertake a fixed loop electro-magnetic (FLEM) surveying of prospective zones defined from the current aircore drilling and from the 2019 MLEM survey as well as reverse circulation (RC) and diamond drill testing of targets defined by EM surveying and shallow drilling.