Mark Creasy-backed companies continue to dominate exploration activity in WA’s prolific Fraser Range, with Galileo Mining (ASX:GAL) identifying magnetic signatures prospective for Nova style Nickel-Copper-Cobalt.
The announcement is the company’s first activity in the Fraser Range since its highly successful IPO in May this year.
Following magnetic survey work, Galileo is eyeing three new prospects within its tenements, named Nightmarch, Lantern and Empire Rose, respectively.
According to Galileo Mining managing director Brad Underwood the identification of these new targets is an important first step for exploration within the Fraser Range project.
“Magnetic interpretation is a valuable tool for highlighting areas that may have potential for economic ore deposits,” Mr Underwood said.
Galileo will follow up the new target areas with on-ground exploration programs aimed at developing the prospects into good quality drill targets.
“Through our Joint Venture with the Creasy Group, and by virtue of my eight-year tenure working for Mark Creasy in the Fraser Range, Galileo has acquired a deep understanding of the mineralising processes operating in the belt. We are confident in our ability to successfully explore the area and to capitalise on any discoveries that we might make,” he said.
Galileo reports that on ground exploration in the Fraser Range will commence within weeks, including a detailed ground gravity survey over the Nightmarch prospect.
Shares in Galileo Mining have opened strongly, increasing approximately 3% and trading at 33 cents per share.