Fraser Range prospector Galileo Mining (ASX:GAL) has reported a large conductive target from geophysical work at its Lantern prospect, which coincides with anomalous nickel-copper sulphides extracted from nearby drilling.
The conductive target, which was identified by a Moving Loop Electro-Magnetic Survey, is shaping up to be a priority target as the Company searches for Nova-style deposits in the region.
Galileo’s latest target corresponds with both nickel copper identified in Galileo’s maiden aircore drilling at the prospect, as well as gravity survey anomalies.
The peak of the conductor observed in the MLEM data occurs within a broad 1500-metre-long conductive trend with the top of the source estimated to be 340 metres below surface.
Commenting on the conductor discovery, Galileo Mining managing director Brad Underwood said:
“The Lantern Prospect is developing into a large-scale target with many of the characteristics typical of magmatic nickel sulphide deposits.
“Aircore drilling has already demonstrated that we have the right rock types and our recent work has moved us closer to defining areas with potential to contain economic mineralisation.
“A second round of aircore drilling is scheduled to commence in September and we look forward to updating the market with new results,” he said.
Galileo has said it intends to immediately conduct aircore drilling at three priority areas based on the MLEM and the new gravity and magnetic interpretation.
More work will need to be done on the target prior to diamond drilling, with the Company flagging Fixed Loop Electro-Magnetic surveying potentially required prior to the deeper drill testing.
Investors will be keenly watching Galileo as it moves to rapidly drill its new Lantern targets, while assays from another of its Fraser Range projects, Yardilla South, are anticipated shortly.
