Galileo Mining Ltd (ASX: GAL) has purchased 100% of tenement E28/2797 along strike of the company’s nickel-copper sulphide prospects in the Fraser Range region of Western Australia.
We are very pleased to have secured a strategic new tenement in a critical part of the Fraser Range Belt. The Tenement is along strike from our current work areas in the Fraser Range and is particularly close to our Lantern South Prospect where nickel-copper sulphides have been intercepted in drilling. The Tenement has never been drilled and, given its proximity to known prospects, is one of the best unexplored tenements in the Fraser Range,” Managing Director, Brad Underwood, said.
“Ground EM surveying to cover all the interpreted prospective zones on the new Tenement is planned to start in December. If positive results from this target generation work are obtained we will move to the target testing phase of exploration involving drilling.
“We are fully committed to our Fraser Range work programs and believe the possibility for new mineral discoveries in the region is substantial.”
Interpretation of detailed aeromagnetic surveying over E28/2797 has identified intrusive rock signatures with potential for Nova style nickel-copper mineralisation.
Ground EM surveying of the tenement is scheduled to begin in December in conjunction with the Company’s ongoing target generation programme. Full EM survey of the prospective zones on the new Tenement is expected to be completed in the first quarter of 2022. Positive EM results will lead to drilling programs to test targets for economic mineralisation.
The Tenement was purchased from individual tenement holder Mrs S. E. Creasy for a Total Consideration of A$170,000 being A$89,920 cash and 308,000 Galileo shares at a deemed price of A$0.26 per share.