FYI | Sep 09 2020
This story features GALILEO MINING LIMITED. For more info SHARE ANALYSIS: GAL
–The below is a company-sponsored announcement–
Diamond drilling of priority targets at Galileo Mining Ltd’s ((GAL)) Lantern Prospect in Western Australia’s Fraser Range Nickel Belt has intersected significant nickel-copper sulphide mineralisation and demonstrated the exceptional potential of the area.
This is Galileo’s first diamond drilling program at Lantern and already it has substantially advanced the company along the exploration path and provided new insights to prepare for the next round of drilling to begin.
The first two drill holes in the planned three-hole diamond drilling program at Lantern Prospect have been completed. Both diamond drill holes at Lantern South and Lantern East intersected significant sulphide mineralisation.
This includes 23m of heavily disseminated, blebby and banded nickel-copper sulphides in ultramafic host rock from Lantern South (drill hole LARC013D), and 16m of disseminated and blebby sulphide within an overall 108m zone of disseminated sulphide in gabbronorite host rock from Lantern East (drill hole LARC008D).
The source of the conductive anomaly adjacent to sulphide in LARC008D is yet to be identified, suggesting potential for additional sulphide mineralisation.
Managing Director Brad Underwood made comparisons to Fraser Range discoveries at Nova by Sirius Resources and at Mawson by Legend Mining that each involved multiple drill programs over an extended period of time
The 2012 discovery of the Nova nickel deposit shot Sirius Resources to fame, returning shareholders a return of circa 10,000% in a matter of months and led to Sirius’ acquisition by IGO Ltd for $1.8 billion.
More recently, an initial discovery hole in December at Legend Mining’s Mawson Prospect saw its share price immediately double to 8.1¢ and ongoing exploration has seen it since reach 21.5 cents.
Galileo’s Lantern Prospect is 50 kilometres along strike from Legend’s Mawson Prospect. However, LEG is now capitalised at more than $400 million — almost ten times that of Galileo.
These are the only two nickel sulphide discoveries to date in the Fraser Range, a region that has only seen eight years of exploration to date and holds huge promise. There are high expectations of further discoveries to come.
Over the last 18 months, Galileo has undertaken a significant amount of groundwork completing three rounds of AC drilling and on-ground EM surveying, which was followed up with its first RC program completed earlier this year.
The company is creating and testing targets that with each round of exploration develops the company’s knowledge of the ground.
The drill core will now be submitted for assaying with results to assist with future drill targeting later on in the year.
Diamond drill holes
Drillhole LARC013D
Drillhole LARC013D targeted underneath disseminated sulphide mineralisation intercepted in previously reported drill hole LARC003.
LARC013D intersected a multi-phased ultramafic unit within a gabbronorite host rock. Disseminated, blebby and banded sulphides (pyrrhotite-chalcopyrite-pentlandite) occur close to the contact zone between the ultramafic and the host rock. The diamond drill hole was designed to pass close to RC drill hole LARC003 which previously intersected disseminated sulphides.
Disseminated, blebby and banded sulphide mineralisation in drill hole LARC013D (downhole depth 135 to 138m, HQ core diameter 6.35cm)
Drillhole LARC008D
Drillhole LARC008D targeted an EM conductor on the margin of a major gabbronorite intrusion. The wide zone of disseminated sulphides intercepted is highly encouraging as it may represent a halo zone of sulphide mineralisation proximal to a zone of economic sulphides. As no graphitic or sulphidic sediments were encountered, any conductive response represents a high priority target as it is more likely to be associated with sulphide bearing intrusive rock units.
Additional downhole and surface EM surveys will now be planned to better model the bedrock conductor prior to further drill testing.
The drill rig is currently drilling the third hole of the program (LARC011D) which is a structural target also on the margin of the same large intrusion.
Diamond Drill Holes at Lantern South & Lantern East Prospects (over Magnetic Image)
Detailed structural and lithological logging of all drill core will now be undertaken to understand the occurrence and nature of the mineralisation.
This will greatly assist with future drill targeting at the Lantern Prospect and the surrounding area. Core will be submitted to the laboratory for assaying after the completion of logging.
Finfeed.com: Meagan Evans
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