viewGalileo Mining Ltd

Galileo Mining accelerates exploration across Fraser Range Nickel Joint Venture Project

The company is well-funded to continue exploration with around $8.7 million in cash and deposits as at June 30 - putting it in a secure position during the current period of economic uncertainty.

Galileo Mining Ltd -
The Fraser Range Project covers exploration licences totaling 602 square kilometres in the Albany-Fraser Orogen

Galileo Mining Ltd (ASX:GAL) has accelerated exploration across its Fraser Range Nickel Joint Venture Project in Western Australia in what is described as a ‘pivotal’ year for the base metals explorer.

In the company’s annual report for the year ending June 30, chairman and managing director Brad Underwood said Galileo had completed three rounds of aircore drilling, undertaken on-ground electromagnetic surveying and followed that up with reverse circulation (RC) drilling over the course of 2020.

Encouraging signs in exploration

He said: “During the period, we also laid the groundwork for further RC drilling which was followed by the first-ever diamond core drilling at Lantern prospect, both of which began post-year-end.

“At the same time, we carried out an extensive program of EM surveying aiming to identify new zones of mineralisation in an area that is displaying all the right signs of becoming a significant nickel exploration project.

“Results from fixed Loop EM surveying showed a new conductive target 1.5 kilometres along strike from known sulphide mineralisation intersected at LARC003.

“This is an encouraging sign in our exploration for new nickel deposits as conductive targets can be associated with significant amounts of nickel sulphides.”

Drilling at the Fraser Range project. 

Underwood said although the company had been encouraged by success on the ground, the year was not without tough times including the passing of non-executive chairman Simon Jenkins in December 2019.

“In his role, Simon contributed greatly at the board level by providing a deep understanding of the corporate environment during the 2018 public listing of the company.

“Our thoughts are still very much with his family and friends.”

Next steps

Looking ahead Underwood said Galileo was entering a ‘very exciting’ period with results pending for the company's first diamond drilling program at the Lantern prospect.

He said: “Over the next three to six months we will be conducting additional drilling to further advance our exploration projects.

"We have a pipeline of prospects - we have identified nickel sulphide mineralisation and the area we are exploring continues to prove it is one of the world’s best emerging nickel provinces.

“As a shareholder, I thank you for joining us on our journey as we target exploration success with the strong ambition to discover the next nickel mine in the Fraser Range region.”

At the end of the financial period, the group had cash on hand, including deposits of $8,697,061 compared to $7,070,456 at June 30 in 2019.

Quick facts: Galileo Mining Ltd

Price: 0.25 AUD

Market: ASX
Market Cap: $35.78 m

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Galileo Mining encouraged by EM data identifying new drill targets at...

Galileo Mining Ltd's (ASX:GAL) Brad Underwood tells Proactive's Andrew Scott he's encouraged by electromagnetic (EM) data from recent surveys that has revealed new targets for drill testing at the Lantern East Prospect in the Fraser Range region of Western Australia. Modelling of the new EM data...

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