GAL intersects nickel-copper sulphide in diamond drilling

By Meagan Evans. Published at Sep 9, 2020, in Mining

Galileo Mining Ltd (ASX:GAL) has intersected significant nickel-copper sulphide mineralisation and in its first diamond drilling program at the Lantern Prospect at the Fraser Range Nickel Belt of Western Australia.

This diamond drilling at priority targets at Lantern has substantially advanced the company along the exploration path and provided new insights to prepare for the next round of drilling to begin.

Two of the first drill holes in the planned three hole diamond drilling program at Lantern Prospect have been completed with both diamond drill holes at drill holes LARC013D and LARC008D intersecting 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. Samples from the current round of drilling will be sent to the laboratory for assay after structural and geological logging is complete.

Managing Director Brad Underwood described the drilling program as “a great result” and 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 ground work 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)
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)
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.


Where to invest $1,000 right now

When the experts at Next Investors have a stock pick, it may pay to listen.

The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.

They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.

Click the link below to see what they are currently investing in.


SEE THE PORTFOLIO

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why Finfeed.com is Australia’s leading small cap publication

Founded seven years ago, Finfeed.com is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise.

Finfeed.com provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more.

Finfeed.com is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!

X