Galileo Mining (ASX: GAL) has purchased a ‘highly prospective’ greenfield tenement along strike from nickel-copper sulphide prospects within its Fraser Range Project in Western Australia.
The E28/2797 tenement has seen no prior exploration work, which the company says will provide a first-mover advantage for potential new discoveries.
“The Tenement has never been drilled and, given its proximity to known prospects, is one of the best unexplored tenements in the Fraser Range”
Speaking on the acquisition, Galileo Mining Managing Director Brad Underwood said; “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.”
Galileo’s new greenfield tenement E28/2797 along strike from the Lantern South Ni-Cu prospectThe tenement sits 6km along strike from the Lantern South Prospect, which has delivered previous nickel-copper sulphide mineralisation including:
- 41m @ 0.19% Ni & 0.14% Cu
- 5m @ 0.49% Ni & 0.46% Cu; including
- 1m @ 0.66% Ni & 0.75% Cu
The tenement, which expands Galileo’s Fraser Range footprint to 672 km², was purchased from an individual holder for total consideration of $170,000 including $89,920 cash plus 308,000 Galileo shares @ $0.26 per share, which are subject to a 12-month voluntary escrow agreement.
Moving forward, Galileo reports that it will commence target generation via ground EM surveys within the new tenement during December, with drill testing to follow should positive results arise.
Images: Galileo Mining Ltd
