Recent ASX debutant, Galileo Mining (ASX: GAL) has discovered three nickel-copper-cobalt prospects at its Fraser Range project in Western Australia.
The Mark Creasy-backed company claims the new prospects (Nightmarch, Lantern and Empire Rose) possess magnetic signatures similar to Independence Group’s (ASX: IGO) Nova nickel operation in the area.
Galileo managing director Brad Underwood said magnetic interpretation was a “valuable tool” for highlighting areas that could potentially host economic deposits.
“Galileo will follow up the new target areas with on-ground exploration programs aimed at developing the prospects into good quality drill targets,” he said.
Mr Underwood added the joint venture with Mr Creasy’s company the Creasy Group and his eight years spent working with Mr Creasy in the Fraser Range all enhance the company’s knowledge of the mineralising processes in the region.
“We are confident in our ability to successfully explore the area and to capitalise on any discoveries that we might make,” he said.
Galileo plans to get on the ground at the project in the coming weeks with a detailed ground gravity survey to be carried out at the Nightmarch prospect.
AN electro-magnetic survey of the Empire Rose prospect is also in the works as well as a first pass drilling program across all three.
Galileo listed on the ASX in late May, with investors reacting positively and pushing the company’s share price to a 90% premium within its first hour of trade.
In addition to Fraser Range, Galileo is exploring for cobalt and nickel at the nearby Norseman cobalt project, which has a JORC resource of 22,500 tonnes of contained cobalt and 106,000t of nickel.
Galileo has set an exploration target for the project of up to 20 million tonnes at 0.12% cobalt, with a maiden drilling program underway.
Norseman is also prospective for palladium and platinum, with one previous drill hole returning 20m at 1.3 parts per million palladium and 0.8ppm platinum from 30m.
Mr Creasy is well-known for selling the WA-based Bronzewing and Jundee gold deposits in 1994 for A$130 million.
He also has a stake in numerous resource assets including a 31% interest in Galileo.
Galileo’s share price had lifted almost 5% to A$0.33 by late afternoon trade.