- Over the weekend, Galileo Mining (GAL) drilled two diamond holes at the Lantern East prospect, which both failed to intersect any significant copper or nickel mineralisation
- The prospect lies within the explorer’s Fraser Range Project in Western Australia
- The diamond holes targeted an electromagnetic anomaly, however, the source of the conductor is now interpreted to be iron sulphide mineralisation
- Within the next week, Galileo will drill beneath a hole at the Lantern South prospect, where it previously hit nickel and copper mineralisation
- Shares have dropped 25.4 per cent to trade at 25 cents
Galileo Mining’s (GAL) latest two diamond holes drilled at the Lantern East prospect have failed to intersect any significant copper or nickel mineralisation.
Over the weekend the company drilled the two holes, targeting an electromagnetic anomaly on the margin of an intrusive rock unit within the Fraser Range Project in Western Australia.
The first hole, LADD001, intersected a package of intrusive rock units but did not return any significant sulphides.
The second hole, LADD002, encountered the same package of intrusive rocks as well as bands of pyrrhotite, or iron sulphides.
Galileo now interprets the source of the electromagnetic conductor to be pyrrhotite but will conduct a downhole electromagnetic survey to check for off-hole conductors.
“While we have identified the likely source of the EM conductor at Lantern East, and found the sulphide not to contain the nickel and copper for which we were hoping, we believe this is an exceptional region to be exploring,” said Managing Director Brad Underwood.
“We also expect to finish within the week a diamond hole at the Lantern South prospect while ongoing EM surveying identifies new targets for drill testing” he added.
The hole which is being drilled at Lantern South is testing beneath LARC012, which hit 41 metres at 0.19 per cent nickel and 0.15 per cent copper.
Shares have dropped 25.4 per cent to trade at 25 cents at 10:22 am AEDT.