Galileo receives green light for diamond drilling at Delta Blues
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Galileo Mining Ltd (ASX:GAL) has received statutory approvals for diamond drilling at the Delta Blues nickel-copper-cobalt prospect in the Fraser Range region of Western Australia.
Two high priority nickel targets at DB1 and DB2 will be tested with 1,000 metres of core drilling planned for the initial program.
A drilling start date of mid-June is anticipated with the program estimated for completion within three weeks of commencement.
Several drill holes will be required to test for mineralisation at DB2 due to the large scale of the target, and it is expected that at least two drill holes will be undertaken in the first round of drilling at this location.
Importantly, Galileo’s targets in this area are in relatively close proximity and/or along strike from other prominent Fraser Range discoveries, including Nova (ASX :IGO) and Mawson (ASX: LEG) as illustrated below.
Strength of the EM conductors provides management with confidence
The EM conductor at the Delta Blues DB1 target has been verified by an independent geophysicist as a particular conductive anomaly.
Modelled conductivities fall within a range of 10,000 to 25,000 Siemens with a strike length between 800m and 900m.
Depth estimates to the top of the conductor vary between 175m and 255m with the variation attributed to near surface cover effects that limit the accuracy of modelling.
One drill hole is planned at the DB1 target as a first test to determine the cause of the conductive anomaly and to pinpoint the optimum position for potential mineralisation.
Explaining the significance of these geological characteristics and the broader mineralisation identified, while also underlining the group’s expectations regarding the upcoming drilling program at the Delta Blues prospect, managing director Brad Underwood said, “The first drilling programs at our northern Fraser Range project identified highly prospective rocks with strong indications of nickel and copper at the Lantern Prospect.
"Following this confirmation of prospectivity we now enter our next phase of drilling, optimistic that we can generate significant drill results at the Delta Blues prospect.
Our target generation work at the Delta Blues prospect has utilised high quality data sets with positive interpretations by world class geological and geophysical professionals.
"The strength of the EM conductors and their positions on the magnetic and gravity maps present a compelling case for the potential of mineralisation.
"We look forward to updating the market as drilling gets underway and as the results of drilling are received.”
Deep diamond drilling to probe electromagnetic target
Independent modelling of EM data from the DB1 target at the Delta Blues prospect has confirmed the very high conductivity of the target.
A component of this high conductivity is attributed to near surface/cover effects which limit the ability to model the conductor depth extent.
The modelled depth extent is restricted (25m to 40m) with the result that a high conductivity is required to provide a best fitting scenario between the modelled response and the observed field data.
The proposed drill hole shown below will test the source of the anomaly.
These anomalies are interpreted to represent dense material associated with mafic/ultramafic intrusive rocks at depth.
Management highlighted that the interpreted deep intrusions could be the source rocks responsible for near surface cumulate rocks with the potential to host mineralisation.
Moving loop EM surveying around the Lantern prospects continues to cover ground shown to be prospective through the drill intersection of magmatic nickel-copper-cobalt sulphides at the Lantern prospect.
The current EM program is scheduled to continue until July with infill surveying to occur as required.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
