Nickel in the Fraser Range
Coffee with Samso Episode 36 with Brad Underwood, Chairman & Managing Director, Galileo Mining Limited (ASX: GAL)
Nickel has never been my geology, so I tend to leave it to the experts and Galileo Mining Limited, a resources company that comes out of the stables of renowned prospector Mark Creasy, certainly falls into that category.
The Fraser Range is one of the “mineral provinces” that I have admired from afar and it’s where Galileo’s has its main project, the Fraser Range Nickel Project. There were promising results from its drilling campaign and now it’s drilling again, with all indications that it may come up with more promising results.
The recent successes Galileo and Legend Mining perked my interest, together with Nova Nickel Mines and the Tropicana Gold Mines over the last decade. Many companies in this arena have come and gone, all except the tenements owned by Mark Creasy, and that’s why I have an interest in these projects.
The Fraser Range Project covers two zones of the extensive Fraser Range geological belt, known for the world-class Nova nickel-copper-cobalt mine discovered by Sirius Resources in 2012. Galileo’s northern Fraser Range tenement is 80km from the operating Nova mine, while the southern tenements are just 30km from the mine. Galileo is targeting Nova style nickel-copper-cobalt mineralisation in the Fraser Range and has a deep level of experience in the region.
Galileo has Joint Ventures with the Creasy Group over highly-prospective tenements in the Fraser Range and also 100% ownership of its Norseman Project, located adjacent to the town of Norseman in an infrastructure-rich area of Western Australia.
The Norseman Project area is less than 10km from the company’s current JORC cobalt-nickel resources and includes numerous areas with potential for further cobalt discoveries, as well as additional nickel and copper prospects.
Galileo was originally privately owned by Mark Creasy and listed on the ASX in May 2018, raising AUS$15 million in IPO funding. Mark Creasy continues to be the largest shareholder, controlling approximately 31 percent of the company. ASX-listed miner Independence Group ASX: IGO) and Mineral Resources’ founder Chris Ellison are among the company’s top five largest shareholders.
Galileo Chairman & Managing Director Brad Underwood spent eight years as General Manager of the Creasy Group’s exploration at the Fraser Range and Norseman.
Some key points he made in our conversation included:
It's a great place to explore, we've seen the value creation with Sirius and the Legend mining results they've released recently; it's a good area to make discoveries in because the value proposition from any resource that comes out is very strong
There have been no discoveries in the Fraser range that haven't occurred either on Creasy group joint venture ground or 100% owned ground, so his mark has been there so long and he’s spent a large amount of money in the area, I think at the last count over forty million dollars, that he really has a genuine first mover advantage in understanding the belt.
I think the market recognises the history we've had in the Fraser range and our chances of success are weighted accordingly
We're currently running an air core drilling programme of around eight to ten thousand litres that'll give us a first pass test under cover and we’ll come back and do more deeper drilling after we've completed that… more drilling means more chances of success and success is what we're after.
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