Galileo Mining Ltd (ASX: GAL) has announced the completion of the MinRes Farm-in and joint venture (JV) agreement and the results of recent drilling from the company’s 100% owned Norseman project in Western Australia.
Managing director, Brad Underwood, commented, “With completion of the MinRes lithium joint venture agreement, lithium exploration will now begin at the Norseman project. MinRes have an incredible depth of experience in the lithium business and have secured the rights to work on our untested lithium potential at Norseman. In return Galileo shareholders will benefit from a focused programme of lithium exploration while the company continues to concentrate on the extensive potential for nickel, PGEs, and gold in the same region.”
The lithium exploration joint venture is formally underway with MinRes having the exclusive right to increase its stake in the JV to 55% by sole funding A$15M of expenditure over four years. This cash injection puts Galileo in a fully funded position for all planned nickel, PGE, and gold exploration programmes at the Norseman and Fraser Range projects.
Additionally, results from the latest drill programme at Norseman include:
- 64m @ 0.22g/t 3E2 from 104m with 4m @ 0.41g/t 3E from 108m (NRC498)
- 84m @ 0.13g/t 3E from 208m (NRC496)
Follow up drilling of NRC498, NRC496, and new IP targets is scheduled to commence in August 2024.
To find out more, please visit www.galileomining.com.au
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