Base metals: Galileo goes back to the ’70s for high-grade copper; Minotaur offloads WA nickel
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Junior explorer Galileo Mining (ASX:GAL) has found itself some high-grade copper at a Western Australian prospect that hasn’t been looked at since the 1970s.
Surface sampling has returned grades of up to 19.9 per cent at the Subzero prospect, part of Galileo’s Norseman project.
Typically, 6 per cent copper or higher is considered high-grade.
“Our recently completed ultra-detailed magnetic survey has allowed us to undertake a geological interpretation of the area not possible by previous explorers,” managing director Brad Underwood said.
“In doing so we have uncovered historic copper prospects that were last looked at in the 1970s.”
Galileo says its possibly has volcanogenic massive sulphide (VMS) copper mineralisation over 2km of strike.
VMS deposits are a type of large metal sulphide ore deposit, mainly copper and zinc, that range in size from 4 million to 25 million tonnes.
Though there are some huge ones around like Peak Creek in Canada that host as much as 150 million tonnes.
Galileo will now undertake ground electromagnetic surveying to define targets for drill testing.
Minotaur Resources (ASX:MEP) has sold its WA nickel assets to Auroch Minerals (ASX:AOU) for $1.5m. Minotaur will receive $1.4m worth of Auroch shares and $100,000 cash. Minotaur said the sale would allow it to focus on its base metals prospects in Queensland and South Australia.
Tanga Resources (ASX:TRL) has also uncovered high grades of copper up to 5.7 per cent during rock chip sampling — but in Namibia. The discovery was made at a new target called “P5”. CEO Matthew Bowles said the new copper target further highlights the potential for a new copper discovery to be made at the Hagenhof project.
Acacia Coal (ASX:AJC), meanwhile, has started exploration at its Mt Bruce copper and cobalt project in Western Australia. The company is undertaking field mapping and sampling to understand the prospectivity for copper, cobalt and nickel mineralisation.
And base metals explorer Superior Resources (ASX:SPQ) has gone into a trading halt pending news about the finalisation of a joint venture deal.