Gravity surveying at the project identified two circular anomalies coincident with magnetic signatures similar to the intrusive rocks that host Independence Group's nearby Nova mine.

Modelling at the Nightmarch prospect indicated target rocks just 36m below surface under a thin layer of cover.

No previous base metal exploration has been undertaken at the prospect.

Galileo managing director Brad Underwood said the surveying had allowed the company to see below the cover rocks with great results.

"With next generation mineral deposits more likely to be discovered in areas that have been traditionally overlooked we are very encouraged that our first program has yielded such good results," he said.

The company will work on obtaining approval for first-pass drilling at Nightmarch, while conducting surveying at the Empire Rose prospect.

Nightmarch is only 60km along strike from the Creasy Group's Silver Knight discovery.

Silver Knight has a resource of 4.2 million tonnes at 0.8% nickel, 0.6% copper and 0.04% cobalt for 33,000t of nickel, 26,000t of copper and 1700t of cobalt, with the bulk in the indicated category.

"The Fraser Range is developing into a significant mineralised province with two confirmed discoveries at Nova and at Silver Knight," Underwood said.

"Galileo is very optimistic that further discoveries will be made in the Fraser Range and we will be pursuing an aggressive exploration program to create value for our shareholders."

IGO is also encouraged by Creasy's find, the second significant discovery in the Fraser Range behind Nova.

"If you think about it, two discoveries in the part of the world in six years. How many other jurisdictions are delivering that sort of success rate? That's pretty damn good," IGO MD Peter Bradford told reporters on the sidelines of Diggers & Dealers earlier this month.

"Discovery success worldwide is at an all-time low and here we are, one small address and we've got two discoveries in six years."

IGO is planning to spend A$51 million on exploration this financial year, two thirds of which will be spent in the Fraser Range.

"For us [the Silver Knight discovery] validates our whole strategy to consolidate the Fraser Range and invest in that exploration," Bradford said.

"I think it's bleedingly obvious that Nova is the closest significant infrastructure and it'd be great in the future to leverage that infrastructure with Creasy's find."

Creasy is the largest shareholder in both Galileo and IGO, holding 31% and 16% respectively.

Galileo listed on the ASX in May following a $15 million initial public offering priced at 20c per share.

Yesterday the stock closed at 23.5c, its lowest level since listing.

This morning, Galileo shares jumped by as much as 27% to 30c, but closed 6.4% higher at 25c.