The disseminated sulphide intercept of 12m grading 0.38% nickel, 0.33% copper from 124m downhole included an interval of 5m at 0.49% nickel and 0.46% copper.
Lantern is 100km north east of IGO's Nova nickel-copper operation, and about 40km south from Legend Mining's Mawson prospect.
Downhole EM survey will now be undertaken, as will step out aircore and RC drilling.
The prospect was modelled over a 2km strike extent.
Galileo has also flagged diamond core drilling.
Galileo, held 31% by prospector Mark Creasy, listed about 19 months ago.
The company had A$5.4 million cash at the start of the current quarter.
Shares in Galileo were up 14% to 12c in early trade, capitalising the company at $14.5 million.
