Galileo Mining Ltd (ASX:GAL, OTC:GLMGF) (Galileo Mining Ltd (ASX:GAL, OTC:GLMGF), Galileo Mining Ltd (ASX:GAL, OTC:GLMGF)) managing director Brad Underwood sits down with Jonathan Jackson in the Proactive studio to discuss the finalisation of a farm-in and joint venture agreement with Mineral Resources as well as the results from recent drilling at the Norseman Project in Western Australia.
Galileo has received an initial payment of $5 million for 30% of the lithium rights on the Norseman Project tenements. This funding secures Galileo’s planned nickel, platinum group element (PGEs) and gold exploration programs at Norseman and the Fraser Range Project. Recent drilling at Norseman identified new zones of palladium and platinum mineralisation, with notable results including 64 metres at 0.22 g/t 3E from 104 metres and 84 metres at 0.13 g/t 3E from 208 metres.
Underwood stated that the completion of the MinRes joint venture would initiate lithium exploration at Norseman. MinRes, with its extensive lithium experience, has secured the right to explore the untested lithium potential at Norseman. Galileo will continue focusing on nickel, PGEs and gold exploration, leveraging the $5 million tranche to enhance their exploration capabilities. A second payment of $2.5 million is anticipated by May 30, 2025.
The joint venture currently stands at a 30%-70% ownership split between MinRes and Galileo for lithium exploration. MinRes can increase its stake to 55% by funding an additional $15 million and to 70% by funding up to a decision to mine, with Galileo either contributing to development costs or converting its interest into a royalty.
In April and May, 2,700 metres of reverse circulation (RC) drilling identified sulphide minerals in various geological settings. Significant results have highlighted prospective palladium and platinum zones near geophysical anomalies. Follow-up drilling is scheduled for August to further explore these areas and new IP targets.