Galileo Mining soars to new record on palladium-platinum discovery at Norseman Project with 33 metres at 2.00 g/t 3E

Galileo Mining Ltd (ASX:GAL) skyrocketed to a new record high on delineating a wide platinum group elements-rich sulphide zone at Callisto discovery of the Norseman Project in WA, intercepting 33 metres at 2.00 g/t 3E (platinum, palladium and gold combined) in a discovery drill hole.

Drill hole NRC266, which was designed to test the open eastern extent of a known sulphide zone, recorded the 33-metre interval of sulphide mineralisation within a wider 55- metre disseminated sulphide zone.

This demonstrates that the abundance of sulphides increased to the east of the drilling, confirming Galileo’s assumptions about the geology of the deposit.

New record price

The discovery sparked a strong response from investors with shares as much as 250% higher to $0.07, a record for the company. Almost 86 million shares changed hands during the day with a value of more than $48.6 million.

Assays have only been returned for a portion of one drill hole (NCR266), with five more and change to come. Intersections received from NCR266 include:

• 33 metres at 2.00 g/t 3E (1.64 g/t palladium, 0.28 g/t platinum, 0.09 g/t gold), 0.32% copper & 0.30% nickel from 144 metres;
• 6 metres at 2.69 g/t 3E (2.21 g/t palladium, 0.37 g/t platinum, 0.11 g/t gold), 0.41% copper & 0.36% nickel from 159 metres; and
• 1-metre at 3.21 g/t 3E (2.66 g/t palladium, 0.41 g/t platinum, 0.14 g/t gold), 0.48% copper & 0.46% nickel from 176 metres.

Results have so far demonstrated strong geological continuity between drill holes, having all intersected disseminated sulphides.

“Potential for large mineralised system”

“This an exceptional result from our Norseman project and, with every drill hole undertaken so far intersecting mineralisation, we are hopeful that the initial drill hole will translate into a high-quality resource for mining,” Galileo Mining managing director Brad Underwood said.

“While we are at an early stage in the discovery process, the thick and consistent zone of mineralisation, and the extensive prospective strike length, suggests the potential for a large mineralised system.

“In addition to Callisto we also have multiple PGE-nickel-copper targets at our Jimberlana and Mission Sill prospects to the south that offer new opportunities for further discoveries.

“Galileo remains fully funded with $8.2 million at the end of the March quarter and able to continue aggressive exploration programs at all our projects.

“We look forward to updating the market as work progresses on this exciting new West Australian discovery.”

Callisto discovery was identified on a granted mine lease with potential for an accelerated development schedule should resource drilling be successful.

The drilled thickness of the sulphide zone is increasing to the east as it approaches a priority target area, with five kilometres of prospective strike length still to be tested.

Callisto discovery drill hole section (NRC266). NRC264 and NRC265 assays are pending.

Galileo says Callisto defines a new palladium-platinum province in which Galileo controls all of the most prospective ground.

The company is now assessing the NRC266 discovery hole samples for rhodium and all other platinum group elements.

2022 forward work program at Norseman

From here Galileo intends to complete:

• Assaying of all drill holes from the current RC (reverse circulation) program;
• Down hole EM (electromagnetic) surveying of selected drill holes to assist with next stage of drill targeting;
• Petrography of selected samples to determine precise rock classifications (as a guide to mineral fertility and prospectivity);
• 2,000 to 5,000 metre RC drill program at the Callisto priority sulphide zone;
• RC drilling of EM and geochemical targets at the Jimberlana prospect;
• IP (induced polarisation) and surface EM surveying of geological and geochemical targets at the Mission Sill prospect;
• Aircore drilling of 4-kilometre untested prospective contact zone at the Mission Sill prospect; and
• RC drill testing of geophysical and geochemical targets at the Mission Sill prospect.