Galileo Mining Ltd (ASX:GAL) says recent assays have revealed rhodium in an existing drill hole from the Callisto discovery at the company’s 100% owned Norseman project in WA.
The current rhodium price is hovering at US$15,450 per ounce, and demand is increasing due to its role in automotive pollution control systems.
The occurrence of rhodium is consistent with the interpreted mineralisation style at Callisto. Rhodium is the rarest and most valuable precious metal on earth, far outstripping gold and silver.
Needless to say, the Galileo will from now on be assaying for rhodium in the higher sulphide intersections of its upcoming drill program.
“Valuable metal”
Galileo managing director Brad Underwood commented: “The rhodium assays confirm the presence of this valuable metal within the Callisto mineralised system.
“With step-out drilling expected to commence next week, we will now be including rhodium in the assay suite for any further sulphide rich intersections.
“Based on the six drill holes completed so far at Callisto we anticipate more sulphide intersections in the next drill program and are hopeful that an increase in sulphide content will be matched by an increase in metal content.
“We are excited to be starting drilling again so soon after the recent discovery announcement and look forward to updating the market with results as they become available.”
How much rhodium?
Assays from discovery hole NRC 266 show rhodium values up to 0.094 g/t with average values across the 33-metre interval of 0.05 g/t.
The company’s updated intersection for NRC266, now including rhodium, is: 33 metres @ 2.05 g/t 4E (1.64 g/t palladium, 0.28 g/t platinum, 0.09 g/t gold, 0.05 g/t rhodium), 0.32% copper and 0.30% nickel from 144 metres.
Initial interpretation of results from the Callisto discovery continue to show similarities with South Africa’s Platreef deposits, with disseminated sulphide mineralisation hosted in the lower unit of a layered ultramafic sill.
This particular combination of metals also occurs in the Platreef deposits in a similar disseminated mineralisation style and in a similar host rock.
Next steps
Deeper diamond core drilling is planned for later in the year which will allow a broader interpretation of the mineralisation setting, and a better understanding of the regional potential for more discoveries.
Reverse circulation (RC) drilling is planned to resume on June 2, subject to weather conditions and the drill rig mobilising to site.
The company has planned for 20 drill holes across 4,000 metres, with the priority target zones located across strike to the east of the current drilling.
Drill holes in the upcoming campaign will be spaced roughly 50 metres apart in order to define grade variation across strike prior to step out drilling along strike.
Galileo has made some big gains recently, hitting an all-time share price high of $1.68 after gaining 740% since May 10, 2022, including a 55% bump since the rhodium find at Norseman.