Galileo Mining Ltd (ASX:GAL) is trading higher on demonstrating extensive continuity of mineralisation at Callisto gold-copper-nickel-platinum group element prospect within the Norseman Project in Western Australia, with the highest-grade results from drilling at the discovery.
Four reverse circulation (RC) holes were drilled as part of a second reverse circulation (RC) program at Callisto, with results peaking at 8.25 g/t palladium and 1.94 platinum in one metre in drill hole NRC275.
Major intersections at a 1.0 g/t palladium-platinum-gold (3E) cut-off include:
- 23 metres at 2.12 g/t 3E (1.74 g/t palladium, 0.30 g/t platinum, 0.09 g/t gold), 0.35% copper & 0.35% nickel from 144 metres;
- 29 metres at 2.22 g/t 3E (1.80 g/t palladium, 0.33 g/t platinum, 0.09 g/t gold), 0.32% copper & 0.31% nickel from 143 metres;
- 20 metres at 1.79 g/t 3E (1.47 g/t palladium, 0.25 g/t platinum, 0.07 g/t gold), 0.27% copper & 0.30% nickel from 150 metres;
- 12 metres at 1.81 g/t 3E (1.48 g/t palladium, 0.25 g/t platinum, 0.08 g/t gold), 0.31% copper & 0.30% nickel from 147 metres; and
- 22 metres at 1.67 g/t 3E (1.33 g/t palladium, 0.23 g/t platinum, 0.11 g/t gold), 0.27% copper & 0.27% nickel from 177 metres.
Shares up
Galileo says these palladium and platinum results demonstrate the potential for Callisto to host zones of high-grade mineralisation within the overall mineralised system.
Samples from reported intersections are now being analysed for rhodium content, with assays expected in August.
Shares have been as much as 23.53% higher to A$1.575 while the company's market cap is approximately A$266.58 million.
“A lot more drilling to come”
“The latest assays from our Callisto discovery demonstrate the extensive continuity of mineralisation intercepted,” Galileo Mining managing director Brad Underwood said.
“We are very pleased to report significant thicknesses over 20 metres at the 1.0 g/t 3E cut-off grade and over 30 metres at the lower 0.5 g/t 3E cut-off.
“Most importantly, the mineralisation is open at the end of the 6,448,000 drill line where it starts to dip east, further onto our granted Mine Lease. NRC278 ended in mineralisation at this location and will be completed with a diamond drill rig, as will further step out holes to the east.
“Higher palladium assays over 8 g/t add even more prospectivity to the Callisto area with the possibility of high-grade zones occurring within the mineralised system.
“The third round of RC drilling is scheduled to begin in late July with diamond drilling planned to start in August. With over five kilometres of prospective strike length at Callisto we have a lot more drilling to come.”
Drilling at Callisto also intersected wide intervals of sulphide mineralisation (cut off 0.5 g/t), returning results of:
- 36 metres at 1.63 g/t 3E (1.33 g/t palladium, 0.23 g/t platinum, 0.07 g/t gold), 0.27% copper & 0.28% nickel from 138 metres;
- 38 metres at 1.84 g/t 3E (1.49 g/t palladium, 0.28 g/t platinum, 0.08 g/t gold), 0.26% copper & 0.28% nickel from 136 metres;
- 37 metres at 1.26 g/t 3E (1.04 g/t palladium, 0.18 g/t platinum, 0.05 g/t gold), 0.25% copper & 0.22% nickel from 146 metres;
- 17 metres at 1.50 g/t 3E (1.22 g/t palladium, 0.21 g/t platinum, 0.07 g/t gold), 0.25% copper & 0.26% nickel from 142 metres; and
- 31 metres at 1.40 g/t 3E (1.11 g/t palladium, 0.19 g/t platinum, 0.09 g/t gold), 0.22% copper & 0.24% nickel from 169 metres.
Mineralisation at Callisto remains open in all directions, extending for more than 300 metres across strike.
A second drill program is nearing completion, with assays also expected in August.