Galileo Mining Ltd (ASX:GAL) is trading higher after intersecting massive sulphides during diamond drilling at the Callisto palladium discovery, part of its flagship Norseman project in WA.
The multi-element explorer logged 1.25 metres of massive sulphides within a 29.1-metre zone of disseminated and stringer sulphides, pointing to the scope for higher-grade zones within the Callisto system.
Disseminated sulphide mineralisation at 267 metres downhole.
Portable XRF analysis has also confirmed the presence of nickel and copper sulphides on the property.
GAL shares are higher, up as much as 37.38% to $1.36 intraday while the market cap is approximately $255.64 million.
So far, Galileo has completed five core holes at Callisto, where it’s on the hunt for palladium, platinum, gold, rhodium, copper and nickel mineralisation.
Reverse circulation (RC) drilling is also underway, with six holes and one pre-collar completed since the company’s last update.
Galileo intends to complete at least 2,000 metres of diamond work and upwards of 10,000 metres of RC drilling before planning its next steps at the polymetallic discovery.
“Much to learn” about larger system
Galileo managing director Brad Underwood said: “Intersecting massive sulphides at the shallow depth of 190 metres downhole is an exceptional result from our first program of diamond drilling at Callisto.
“It demonstrates how much there is to learn about the larger mineralised system and the upside opportunities that may present themselves as we continue with our extensive drill campaigns.
“Diamond drilling is continuing at pace with five core holes completed and each of these drill holes intersecting sulphide mineralisation.
“We are also obtaining excellent results from the RC drill campaign with six completed RC holes all recording sulphide mineralisation.
“As there is no known mineralised outcrop and over five kilometres of prospective strike, we consider that significant potential exists for additional discoveries at shallow depths.
“With an ongoing RC drill campaign of 10,000 metres and an ongoing 2,000 metres of diamond core drilling, we are very excited to rapidly progress this new West Australian mineral discovery.”
Next steps
To date, Galileo has completed 582 metres of diamond and 3,828 metres of RC drilling.
The company hopes to receive definitive assays from both programs mid-to-late next month, which will inform its next move at Callisto.
Galileo will keep the market informed as more findings come to the fore.