Galileo Mining Ltd (ASX:GAL, OTC:GLMGF) is trading higher after releasing its inaugural mineral resource estimate (MRE) for the Callisto deposit, part of its wholly-owned Norseman project in Western Australia.
The palladium-gold-nickel-copper Callisto discovery is the first 'Platreef' deposit identified in Australia, named for a style of mineralisation analogous to the renowned Platreef deposits found in South Africa.
This groundbreaking development propels the Norseman project into the spotlight as a cornerstone asset with significant potential for Galileo and the industry at large.
Mineral resource open at depth
The maiden indicated and inferred MRE for Callisto reveals 17.5 million tonnes at 1.04 g/t 4E, 0.20% nickel and 0.16% copper. Contained metal includes 585,000 ounces 4E, 35,000 tonnes nickel and 28,000 tonnes copper.
Galileo shares have risen 18.65% to $0.35.
Around 8 million tonnes (46%) of the resource is inside the indicated category with a 2.5 g/t palladium equivalent (PdEq) grade or 0.58% nickel equivalent (NiEq – metal content within indicated resource category of around 639,000 ounces PdEq or around 45,800 tonnes NiEq).
The deposit remains open at depth, offering potential for still more resource expansion.
Geological "breakthrough"
Managing director Brad Underwood said: “Galileo’s discovery of the Callisto deposit has been a major breakthrough in understanding the geology and prospectivity at our Norseman project.
“We have now defined a significant resource from a total of 147 drill holes (38,695 metres) within an established mining district of Western Australia.
“The discovery occurs on a granted mining lease just 15 kilometres from the town of Norseman and with extensive nearby infrastructure including gas pipeline, water pipeline, railway, and sealed highway."
Consistent sulphides
About 95% of the mineral resource is constrained by pit optimisation, signifying robust economic prospects for eventual extraction.
The discovery, which follows the analysis of two drill holes targeting a geophysical electromagnetic conductor, points to consistent and continuous sulphide mineralisation within a single-modelled geological domain.
According to the report, simple metallurgy and excellent recoveries are demonstrated via standard sulphide flotation.
The resource estimate was concluded by Cube Consulting, using data gathered from drilling activities conducted by Galileo between 2022 and 2023.
New mineral province
In a broader context, the Callisto discovery establishes a new mineral province covering 255 square kilometres, completely controlled by Galileo.
Immediate exploration plans aim to uncover new deposits within the five kilometres of prospective ground to the north and four kilometres to the south of Callisto.
The company is waiting on assay results from the most recent drilling program, after which it will kick off the next round of exploration drilling in late October 2023.
More discoveries likely
“Applying this knowledge, we will broaden our search for more discoveries starting with the prospective areas at our North and South Callisto prospects," Underwood said.
"Ultimately, we believe this search space will encompass the full 20 kilometres of the prospective host rocks at the Callisto trend and the further 12 kilometres of prospective strike length at the Mission Sill prospect where similar geology has been intersected in drilling.
“We believe the potential for new discoveries within our project area is high and will be undertaking extensive drill campaigns aimed at generating new discoveries.
“The next drill program will test targets at both South and North Callisto prospects and is scheduled to commence in late October. We very much look forward to getting these drill campaigns underway in this exciting new mineral province.”