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Galileo Mining higher on revealing nickel zones up to 51 metres thick near Callisto discovery in Western Australia

Published 10/10/2022, 10:16 am
Updated 10/10/2022, 10:30 am
© Reuters.  Galileo Mining higher on revealing nickel zones up to 51 metres thick near Callisto discovery in Western Australia
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Galileo Mining Ltd (ASX:GAL) has intersected nickel sulphide mineralisation up to 51 metres thick in ongoing reverse circulation (RC) drilling north of the Callisto discovery within the company’s 100%-owned Norseman project in Western Australia with shares trading higher as a result.

Portable XRF analyses on the four RC drill holes completed 400 metres north of Callisto confirm the presence of metal-enriched sulphide, with laboratory assays required to determine whether palladium/platinum and other metals are present.

Drill hole NRC346 contained the most abundant disseminated sulphide in a shallow zone starting at just 82 metres below surface.

RC chips with disseminated sulphides (5%) in NRC346

Investors have recognised the significance of these observations with shares as much as 7.92% higher in early trading to $1.295.

Samples from the new zone have been submitted to the laboratory, with first assays expected in about five weeks.

Significantly, the latest results confirm Galileo’s geological model that the 5 kilometres of ground to the north of Callisto is highly prospective for new discoveries.

RC and diamond drilling is continuing, with the diamond rig drilling out mineralisation down dip of the discovery and the RC rig testing for new discoveries to the north.

Plan map of RC drilling at the newly-identified nickel sulphide zone north of the Callisto discovery.

Most prospective ground

Galileo managing director Brad Underwood said: “RC drilling north of Callisto has identified a new zone of disseminated nickel sulphide in the first exploration drill program in the area since the discovery at Callisto defined the prospective geological unit on Galileo’s ground.

“Our target generation model suggested that the five kilometres north of Callisto are the most prospective and these early drill results strongly support this concept. With 278 square kilometres of tenements in the Norseman project, we continue to believe that Galileo has all of the most prospective ground in this newly-established mineral domain.

“To date, we have undertaken scout RC drilling up to 500 metres north of Callisto with plans to extend this to 1,000 metres in the current program. The recent approval of proposed drill programs from the Department of Mines now allows for systematic drilling of the prospective geological horizons up to 3.5 kilometres north.

“At the same time, the diamond drill rig continues to drill down dip of Callisto where the mineralisation is interpreted to continue into Galileo’s tenements.

"With no known outcrop and over five kilometres of prospective strike, we consider that a significant opportunity exists for additional discoveries at shallow depths.

"We are very excited to be rapidly progressing this new discovery and look forward to updating the market as results become available.”

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