Galileo Mining Ltd (ASX:GAL) has struck a 72-metre zone of mineralisation during drilling at the Callisto palladium-nickel discovery, part of the company’s 100%-owned Norseman Project in WA.
The thick sulphide zone in the company's widest drill intersection recorded to date appears to be completely open to the north and east.
Widest intersection to date
The company has fielded strong results including the wide drill intersection in drill hole NRCD394.
The 72 metres of mineralisation graded 1.16 g/t 3E (0.95 g/t palladium, 0.16 g/t platinum, 0.05 g/t gold), 0.20% copper and 0.24% nickel from 498 metres and included a higher grade interval of 39 metres at 1.46 g/t 3E (1.19 g/t palladium, 0.20 g/t platinum, 0.06 g/t gold), 0.26% copper and 0.28% nickel from 503 metres.
These results support Galileo’s geological hypothesis that the five kilometres of untested strike length to the north of Callisto is highly prospective for further discoveries.
To this end, follow-up drilling is underway, with the current step-out drill hole NRDD420 to be followed by drilling immediately adjacent to the successful NRCD394.
Galileo is fully funded to implement all planned drilling programs with roughly $20 million in cash as at the end of last year.
Having these reserves of cash puts Galileo in a secure position through the current market volatility and removes the prospect of having to raise short-term capital.
"Extraordinary result"
“Today’s results are firm confirmation of our view that we have only just started to comprehend the full extent and potential of our Callisto discovery,” Galileo managing director Brad Underwood said.
“To intercept 72 metres of sulphides from our northernmost drill line targeting the centre of the host intrusion is an extraordinary result and a highly encouraging sign for the potential discovery of more mineralisation along strike to the north.
“We have five kilometres of prospective rocks to the north of Callisto and, with $20 million in cash (as at December 31, 2022), we have the funding to thoroughly explore the area without needing to raise money in a difficult market.
“Our geological interpretation indicates that there are multiple mineralised rock units in the area and that the source of these rocks may exist further to the north and east.
“We will be testing this concept over the coming months and are very excited to be exploring a newly discovered palladium-nickel district.”