Galileo Mining Ltd (ASX:GAL) is trading higher after intersecting its highest-grade nickel sulphide during drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel discovery within the 100%-owned Norseman project in Western Australia.
New diamond drill assays show the best grades of nickel and copper from disseminated sulphides to date, with 1.58% nickel, 0.93% copper and 3.32 g/t 3E (platinum, palladium and gold combined) over 1 metre.
The mineralised footprint is more than 500 metres from the parent host rock, with peak nickel, copper and palladium grades increasing at depth to the east.
Shares have been as much as 13.64% higher in morning trade to A$1.00 while the company's market cap is approximately A$187.74 million.
Looking east
The mining and exploration company is targeting further diamond drilling in the eastern zone, where the source of the mineralisation is believed to be.
Among the standout results include:
- NRCD305: 23 metres at 1.41 g/t 3E (1.14 g/t palladium, 0.21 g/t platinum, 0.06 g/t gold), 0.28% copper and 0.36% nickel from 248 metres, including 2 metres at 2.97 g/t 3E (2.16 g/t palladium, 0.66 g/t platinum, 0.15 g/t gold), 0.74% copper and 1.29% nickel from 265 metres with 1-metre at 3.32 g/t 3E (2.76 g/t palladium, 0.48 g/t platinum, 0.07 g/t gold), 0.92% copper and 1.58% nickel from 265 metres; and
- NRCD306: 29 metres at 1.22 g/t 3E (0.99 g/t palladium, 0.17 g/t platinum, 0.06 g/t gold), 0.23% copper and 0.24% nickel from 266 metres, including 11 metres at 1.70 g/t 3E (1.40 g/t palladium, 0.24 g/t platinum, 0.07 g/t gold), 0.32% copper and 0.31% nickel from 280 metres.
As well, results from the first reverse circulation (RC) drill intersections from the start of a new line returned the following highlights:
- NRC358:19 metres at 1.15 g/t 3E (0.94 g/t palladium, 0.16 g/t platinum, 0.05 g/t gold), 0.20% copper and 0.24% nickel from 163 metres; and
- NRC357: 20 metres at 1.08 g/t 3E (0.88 g/t palladium, 0.15 g/t platinum, 0.05 g/t gold), 0.20% copper and 0.23% nickel from 159 metres.
Plan map of Callisto drilling with RC and diamond drill target zones.
High potential
Galileo managing director Brad Underwood said: “The nickel results from disseminated sulphides in diamond core show we are drilling a quality mineralised system capable of producing high grades of nickel, copper and palladium within disseminated sulphides.
“As diamond drilling progresses to the east, we are seeing higher peak values in metal grades. When we combine this with the geological interpretation, which shows that the parent host rock is predominantly to the east, Galileo has developed a very compelling target as the possible source of the mineralisation.
“We will be testing this concept with a program of diamond drilling. At the same time, we are using the second rig on site to drill test the open area to the west.
"We have already defined over 500 metres of mineralisation based on laboratory results and, with assays from over 20 drill holes yet to be received, we believe that the size of the mineralised envelope will extend further again.
“We are now drilling to define the size and grade of mineralisation at Callisto, as well as drill testing highly prospective targets with the opportunity for more discoveries within this newly discovered palladium and nickel province.”
Base metals explorer
Galileo is focused on the exploration and development of palladium, nickel, copper and cobalt resources in Western Australia. Its tenements near Norseman are highly prospective for palladium-copper-nickel sulphide deposits as shown by the Callisto discovery.
The company also has ioint ventures with the Creasy Group over tenements in the Fraser Range which are prospective for nickel-copper sulphide deposits similar to the operating Nova mine.
Galileo’s Norseman Project contains a near-surface laterite deposit, with more than 26,000 tonnes of contained cobalt and 122,000 tonnes of contained nickel in a JORC-compliant resource estimate.
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