Mineral explorer in the nickel, copper and cobalt field Galileo Mining [ASX:GAL] has shared its latest discovery of a wide sulphide zone intersection north of the Callisto palladium-nickel deposit, as part of its Norseman Project in WA.
GAL was trading at 68 cents a share by the early afternoon, having bumped up by more than 2% in share value.
In its sector, it’s currently trending down by more than half the industry average, and 57% down in the S&P 200:
Source: TradingView
Galileo presents wide sulphide zone discovery near Callisto
Among the main highlights, Galileo’s drill hole, NRDD423, returned a major intersection over 100 metres north of the group’s last drilling. This includes 54 metres at 0.60 grams per tonne of palladium, 0.12 grams per tonne of platinum, 0.03 grams per tonne of gold, 0.12% copper, and 0.18% nickel from 493 metres.
On top of those results, this intersection also included a higher-grade interval of 10 metres at 1.02 grams per tonne of palladium, 0.19 grams per tonne of platinum, 0.05 grams per tonne of gold, 0.19% per tonne of copper and 0.25% per tonne of nickel from 515 metres.
Galileo said that its geological modelling is a demonstration of the consistent nature in which the mineralisation is forming, starting from around 100 metres below the surface.
It was also announced that Jimberlana and Mission Sill exploration drilling is still on track to begin later in June with an initial 4,000-metre program, with drilling expected to take around one month to complete.
So far to date, the Jimberlana and Mission Sill prospects have provided some promising results when the group completed its last air core drilling, as well as providing some persuasive geophysical electromagnetic targets.
Galileo’s Managing Director, Brad Underwood, offered his comments:
‘The significance of the Callisto discovery at our Norseman Project has yet to be fully realised as we continue to intercept wide zones of sulphide well to the north of the original discovery. This bodes well for the potential discovery of new sulphide zones along the five kilometres of untested strike length to the north.
‘Diamond drilling will continue at Callisto as we undertake RC drilling at the Mission Sill and Jimberlana prospects located just six kilometres southeast of Callisto within very similar mafic-ultramafic geology.
‘We aim to repeat the Callisto success with new discoveries from our extensive 255km2 Norseman Project and, with multiple high-quality targets for testing, we are excited to be working within a newly discovered nickel-palladium district.’
Source: GAL
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