Galileo Mining [ASX:GAL], the explorer of high-grade palladium-platinum-nickel-copper-cobalt resources at Norseman and large-scale magmatic nickel-copper deposits in the Fraser Range, presented a rundown of its quarterly activities for the March quarter of FY2023.
The miner saw its share price rise by 4% earlier this morning. Not long after presenting its activities, the share price dropped by 2.5%, taking its share price from 78 cents to 76 cents each.
GAL may have flopped by 11% in the year so far, but it has managed to rise 8.5% in the past month and, counting the past full year, it has increased its share price by a significant 262%.
The metals explorer remains 262% up in its sector and 263% up over the wider market:
Source: tradingview.com
Galileo updates on latest quarter activity
The diverse metals explorer revealed results today for its primary focus during the March quarter of 2023, ongoing RC and drilling campaigns at its Callisto palladium-platinum-gold-rhodium-copper-nickel discovery, which is part of the group’s 100%-owned Norseman project.
Galileo said that it had seen more than 3,360 metres of RC drilling and 2,650 metres of diamond drilling completed at Callisto during the March quarter, with step-out drilling showing a thick sulphide zone completely open to the north and east.
This program included the widest drill intersection recorded to date with 72 metres of mineralisation.
Separate drill intersection with highest grade palladium and platinum assays recorded to date included:
‘o ‘1 metre @ 11.23 g/t 3E1 (8.42 g/t Pd, 2.74 g/t Pt, 0.07 g/t Au), 0.10% Cu & 0.80% Ni from 264m (NRCD317) within wide highgrade interval of
‘o 34 metres @ 1.87 g/t 3E (1.51 g/t Pd, 0.30 g/t Pt, 0.06 g/t Au), 0.25% Cu & 0.28% Ni from 235m’
The group said it had completed the first pass of metallurgical sighter test work on a diamond core composite sample — which demonstrates very high recoveries for key metals.
Now the miners are beginning test work on a diamond core composite samples of further sulphide mineralisation, which also demonstrate high recoveries.
Commenting on the recent activities, Galileo’s Managing Director Brad Underwood said:
‘I am very proud of our efforts during what was another standout quarter of drilling and exploration success at Callisto. Our ongoing drilling at Callisto was rewarded late in the quarter when step-out drilling delivered an intercept of 72 metres of sulphides, a highly encouraging sign for the potential discovery of more mineralisation along strike to the north and northeast.
‘We also delivered our highest-grade palladium and platinum assays recorded to date at Callisto while initial metallurgical test work from Callisto is highly encouraging, showing the disseminated sulphide mineralisation responds very well to sulphide flotation at industry standard conditions.’
Underwood highlighted five kilometres of prospective rocks to the north of Callisto and ample funding ($17.4 million in cash) to thoroughly explore the area without the need to raise excess cash in what he called ‘a turbulent market.’
The group’s Managing Director also expressed that its geological interpretation indicated multiple rock units that could exist further north and east.
Galileo intends to test this concept over the coming months and expressed excitement at exploring a new palladium-nickel district.
As for Fraser Range, EM surveying is continuing over highly prospective greenfields tenements along strike at Galileo’s Lantern Prospects, with plans to infill EM surveying on E28/2064 to refine targets before drill testing.
Source: GAL
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Mahlia Stewart,
For Money Morning
