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- Shares in Galileo Mining (GAL) opened more than 220 per cent higher after the company revealed it had made a major palladium-platinum discovery at its Norseman project in WA
- Galileo drilled six holes at the Callisto discovery to target a mineralised sulphide unit at the base of an ultramafic sill
- Results have only been received for one hole so far, which saw grades peak at 2.66 g/t palladium, 0.41 g/t platinum, 0.14 g/t gold, 0.48 per cent copper and 0.46 per cent nickel
- The company has re-submitted the initial samples from this hole to a laboratory for fire assay to test for rhodium, osmium, iridium and ruthenium
- Shares in Galileo are up 150 per cent and are trading at 49 cents at 11:02 am AEST
Shares in Galileo Mining (GAL) skyrocketed as much as 228 per cent in early trade after the company revealed a major palladium-platinum discovery at its Norseman project in WA.
The company drilled six holes, for 1142 metres, at the Callisto discovery to target a mineralised sulphide unit at the base of an ultramafic sill.
Every hole showed a consistent geological pattern in downhole logging, with hole NRC266 recording the widest interval of sulphide mineralisation.
This hole intersected 33 metres at 1.64 g/t palladium, 0.28 g/t platinum, 0.09 g/t gold, 0.32 per cent copper and 0.30 per cent nickel from 144 metres. It included a one-metre zone at 2.66 g/t palladium, 0.41 g/t platinum, 0.14 g/t gold, 0.48 per cent copper and 0.46 per cent nickel from 176 metres.
“This is an exceptional result from our Norseman project and, with every drill hole undertaken so far intersecting mineralisation, we are hopeful that the initial drill hole will translate into a high-quality resource for mining,” Managing Director Brad Underwood said.
“While we are at an early stage in the discovery process, the thick and consistent zone of mineralisation and the extensive prospective strike length suggest the potential for a large mineralised system.”
Galileo has re-submitted the initial samples from this hole to a lab for fire assay to test for rhodium, osmium, iridium and ruthenium.
Results are pending for the other five holes — and the remaining sections of hole NRC266 — and are expected in roughly six weeks.
Galileo said the results received to date indicate similarities to the Platreef deposits of the Bushveld Complex in South Africa.
Mineralisation at Platreef is contained within disseminated sulphides of less than one per cent to more than 25 per cent with very rare massive sulphide.
Shares in Galileo were up 150 per cent and trading at 49 cents at 11:02 am AEST.
