Drilling on site at Galileo Mining’s Norseman project, Western Australia
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Galileo Mining (GAL) unearths a new 72-metre sulphide zone at the Callisto discovery within its Norseman project in Western Australia
  • The company’s recent step-out program returned “extraordinary” results of thick sulphide zones, including Galileo’s widest drill intersection recorded to date
  • Assays from the program included 72 metres at 1.16 grams per tonne (g/t) platinum, palladium and gold, 0.2 per cent copper and 0.24 per cent nickel from 498 metres
  • Further testing is now underway to test the five kilometres of strike to the north of Callisto
  • Galileo Mining shares are soaring on Tuesday, up 26.85 per cent to 68.5 cents at 2:57 pm AEDT

Galileo Mining’s (GAL) shares have skyrocketed after reporting a new 72-metre sulphide zone at the Callisto palladium-nickel discovery within its Norseman project in Western Australia.

The company’s recent step-out program returned “extraordinary” results of thick sulphide zones, including Galileo’s widest drill intersection recorded to date.

GAL reported assays of 72 metres at 1.16 grams per tonne (g/t) platinum, palladium and gold (3E), 0.2 per cent copper and 0.24 per cent nickel from 498 metres. This included a higher-grade interval of 39 metres at 1.46 g/t 3E, 0.26 per cent copper and 0.28 per cent nickel from 503 metres, and mineralisation remains open to the north and east.

“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.”

The Managing Director said Galileo’s geological interpretation indicated there were multiple mineralised rock units in the area, and the source of these rocks may exist further to the north and east.

Galileo is fully funded to implement all planned drilling programs, with roughly $20 million cash in the bank as of December 31.

Further testing is now underway to test the five kilometres of strike to the north of Callisto.

Galileo Mining shares are soaring on Tuesday, up 26.85 per cent to 68.5 cents at 2:57 pm AEDT.

GAL by the numbers
More From The Market Online
The Market Online Video

ASX Daily Close: ASX matches futures prediction on a green Friday | 21 June 2024

The ASX200 reversed its trend to end the week in the green, up 0.35%. Nearly all…
The Market Online Video

ASX Market Update: Stocks swing from green with energy to remorseful red | 21 June, 2024

The ASX200 came out the gate in the green on Friday, but slipped well below the red line within the first hour of

Week 25 Wrap: No RBA cut yet; India stocks shake off Modi jitters; China concerns remain

The RBA keeps rates on pause; Guzman Gomez falls nearly -5% on Friday; Droneshield's new ATH;…

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

The one defining feature of our post-COVID 'new normal' is a USA swing towards domestic supply…