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Galileo hits 33m palladium-platinum at Norseman


Galileo Mining has seen its share price explode after announcing a significant palladium-platinum discovery at its Norseman project in Western Australia.

Galileo was trading at $0.86 at the time of writing, a 307 per cent increase on the month. The drilling announcement was preceded by a trading halt.

The company hit 33m at two grams per tonne (g/t) 3E (palladium, platinum and gold) at its NRC266 drill hole, comprising 1.64 g/t palladium, 0.28 g/t platinum and 0.09 g/t gold. 0.32 per cent copper and 0.3 per cent nickel was also found at NRC266.

The 33m intersection is located within a wider 55m disseminated sulphide zone, which suggests the potential of a larger mineralised system.

Galileo also hit 6m at 2.69 g/t 3E, 0.41 per cent copper and 0.36 per cent nickel from 159m from NRC266, as well as 1m at 3.21 g/t 3E, 0.48 per cent copper and 0.46 per cent nickel from 176m.

Galileo managing director Brad Underwood said the discovery highlighted Norseman’s growing potential.

“This 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,” he 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, suggests the potential for a large mineralised system.”

Galileo has named the prospect Callisto, and it has undergone six holes of drilling for 1142m to this point.

Underwood said Galileo’s prospects don’t stop there.

“In addition to Callisto, we also have multiple platinum group elements-nickel-copper targets at our Jimberlana and Mission Sill prospects to the south that offer new opportunities for further discoveries,” he said.

“Galileo remains fully funded with $8.2 million at the end of the March quarter and able to continue aggressive exploration programs at all our projects.”

Assays from a further five drill holes are pending, while more sampling is taking place from NRC266.

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