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This mining stock has soared 800 per cent in a month

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Galileo Mining continues to solidify the Callisto prospect at its Norseman project in Western Australia after revealing more significant exploration findings.

The company revealed drill assays from five of the six reverse circulation (RC) drill holes completed at Callisto, all of which returned significant sulphide mineralisation and registered palladium-platinum-gold-copper-nickel intercepts across wide intervals.

Some of the most significant results included a 22m hit at 1.6 grams per tonne (g/t) 3E (palladium, platinum and gold), 0.25% copper and 0.26% nickel from 135m (NRC269), and a 28m intercept at 1.58 g/t 3E, 0.27% copper and 0.26% nickel from 137m (NRC268).

Galileo said there is strong geological continuity between all drill holes, while reported assays all occur within wider disseminated sulphide zones. This indicates the potential for a large mineralised system.

“The assays from all drill holes undertaken at Callisto contain significant zones of mineralisation and confirm initial results from the discovery drill hole NRC266,” Galileo managing director Brad Underwood said.

“Today’s results are a very important step forward as we have now shown the sulphides are carrying high-value metals in all six drill holes completed.

“The next round of RC drilling is due to begin late next week with a focus on drilling across strike to determine the thickest and highest grades in the easterly direction. The same program of drilling will then continue to the north as we aim to move from discovery drilling to advanced and detailed resource drilling.

“Approximately 20 holes will be undertaken in the coming round of drilling and we look forward to updating the market with results from this exciting new discovery.”

On May 11, Galileo announced a significant 3E discovery from NRC266, with a 33m hit containing 2 g/t 3E, 0.32 per cent copper and 0.3 per cent nickel from 144m.

This saw the company’s share price nudge a dollar in the week following (up from $0.20). As of May 27, Galileo was trading at $1.84 – 780 per cent up across the past month – before cooling to $1.62 on May 31.

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