Galileo Mining’s Callisto prospect has proven to be the gift that keeps on giving, after the company discovered the highest-grade palladium and platinum assays yet at the deposit.
The first four reverse circulation (RC) drill holes of Callisto’s second RC program were led by drill hole NRC275, which returned 8.25 grams per tonne (g/t) palladium and 1.94 g/t platinum over 1m.
At a 1 g/t 3E cut-off grade, NRC274 returned 23m at 2.12 g/t 3E (palladium, platinum and gold), 0.35 per cent copper and 0.35 per cent nickel from 144m, while NRC275 as a whole intersected 29m at 2.22 g/t 3E, 0.32 per cent copper and 0.31 per cent nickel from 143m.
Galileo discovered wider intervals of sulphide mineralisation at a 0.5 g/t 3E cut-off grade, with 3E hits up to 38m in width.
“The latest assays from our Callisto discovery demonstrate the extensive continuity of mineralisation intercepted,” Galileo managing director Brad Underwood said.
“We are very pleased to report significant thicknesses over 20m at the 1 g/t 3E cut-off grade and over 30m at the lower 0.5 g/t 3E cut-off. Most importantly, the mineralisation is open at the end of the … drill line, where it starts to dip east, further onto our granted mine lease.
“Higher palladium assays over 8 g/t add even more prospectivity to the Callisto area with the possibility of high-grade zones occurring within the mineralised system.”
Galileo said it aimed to commence the third round of RC drilling in late July, with diamond drilling expected to begin in August.
Galileo was trading at $0.20 in early May; however, the company’s stock has since soared a remarkable 650 per cent and was trading at $1.48 at the time of writing (July 11, 11.00am AEST). This was up 16 per cent on the day.
Galileo’s share price exploded after it hit 33m at 2 g/t 3E from its NRC266 drill hole in early May. The 33m intersection is located within a wider 55m disseminated sulphide zone, which suggests the potential of a larger mineralised system.
Callisto is located within Galileo’s Norseman project, located 10km from the Western Australian town of Norseman.