GAL hit more PGE’s at its Norseman project

Published 20-OCT-2023 09:29 A.M.

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Our portfolio company, Galileo Mining (ASX: GAL) has hit more PGE and nickel south of its existing Callisto discovery.

GAL hit ~52m of mineralisation at its Jimberlana South prospect with PGE grades of ~0.29g/t.

While the grades are relatively low, the results show that GAL is drilling on ground where there is potential for new discoveries to be made.

Today’s results also help GAL work out the best spots to target with its next rounds of drilling.

GAL expects to be drilling again in:

Starting this week - Drilling to the north and south of Callisto
Late November - Drilling at the Jimberlana South prospect

At the same time GAL is also looking to run geophysical surveys to rank more drill targets.

With its next two rounds of drilling, GAL will be looking to replicate the success of its Callisto discovery.

In almost similar fashion, GAL ran first pass drill programs back in early 2022 and then followed it up by hitting its discovery hole at Callisto in May.

Off the back of the discovery GAL’s share price went from ~18.5c to ~$2 per share.

At Callisto GAL now has a JORC resource totalling 17.5mt with grades equivalent to 2.3g/t palladium OR 0.52% nickel.

A JORC resource equivalent to ~1.27m ounces of palladium or ~91k tonnes of nickel.

Now GAL trades at 33c and is going back to the first stage of the lassonde curve where a new discovery could deliver a big re-rate for the company’s share price.

GAL chasing South African Bushveld style discoveries:

The reason why GAL’s discovery could have that district-scale potential is because it's the first “Platreef” style discovery made inside Australia.

That just means it's the first discovery in Australia that has geological similarities to the discoveries across the northern limb of the Bushveld Complex in South Africa - home to companies like ~$16BN Ivanhoe Mines.

The Bushveld complex is believed to be home to around 75% of the world’s known platinum resources.

The similarities between the deposits found in South Africa and GAL’s Callisto are:

They share the same host rocks - Both are hosted in the same type of rocks (Mostly disseminated sulphides).
There is district scale exploration potential - the South African deposits come together to form a giant PGE district. GAL still has ~20km of strike to test to the north and south of Callisto AND ~12km of strike at its Mission Sill prospect.

(Source)

GAL expects to be drilling again this week and then follow it up with another drill program in late November which should mean we see more drilling newsflow through to the end of the year.