Highest grade palladium-platinum assays yet
It was more good news for our long term exploration Investment Galileo Mining (ASX:GAL) this morning.
GAL announced the highest grade palladium and platinum assays to date at its “Callisto” PGE discovery at its Norseman project in WA.
Assays from four drill holes measured as high as 8.25 g/t Pd and 1.94 g/t Pt over one metre in drillhole NRC275 — the highest-grade palladium and platinum assays GAL has recorded so far.
These high-grade palladium and platinum results show potential for the occurrence of high-grade zones within the overall mineralised system.
Importantly, the assays confirm that the discovery extends along strike to the east over 300m. GAL also confirmed that mineralisation remains open in all directions, which means the discovery has more room to grow into.
With over five kilometres of prospective strike length at Callisto, there remains a lot more drilling to come.
As you can see, the mineralisation (in red) remains open and starts to dip east, further onto GAL’s mining lease. NRC278 ended in mineralisation at this location and will be completed with a diamond drill rig, as will further step out holes to the east.
GAL also reported significant thicknesses of mineralisation of over 20 metres.
With grades remaining relatively strong and the higher grade 8.25g/t intercept made today, we think the drilling program so far sits firmly in our bull case which was to see the deposit get bigger to the east and grades increase towards the 2.5g/t measure we had set.
GAL now has the funds needed to accelerate that RC and diamond drilling and test along the five-kilometre prospective strike length, having justraised $20.4M in an oversubscribed placement that saw cornerstone investments by major shareholders Mark Creasy and IGO.
The second drill program is nearly complete with next assays expected next month.
The third round of RC drilling is scheduled to begin in late July, followed by diamond drilling which is planned to start in August.
GAL’s share price was already up 535% since announcement of the discovery hole on 11 May 2022 and was up a further 23% this morning on this latest news.
