Resource modelling underway while drilling continues

Published 01-JUN-2023 15:00 P.M.

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Earlier in the week our long term exploration Investment Galileo Mining (ASX: GAL) put out another batch of assay results from its Callisto PGE discovery.

At the same time GAL also confirmed that resource modelling had started while the company started preparing new drill programs on other regional targets.

Our key takeaways from the announcement were as follows:

GAL keeps hitting more PGE’s and nickel to the north of its discovery.

The assays released this week showed GAL hit a 54m intercept with 0.76g/t PGE’s, 0.12% copper and 0.18% nickel ~100m to the north of the initial discovery area.

Resource modelling now underway -

A resource model will not only give the market an idea of how big GAL’s discovery is BUT also help with future drill programs and drill targeting.

4,000m of RC drilling planned at Jimberlana and Mission Sill -

Readers who have been following us since back in 2021 will know that the Jimberlana and Mission Sill targets were the targets GAL had just started drilling before making the Calisto discovery.

Attention quickly turned away from the two prospects without working out what was below -

At the two prospects GAL has already completed and found:

Aircore drilling In November 2021 started - the aircore program delivered some strong PGE grades from shallow depths… an unexpected win and a reason to go back in and drill more on its own.
Massive sulphides clipped with the aircore rig - this was perhaps the biggest unexpected news.. GAL hit massive sulphides with its aircore rig.
Strong EM conductors founder under the massive sulphides - GAL ran downhole EM and found two distinct EM conductors below.

Massive sulphides are typically the host to high-grade mineralisation (much of the Nova Nickel discovery was hosted in massive sulphides).

Massive sulphide while doing shallow aircore drilling is rarely ever seen, so GAL immediately went back in and started drilling again.

See our note on that massive sulphide intercept (from November 2021) here: GAL hits unexpected massive sulphides in shallow aircore drill program

Across the two prospects, GAL has over 10km of strike to test, if any of the results come back even remotely close to GAL’s Calisto discovery (or we hope better), then it could prove to be the catalyst for the company’s next re-rate.