Rhodium grades increasing at depth

This morning Galileo Mining (ASX: GAL) put out the highest grade rhodium assays we have seen from its PGE discovery in WA.

Rhodium is one of the metals also linked to the decarbonisation thematic because of its use in automotive pollution control systems.

In today’s announcement, GAL posted a 1m intercept with rhodium grades of 0.13g/t from a depth of ~267m.

At first glance this may seem like a low number but an economic rhodium grade is a lot different to other metals.

This is primarily because current rhodium prices are ~US$13,300 per ounce. This means that even a small amount of rhodium can add a lot of value to any new discovery.

For some context, the Platreef project in South Africa, which GAL has previously compared its discovery to, is a much deeper underground deposit and has rhodium grades measuring ~0.14g/t as part of its ore reserves.

The Platreef mineralisation starts from ~700m and extends to a depth of ~1,200m.

Importantly, GAL’s assay result today is at a similar grade but comes from a much shallower depth of only ~267m.

What’s next for GAL:

GAL is still drilling its project and has plenty of assay results pending, which we have highlighted IN purple below.