✅ Rhodium picked up in assays, discovery now more valuable

Late last week our long term exploration Investment Galileo Mining (ASX: GAL) put out more assays from the recent discovery hole made at its PGE project.

In a note on Thursday we mentioned that the company was waiting on assay results that were testing the discovery intercept for rhodium mineralisation.

Today we received those results with rhodium values up to 0.094 g/t with average values across the 33m interval of 0.05 g/t.

At first glance this may seem like a low number but the rhodium price trades at ~US$15,450 per ounce as a result of increasing demand for rhodium linked to its use in automotive pollution control systems.

This means that even a small amount of rhodium can add a lot 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.

With GAL’s first result coming back at an average grade across the first intercept of 0.05g/t, we think this is a good start especially considering GAL has heaps of drilling to come to test for extensions to its new discovery.

Next: We want to see the 4,000m RC drilling program start to test for extensions to the discovery into the main primary target zone.