Galileo Mining's Norseman Project: Positive Assay Results and New Drilling Plans
GAL (GAL) Share Update September 2024 Monday 30th
Galileo Mining Announces Promising Exploration Results and Upcoming Drilling at Norseman Project
Galileo Mining Ltd (ASX: GAL) has announced promising assay results from its recent RC drilling campaign at the Norseman Project in Western Australia, along with plans for a new drilling campaign starting in November 2024.
Instant Summary:
- Positive assay results from recent RC drilling campaign.
- Wide zones of anomalous PGE mineralization identified.
- Upcoming 5,000-meter aircore drilling campaign scheduled for November 2024.
Exploration Results
Galileo Mining Ltd has reported encouraging assay results from its recent RC drilling campaign at the Norseman Project. The campaign targeted geophysical and geochemical anomalies, resulting in the identification of wide zones of anomalous PGE (palladium, platinum, and gold) mineralization.
Notable drill results include:
- 8m @ 0.21 g/t 3E from 128m (NRC505)
- 20m @ 0.18 g/t 3E from 180m (NRC502)
- 36m @ 0.14 g/t 3E from 128m (NRC501)
The assay results highlight two target models for the Norseman Project: Callisto-style sulphide mineralization at the base of intrusive sills and mineralization at the interface between mafic and ultramafic rock units.
Upcoming Drilling Campaign
Galileo Mining has announced a new drilling campaign scheduled to commence in November 2024. This campaign will involve a 5,000-meter aircore program targeting the untested basal contact zone at the Mission Sill prospect, which has shown significant potential for Callisto-style sulphide deposits.
Geological mapping and geochemical analyses have identified a 10-kilometer strike length of untested target zone at the base of the Mission Sill, which will be the focus of the upcoming drilling campaign.
Project Overview
The Norseman Project, wholly owned by Galileo Mining, includes the Callisto deposit and adjacent regional prospects such as Jimberlana and Mission Sill. The project area covers 255 km2 and is highly prospective for PGE, nickel, copper, cobalt, and rhodium mineralization.
The Callisto deposit, discovered in 2022, is the first of its type identified in Australia and is analogous to the Platreef deposits found in South Africa. An initial Mineral Resource Estimate was reported in 2023, highlighting the significant potential of the region.
The positive assay results and upcoming drilling campaign are likely to boost investor confidence in Galileo Mining's exploration potential at the Norseman Project. The identification of wide zones of anomalous PGE mineralization and the strategic targeting of untested zones could lead to significant resource discoveries, potentially driving up the company's stock price.
Investor Reaction:
Analysts are expected to react positively to the news, given the promising assay results and the strategic plans for further exploration. The upcoming drilling campaign, if successful, could significantly enhance the project's resource base and add value to Galileo Mining's portfolio.
Conclusion:
Investors should keep an eye on the progress of the upcoming drilling campaign at the Norseman Project. The positive assay results and strategic exploration plans could lead to significant resource discoveries, making Galileo Mining a stock to watch in the coming months.