Galileo Mining (ASX: GAL) had already set its share price alight on Thursday with its palladium-platinum-gold discovery, then came back on Friday with more news: rhodium has also been found in drill cores at its Callisto discovery.
On Friday’s open, Galileo shares climbed up in another double-digit percentage gain following the rhodium announcement.
Rhodium, one of the six of the platinum metals elements, is considered the rarest — and most pricey — precious metal in the world.
Disruptions to the global auto industry and China’s COVID lockdowns have seen the price fall to around US$15,700 per ounce against US$22,400/oz this time last year. However, this week’s price — there is no futures trading in this metal — still impresses when expressed in kilograms — making for US$504,766/kg.
The Callisto discovery is within Galileo’s Norseman project, located 10km from the West Australian town of Norseman.
All drill holes return mineralisation
Today’s rhodium news follows the announcement the previous day that all Galileo’s drill holes at Callisto had returned significant sulphide mineralisation.
The assays had confirmed palladium-platinum-gold-copper-nickel intercepts over wide intervals.
Reporting 3E grades (palladium-platinum-gold) the holes included 22m at 1.6 grams per tonne 3E, 28m at 1.58g/t 3E, and 19m at 1.69g/t 3E.
The company added that there was “strong” geological continuity between all drill holes.
3E becomes 4E with rhodium found
Now that another hole, NRC 266, has shown rhodium values up to 0.094g/t.
The average rhodium value across the 33m interval within NRC 266 was 0.05g/t.
All up, the intercept was 33m at 2.05g/t 4E (1.64g/t palladium, 0.28g/t platinum, 0.09g/t gold and 0.05g/t rhodium).
The company said today that rhodium is to be added to the assay suite for higher sulphide intersections in the upcoming drill program which is to resume next Thursday.
Galileo managing director Brad Underwood says the upcoming step out drilling will also be targeting rhodium.
“Based on the six drill holes completed so far at Callisto, we anticipate more sulphide intersections in the next drill program and are hopeful that an increase in sulphide content will be matched by an increase in metal content,” he added.
Rhodium’s main use is in catalytic converters in motor vehicles, but is also used as a finish for jewellery, mirrors and search lights.
Norseman also has cobalt resources
The Norseman project already has a JORC compliant resource estimate of 26,000t of contained cobalt and 122,000t of contained nickel.
The deep-water port at Esperance is two hours south of Norseman along the Coolgardie-Esperance highway.
Galileo has been involved with the Norseman project since 2006 as a private company and listed on the ASX in 2018.
The company also has joint ventures with noted prospector Mark Creasy in the Fraser Range of Western Australia which are prospective for nickel-copper sulphide deposits.