Ann: Norseman PGE Project Drill Program in Progress, page-2

AI Summary of announcement

Company Overview & Project Details

Galileo Mining Ltd (ASX: GAL) operates from Perth, Western Australia, focusing on exploration and development of PGE (platinum group elements), nickel, copper, and cobalt resources. The company holds two main project areas:

1. Norseman Project (100% GAL-owned): 255 km² covering mining, exploration, and prospecting licenses
2. Fraser Range Project (67% GAL/33% Creasy Group JV): Over 600 km² targeting nickel-copper deposits

Current Drilling Program Specifics

Program Parameters:

• Scale: 5,000-meter aircore drilling program
• Duration: 3 weeks drilling + 4 weeks for laboratory results
• Target: Platinum Group Elements (palladium, platinum, rhodium)
• Location: Multiple target zones across the Mission Sill prospect

Previous Results Being Followed Up:The program targets areas with exceptional previous results:

• NAC617: Peak assays of 4.11 g/t palladium and 2.47 g/t platinum over 1m from 29m depth
• NAC516: 4m @ 1.12 g/t 3E from 26m depth (including 1m @ 2.27 g/t 3E from 28m)
• NAC588: 6m @ 0.73 g/t 3E from 1m depth (including 1m @ 1.03 g/t 3E from 2m)

Note: 3E = Palladium + Platinum + Gold combined grade

The Callisto Deposit - Flagship Discovery

Discovery Significance:

• Discovered in 2022, representing the first deposit of its type identified in Australia
• Analogous to South African Platreef deposits in mineralization style
• Located within a 12km-long geological structure called the Mission Sill

Resource Details (JORC 2012 Compliant):

• Total Resource: 17.5 million tonnes
• Grade: 1.04 g/t 4E (4-element grade: Pd+Pt+Au+Rh)
• Additional Metals: 0.20% Nickel, 0.16% Copper
• Equivalent Grades: 2.3 g/t PdEq or 0.52% NiEq
• Total Metal Content: 1.27 million ounces palladium equivalent

Metallurgical Characteristics:

• Amenable to conventional crushing, milling, and flotation processing
• Expected recoveries: Pd (82%), Pt (78%), Au (79%), Rh (63%), Ni (77%), Cu (94%)
• Metal price assumptions based on 12-month averages to September 2023

Strategic Positioning & Market Context

Industry Position:

• One of only a few companies with PGE resources in Australia
• Norseman recently added to list of Australian PGE prospective regions following Callisto discovery
• Well-positioned in Fraser Range between 30-90km from the operating Nova-Bollinger nickel mine

Exploration Philosophy:Management believes the current 1.2Moz PdEq resource significantly underrepresents the ultimate potential of this new mineral belt, describing it as "highly prospective and underexplored."

Geographic Advantages:The Norseman project benefits from established regional mining infrastructure, with multiple operating mines and processing facilities in the surrounding area.

Technical Approach:The current program combines:

• Follow-up drilling on high-grade intercepts
• Systematic testing of anomalous zones
• Regional exploration across the 12km Mission Sill strike length
• Progressive advancement from aircore to deeper RC (reverse circulation) drilling

Future Outlook:The company anticipates this program will either extend known mineralization or potentially discover new PGE deposits, with Managing Director Brad Underwood expressing confidence in the "high potential for new discoveries" that could substantially increase their resource base.

This announcement represents a significant exploration push in what appears to be an emerging Australian PGE district, with Galileo positioned as a pioneer in this relatively new mineral province.