Callisto has an indicated and inferred 17.5 million tonnes at 1.04 grams per tonne 4E PGE, 0.2% nickel and 0.16% copper, equivalent to 2.3gpt palladium or 0.52% nickel.
Pricing of US$1600/oz palladum, $975/oz platinum, $1870/oz gold, $23,800/t nickel, $8420/t copper and $9420/oz rhodium was used, while Galileo said first-pass metallurgical test work indicates that Callisto's mineralisation is amenable to concentration using a conventional crushing, milling, and flotation process.
Next plan
In terms of exploration, Galileo said the nature of the mineralisation at Callisto was analogous to the Platreef deposits in South Africa where several deposits occur over a strike length of tens of kilometres.
The Mark Creasy-backed Galileo had A$14.5 million cash at the end of June.
Shares in Galileo were up 19% to 35c in early trade, capitalising the company at $71 million.
The stock was at levels around $1.20 12 months ago.
Second WA PGM discovery of recent times
Callisto is the second significant PGM discovery in WA of recent years, albeit the other find, Gonneville, is many orders of magnitude bigger.
Two years ago Gonneville discoverer Chalice Mining reported a maiden resource of 330 million tonnes grading 0.58% nickel equivalent or 1.6gpt palladium equivalent.
Chalice's market capitalisation subsequently reached more than $3.5 billion though that number is now below $1 billion, with selling of the stock intensifying on the back of a poorly received scoping study in August.
