GALILEO MINING LTD — Capital/Financing Update 2019

Aug 20, 2019

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21 August 2019 ASX: GAL

Corporate Directory

Directors

Non-Executive Chairman Simon Jenkins

Managing Director Brad Underwood

DRILLING UNDERWAY AT THE NORSEMAN PROJECT

Highlights

• Reverse Circulation (RC) drilling has commenced at the Subzero Copper Prospect near Norseman

• Approximately 800m of RC drilling planned at Subzero with a further 700m of RC drilling at other prospects in the project area

• First assay results are expected in September

Technical Director Noel O’Brien

Projects

Norseman Project Cobalt-Nickel-Copper

Fraser Range Project Nickel-Copper-Gold

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Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce that drilling has commenced at its 100% owned Subzero Copper Prospect near the town of Norseman in Western Australia. This will be the first round of drilling conducted at the prospect where Moving Loop Electro-Magnetic (MLEM) surveying has defined a highly conductive target beneath an historic prospecting shaft.[(1)]

The first RC drilling program will test for mineralisation beneath the historic workings and will test the modelled EM conductor at a position closest to the outcrop. The prospective conductive horizon extends over 2.1km of strike length with the depth to the top of the conductors estimated between 80 and 110 metres below surface.[(1)] Additional targets, representing the strongest conductive responses within the 2km prospective trend, are scheduled for drilling in a second program later in the year.

Early stage drilling is also being undertaken at the Goblin lithium-pegmatite prospect and at the Mission Sill gold prospect. Assay results from the drilling programs are expected to be available in September.

Galileo Mining Managing Director commented; “ We are excited to begin our first drilling campaign at the Subzero Prospect where surface indications and geophysical surveys suggest the potential for a large mineralised system. Galileo is a well-funded and active explorer with a strong commitment to drilling prospective targets which present an opportunity to create value for our shareholders”

Figure 1 below illustrates the planned locations of the first drill holes at the Subzero prospect with drilling designed to scope the geology and to understand the potential for mineralisation.

(1) Refer to the Company’s ASX announcements dated 28th May & 22nd July 2019, accessible at

https://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=gal&timeframe=Y&year=2019

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Figure 1 – Subzero Prospect cross section showing geology interpreted from surface mapping, the historic prospecting shaft on surface, and the modelled EM conductor at depth. Drill holes have been designed to test beneath the historic workings and into the top of the EM conductor.

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Competent Person Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Brad Underwood, a Member of the Australasian Institute of Mining and Metallurgy, and a full time employee of Galileo Mining Ltd. Mr Underwood has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Underwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

With regard to the Company’s ASX Announcements referenced in the above Announcement, the Company is not aware of any new information or data that materially affects the information included in the Announcements.

Investor information: phone Galileo Mining on + 61 8 9463 0063 or email info@galmining.com.au

Media:

David Tasker Managing Director Chapter One Advisors E: dtasker@chapteroneadvisors.com.au T: +61 433 112 936

About Galileo Mining:

Galileo Mining Ltd (ASX: GAL) is focussed on the exploration and development of cobalt and nickel resources in Western Australia. GAL holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see Figure 2 below). GAL also has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickelcopper-cobalt sulphide deposits.

Figure 2: JORC Mineral Resource Estimates for the Norseman Cobalt Project (“Estimates”) (refer to ASX “Prospectus” announcement dated May 25[th] 2018 and ASX announcement dated 11[th] December 2018, accessible at http://www.galileomining.com.au/investors/asx-announcements/). Galileo confirms that all material assumptions and technical parameters underpinning the Estimates continue to apply and have not materially changed).

Cut-off Cobalt %	Class	Tonnes Mt		Co		Ni
			%	Tonnes	%	Tonnes
MT THIRSTY SILL
0.06 %	Indicated Inferred Total	10.5 2.0 12.5	0.12 0.11 0.11	12,100 2,200 14,300	0.58 0.51 0.57	60,800 10,200 71,100
MISSION SILL
0.06 %	Inferred	7.7	0.11	8,200	0.45	35,000
GOBLIN
0.06 %	Inferred	4.9	0.08	4,100	0.36	16,400
TOTAL JORC COMPLIANT RESOURCES
0.06 %	Total	25.1	0.11	26,600	0.49	122,500

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