GALILEO MINING LTD — Capital/Financing Update 2022

Jan 23, 2022

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24 January 2022 ASX: GAL

EM SURVEY TARGETS MASSIVE SULPHIDE AT NORSEMAN

Corporate Directory

Directors

Chairman & MD Brad Underwood

Non-Executive Director Noel O’Brien

Non-Executive Director Mathew Whyte

Projects

Fraser Range Project Nickel-Copper-Cobalt

Norseman Project Nickel-Cobalt-Palladium

Highlights

• Low frequency electro-magnetic (EM) surveying has commenced over massive sulphide identified in aircore drilling

• Aircore drill hole NAC105 intersected massive sulphide at the end of hole on the margin of a large ultramafic intrusion

• Aircore drilling unable to substantially penetrate massive sulphide with follow up EM surveying required

• EM survey is planned to trace sulphide horizon along strike and down-dip, looking for the most prospective zones for nickel, copper, cobalt, and palladium mineralisation

• Survey will be used to define sulphide targets at shallow depths starting from just 60m below surface

• EM results expected in approximately two weeks with follow up drilling to commence post the completion of heritage surveys

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Contact Details

T: +61 8 9463 0063 E: info@galmining.com.au W: www.galileomining.com.au 13 Colin St, West Perth, WA

Galileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce EM surveying of massive sulphide in aircore drilling has commenced at the Company’s 100% owned Norseman project in Western Australia.

Drilling in November identified sulphide mineralisation just 60 metres down hole with assays reporting prospective early results of 1 metre @ 0.24% nickel, 0.35% copper, 0.04% cobalt and 0.25 g/t palladium.[(1)]

Figure 1 – Massive sulphide chip (25mm across) from 60m in NAC105. Bottom of hole sample pile on right. Drillhole was unable to break through sulphide.

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Galileo’s Managing Director Brad Underwood commented; “ We have been extremely fortunate to identify massive sulphide in aircore drilling while looking for nickel and palladium at our Norseman Project. This result has significantly increased the prospectivity of the area and we are now using EM surveying to build on our positive early results and to define targets for follow up RC drill testing.

We look forward to updating the market as results become available and as we move into the drill testing phase of exploration later in the year .”

EM surveying is a very useful tool in exploration due to the conductive response of sulphide minerals that can contain nickel, copper, cobalt and palladium. Massive and semi-massive nickel deposits frequently exhibit conductive signatures when a current is passed through the earth. However, disseminated sulphides, and deposits with complex geometry, may only provide subdued conductive responses. As the sulphides in aircore drilling at Norseman are at shallow depth, a moving loop survey using a 100m loop size has been designed to maximise any subtle change in response that may be related to accumulations of massive, semi-massive and/or disseminated sulphides.

Figure 2 –– Aircore drilling with interpreted sulphide zone on ultramafic/mafic contact (over magnetic image)

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(1) Refer to Galileo’s ASX announcements dated 17th November 2021 and 1st December 2021

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Figure 3 – Norseman project location map with a selection of regional mines and infrastructure

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Massive Sulphide Intercept
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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.

Authorised for release by the Galileo Board of Directors.

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 nickel, palladium,copper, and cobalt resources in Western Australia. GAL has Joint Ventures with the Creasy Group over tenements in the Fraser Range which are highly prospective for nickel-copper sulphide deposits similar to the operating Nova mine. GAL also holds tenements near Norseman with over 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel, in JORC compliant resources (see JORC Table below).

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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