Greenstone’s search for Callisto style PGEs off and running with multiple sulphide hits

Since Mark Creasy’s Galileo Mining made a stunning platinum-palladium discovery at its Norseman project in May, speculation has abounded whether the startling discovery continues 200 metres to the south at Greenstone Resources and Conico’s Mt Thirsty Joint Venture Project.

We have the first hints that something very impressive could be laying at depth on Greenstone (ASX:GSR) and Conico’s (ASX:CNJ) side of the border with the Joint Venture partners testing for extensions less than 300m away from Galileo (ASX:GAL) and its recent Callisto discovery. A view shared by prospector Mark Creasy who has recently taken a big 4.3% stake in Greenstone.

Importantly, Phase 1 drilling has intersected wide zones of semi-massive and/or heavily disseminated sulphides in all five drill holes completed to date, defining a prospective horizon of at least 300 x 400m, which remains open in all directions.

In light of these results, Greenstone managing director Chris Hansen says contingent plans are already being made to fast track the phase-2 drill campaign pending the receipt of initial assays.

“We continue to be impressed by the continuity of the geology south of Callisto, as highlighted by our recent exploration success having now intersected thick and continuous zones of heavily disseminated sulphides in the first five drill holes completed,” he said.

“Importantly, we have now defined a prospective exploration horizon of at least 300 x 400 metres on the MTJV tenure, which dips to the south and remains open in all directions on the MTJV tenure.”

“Over the next 6-8 weeks we have a further 15 holes planned as part of the aggressive phase-1 drill campaign, and have already begun making contingent plans to accelerate the phase-2 drill campaign pending the receipt of initial assays.

“We look forward to keeping shareholders updated on a regular basis as our understanding of the scale and nature of this new geologic system continues to develop over the coming weeks.”

Highlights from the latest round of diamond and reverse circulation drilling include:

127.3m of disseminated sulphides from 178.4m, including 37.1m of heavily disseminated from 268.6m;
122m of disseminated sulphides from 227m, including 19m of heavily disseminated from 227m; and
51.6m of disseminated sulphides from 227m, including 34.3m of heavily disseminated sulphides from 232m.

What’s next?

With 1,650m of drilling in the bank, another 4,200m to be drilled, and assays pending. There is a lot more news to come.

First assays are expected within the next 2-4 weeks, with all samples to be assayed for a suite of PGEs including palladium, platinum, gold, copper, nickel, and rhodium.

What has excited investors about the Callisto find and potentially whatever Greenstone and Conico uncover, is the comparison to the Platreef deposits on the northern limb of the South African Bushveld Complex, the largest platinum and palladium horizon on the planet with combined indicated resources of more than 700Mt at a 1g/t 3PGE and gold cut-off.

Since making the Callisto discovery some 200m north of the Mt Thirsty JV’s licence area, rich-list prospector Mark Creasy has taken a big 4.3% stake in Greenstone. That suggests the successful stock picker and prospector believes in the potential of the Mt Thirsty JV to turn up something similar.

This article was developed in collaboration with Greenstone Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.