The Galileo Mining Ltd (ASX: GAL) share price is rocketing higher again on exciting news about the Norseman Project.
Assay results from drilling at the project’s Callisto palladium, platinum, copper, and nickel discovery have confirmed significant zones of mineralisation.
At the time of writing, the Galileo Mining share price is $1.19, 25.93% higher than its previous close.
Let’s take a closer look at the results dubbed “a very important step forward” by the company’s managing director.
Galileo Mining breaks trading halt with assay results
The market is bidding the Galileo Mining share price higher after the company exited a trading halt this morning on the release of assay results from the Callisto discovery.
Assays from six drill holes have confirmed the presence of palladium, platinum, gold, copper, and nickel in the area.
Galileo Mining managing director Brad Underwood commented:
The assays from all drill holes undertaken at Callisto contain significant zones of mineralisation and confirm initial results from the discovery drill hole …
Today’s results are a very important step forward as we have now shown the sulphides are carrying high value metals in all six drill holes completed …
The extensive prospective strike, combined with the thick and consistent mineralisation drilled to date, indicates the potential for a large mineralised system.
The company will begin another round of reserve circulation drilling next week. That will see a further 20 drill holes undertaken, focusing on drilling across the strike to find the thickest, highest grades.
The program will focus on the area east of the six drill holes, labelled a priority target. It will also continue north.
The company is ultimately aiming to move the company’s discovery drilling to advanced and detailed resource drilling.
Additionally, samples from the discovery’s initial drill hole are still being tested for rhodium, osmium, ruthenium, and iridium.
Finding rhodium or other platinum group element metals could add significant prospectivity to the area.
Galileo Mining share price snapshot
The Galileo Mining share price has been roaring higher this month following the announcement of the Callisto discovery.
The stock is currently trading 417% higher than it was at the start of 2022.
The company has a market capitalisation of about $159 million.
The post Galileo Mining share price surges another 25% on ‘very important’ drill results appeared first on The Motley Fool Australia.
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More reading
- The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening?
- Here’s why the Galileo Mining share price is up 13% today and 125% this week
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- Why is the Galileo Mining share price jumping 42% today?
- Why did the Galileo Mining share price tumble 18% in early trading on Thursday?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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