The Galileo Mining Ltd (ASX: GAL) share price has been on a tear during the month of May.
The mineral exploration and development company recently released a couple of positive announcements which has excited investors.
During Friday’s trading session, Galileo Mining shares touched an all-time high of $1.95 before slightly retracing.
At market close on Friday, its shares finished 20.57% higher to $1.70.
This means that Galileo Mining shares are now up by more than an incredible 660% in May.
What’s driving Galileo Mining shares to record highs?
The Galileo Mining share price has caught the attention of investors following the company’s latest drill results.
The rare and precious metal, rhodium was intercepted from a drill hole at the Callisto discovery of the Norseman Project.
Rhodium is an extremely valuable metal that is much pricier than gold or silver, around US$15,600 per ounce.
The silvery-white, hard, corrosion-resistant transition metal is used in catalytic converters designed to clean vehicle emissions. It is also alloyed with platinum for aircraft turbine engines.
The assay results showed rhodium values of up to 0.094 grams per tonne. Average values across the 33-metre interval intersected consisted of 0.05 grams per tonne.
In addition, Galileo Mining announced a major discovery of palladium-platinum-copper-nickel-sulphide earlier in the month.
Management is hopeful that the initial drill hole will translate into a high-quality resource for mining.
A forward work program has been put into action which involves downhole EM surveying of selected drill holes. This will assist with next stage of targeting a 2,000 to 5,000 metre RC drilling campaign.
Galileo Mining share price summary
Over the last 12 months, Galileo Mining shares have travelled on a slow and gradual decline before rocketing this month.
The company’s shares surged 470% since this time last year, but are up 655% in 2022.
Based on valuation grounds, Galileo Mining presides a market capitalisation of roughly $286.30 million.
The post Why has the Galileo Mining share price shot to the stars in May? appeared first on The Motley Fool Australia.
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More reading
- 3 ASX mining shares soaring by more than 30% on Friday
- Up 700% in 2022, why the Galileo Mining share price is leaping another 36% today
- 3 ASX mining shares going gangbusters on Thursday
- Galileo Mining share price surges another 25% on ‘very important’ drill results
- The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening?
Motley Fool contributor Aaron Teboneras 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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