Why is the Galileo Mining share price galloping 17% higher today?

The Galileo Mining Ltd (ASX: GAL) share price is soaring today, up 17.65% at the time of writing.

The ASX resource explorer ended Friday’s trade at $1.28 per share and is currently trading for $1.50 per share. However, Galileo shares spiked in earlier trade to $1.575, a 23.5% rise.

So, what’s piquing ASX investor interest?

Record intersections boost Galileo share price

Investors are bidding up the Galileo share price today after the company reported on promising drill assays at its 100% owned Norseman project in Western Australia.

The results come from the first four reverse circulation (RC) holes at Norseman’s Callisto palladium-platinum-gold-copper-nickel discovery. The current drilling is part of the second RC drill program at the site.

All four holes returned significant palladium-platinum-gold-copper-nickel assays. The Galileo share price looks to be getting a big boost from one hole in particular, which returned the highest-grade palladium and platinum results the explorer has recorded to date – 8.25 g/t Pd and 1.94 g/t Pt over one metre.

Samples from all the reported intersections are currently undergoing analysis for rhodium content.

What did management say?

Commenting on the strong results helping propel the Galileo share price higher today, managing director Brad Underwood said:

The latest assays from our Callisto discovery demonstrate the extensive continuity of mineralisation intercepted. We are very pleased to report significant thicknesses over 20 metres at the 1.0 g/t 3E cut-off grade and over 30 metres at the lower 0.5 g/t 3E cut-off.

Most importantly, the mineralisation is open at the end of the 6,448,000 drill line where it starts to dip east, further onto our granted mine lease.

Underwood said one RC hole ended with mineralisation. The miner will complete the dig with a diamond drill rig and additional step-out holes.

There’s more RC drilling to come too.

“The third round of RC drilling is scheduled to begin in late July with diamond drilling planned to start in August. With over five kilometres of prospective strike length at Callisto we have a lot more drilling to come,” Underwood said.

Galileo share price snapshot

The Galileo share price has been a standout performer in 2022, up a whopping 556%. That compares to a year-to-date loss of 14% posted by the All Ordinaries Index (ASX: XAO).

The post Why is the Galileo Mining share price galloping 17% higher today? appeared first on The Motley Fool Australia.

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• Here’s why the Galileo Mining share price is charging higher today

Motley Fool contributor Bernd Struben 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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