Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’

Monadelphous share price rio tintoA happy miner in front of a massive drilling rig, indicating a share price lift for ASX mining companiesMonadelphous share price rio tintoA happy miner in front of a massive drilling rig, indicating a share price lift for ASX mining companies

The Galileo Mining Ltd (ASX: GAL) share price is jumping today amid a new drilling program.

The miner’s share price is currently trading at $1.135, a 4% gain. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.44% today.

So what did Galileo report to the market today?

Drilling starts at Callisto discovery

Galileo has restarted drilling at the company’s Callisto discovery near Norseman in Western Australia.

The explorer will follow up palladium, platinum, gold, copper and nickel sulphide intersections reported to the market in May, June and July. 

RC drilling is now underway at about 50 drill holes. Priority targets will be tested for mineralisation.

Laboratory assay results are predicted to be ready from September.

Commenting on the news, managing director Brad Underwood said:

Following the approval of our work program from the Department of Mines (DMIRS), we are now able to begin testing the true extent of mineralisation discovered at Callisto.

We will be drilling on a 50-metre spacing around the previously announced drill results
as well as stepping out up to one kilometre to the north.

We believe the opportunity for discovering a large mineralised system is significant and we look forward to progressing this exciting new discovery.

A diamond drilling contract is also now signed with drilling to start from mid-August.

Galileo share price snapshot

The Galileo share price has exploded nearly 285% in the past year, while it has surged 404% year to date.

However, in the past month, the company’s share price has fallen 14%.

For comparison, the ASX 200 Materials Index has lost nearly 16% in a year and 7% year to date.

This mining company has a market capitalisation of 224 million based on the current share price.

The post Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’ appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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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