The Galileo Mining Ltd (ASX: GAL) share price is racing higher again on Monday.
In afternoon trade, the mineral exploration company’s shares are up a further 42% to a new multi-year high of 77 cents.
This means the Galileo Mining share price is now up 250% since the start of the month.
Why is the Galileo Mining share price storming higher?
The catalyst for the rise in the Galileo Mining share price on Monday has been news that one of the company’s major shareholders has increased their stake.
According to a change of substantial holding notice, Mark Creasy has increased his stake by 3 million shares to 44,371,895 shares. This represents an interest of 26.35%.
Mr Creasy made the move on Friday, paying an average of 58 cents per share or a total consideration of $1.74 million.
The billionaire mining prospector appears to have liked what he saw when Galileo Mining released drilling results last week.
‘Significant’ discovery
Last Wednesday, Galileo Mining revealed that it has discovered “significant” palladium, platinum, copper, gold, and nickel mineralisation at the Norseman project in Western Australia.
Drilling from 144m at hole NRC266 intersected with 33 metres at 1.64 grams per tonne (g/t) palladium, 0.28 g/t platinum, 0.09 g/t gold, 0.32% copper, and 0.3% nickel. Management believes this shows the potential for a large mineralised system.
Galileo Mining’s managing director, Brad Underwood, commented:
While we are at an early stage in the discovery process, the thick and consistent zone of mineralisation, and the extensive prospective strike length, suggests the potential for a large mineralised system.
Galileo remains fully funded with $8.2 million at the end of the March quarter and able to continue aggressive exploration programs at all our projects. We look forward to updating the market as work progresses on this exciting new West Australian discovery.
The post Why is the Galileo Mining share price jumping 42% today? appeared first on The Motley Fool Australia.
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More reading
- Why did the Galileo Mining share price tumble 18% in early trading on Thursday?
- Galileo Mining share price explodes 150% on major discovery
Motley Fool contributor James Mickleboro 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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