The Galileo Mining Ltd (ASX: GAL) share price has continued its impressive run on Friday.
In morning trade, the mineral exploration and development company’s shares up 13% to $1.22.
This means the Galileo Mining share price is now up an incredible 125% this week.
Why is the Galileo Mining share price rocketing higher this week?
The catalyst for the rise in the Galileo Mining share price this week has been news that Mark Creasy has increased his stake in the company.
According to a change of substantial holding notice, the mining magnate has added 3 million shares to his holding, bringing his stake to 44,371,895 shares. This represents an interest of 26.35%.
Interestingly, the company was originally privately owned by Mr Creasy. Furthermore, Galileo Mining’s Managing Director, Brad Underwood, spent eight years as General Manager of the Creasy Group’s exploration at the Fraser Range and at Norseman.
The latter project recently caught the eye with impressive drilling results. Those results revealed that the company has discovered “significant” palladium, platinum, copper, gold, and nickel mineralisation at the Norseman project in Western Australia.
Mr 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 Here’s why the Galileo Mining share price is up 13% today and 125% this week appeared first on The Motley Fool Australia.
Should you invest $1,000 in Galileo Mining right now?
Before you consider Galileo Mining, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Galileo Mining wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- The Galileo Mining share price has rocketed 380% in a week. But this billionaire is still buying up big
- Why is the Galileo Mining share price jumping 42% today?
- 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.
from The Motley Fool Australia https://ift.tt/XJqQH31
Leave a Reply