Up 430% in 2022, Galileo share price wobbles today despite strong drill results

The Galileo Mining Ltd (ASX: GAL) share price is seeking direction today.

Shares in the ASX resource explorer closed yesterday at $1.23 and are currently trading for $1.21. That puts shares down 1.6% at the time of writing after opening 2% higher.

This comes after the miner reported on a fresh round of promising drill results.

What results did Galileo announce?

The Galileo share price is dipping into the red despite a positive update. The news is regarding its second reverse circulation (RC) drill campaign at Galileo’s Callisto discovery at the Norseman project in Western Australia.

The miner has completed 11 new drill holes. It reports that all 11 holes intersected disseminated sulphide mineralisation similar to what was intersected in its first round of drilling. Assays show the sulphide layer to be associated with palladium, platinum, gold, rhodium, nickel and copper metal.

According to the release, mineralisation is open in all directions and dipping to the east further onto Galileo’s granted mine lease.

Galileo managing director Brad Underwood commented on the fresh results:

The results again confirm the consistency of the geology over the target area and all drill samples are now at the laboratory for analyses with assays expected in August.

A new Program of Works has been approved by the Department of Mines which allows us to complete wide-ranging drill programs along two kilometres of prospective strike length. Preparation for the next round of drilling will now begin and we expect to have RC drilling commencing again in late July, followed by diamond drilling in August.

With a nod to the costs involved in the ongoing exploration, Underwood adds, “Our recent well-supported capital raise means we are fully funded to undertake the significant amount of drilling required to define a discovery of this nature.”

Galileo share price snapshot

The Galileo share price has been a top performer for 2022 since lifting off in early May.

Year to date shares in the ASX resource explorer are up 432%. For context, that compares to a calendar year loss of 15% posted by the All Ordinaries Index (ASX: XAO).

The post Up 430% in 2022, Galileo share price wobbles today despite strong drill results 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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