Why the Galileo Mining share price is charging 9% higher today

The Galileo Mining Ltd (ASX: GAL) share price is soaring in afternoon trade on Thursday.

At the time of writing, shares in the miner are trading 9% higher at $1.27 apiece, despite no market-sensitive updates.

In wider market moves, the S&P/ASX 300 Metals & Mining index (ASX: XMM) is also strengthening and is up 2% on the day.

What’s up with the Galileo Mining share price?

While mining stocks are gaining, it is noteworthy that Galileo posted a change in substantial holding today indicating a key investor had upped their stake.

Successful Western Australian mining investor Mark Creasy, and relevant interests, increased the equity stake in Galileo to more than 26.21%. Previously, Creasy held a 24.82% voting power in Galileo.

Creasy is a mining entrepreneur who has a long and successful track record of investing in prospective and wildcat mining companies.

Shares were purchased on market and via a placement at $1.20 per share through his investment vehicles Yandal Investments Pty Ltd, Australian Gold Resources Pty Ltd, and Dunstan Holdings Pty Ltd.

History tells us that investment from Creasy is a vote of approval in many ways, with many names in the ASX mining space catching a bid on the back of his interest.

Back in May, investors rallied Galileo shares on the back of Creasy’s first investment when he scaled up his position by around 3 million shares.

As of today’s rebalance, he now owns more than 51 million Galileo shares (up from roughly 44 million), at an unknown average share price.

What else is happening with Galileo Mining?

The move likely follows on from the mining company’s update yesterday in which it advised all 11 holes at its second drilling program at the Norseman Project are now complete.

As reported by my Foolish colleague Bernd yesterday, “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.”

Creasy made a similar move back in May when Galileo first made the discovery of these resources at the Norseman Project.

In the last 12 months, the Galileo share price has gained almost 300%. It is also up around 450% this year to date.

The post Why the Galileo Mining share price is charging 9% higher today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why Galileo Mining, Platinum, Sezzle, and Woodside shares are dropping
• Up 430% in 2022, Galileo share price wobbles today despite strong drill results
• Why is the Galileo Mining share price galloping 17% higher today?
• What’s behind the frozen Galileo Mining share price today?
• Why Beach, BHP, Bubs, and Galileo Mining shares are sinking

Motley Fool contributor Zach Bristow 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/QLBOeHy