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Galileo has now completed 8,600 metres of RC drilling and 1,400 metres of diamond drilling in an ongoing campaign at its Western Australia Callisto project.
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The Galileo Mining Ltd (ASX: GAL) share price is up 1.3%, after earlier posting gains of more than 8%.
Galileo Mining shares closed yesterday trading for $1.20 and are currently trading for $1.22 apiece.
So, what’s driving investor interest in the ASX resource explorer?
The Galileo Mining share price is marching higher after the miner reported new high grade assay results.
The assays come from Galileo’s ongoing reverse circulation (RC) drill campaign at its Callisto palladium-platinum-gold-rhodium-copper-nickel discovery. Callisto is situated within Galileo’s 100% owned Norseman project, located in Western Australia.
According to the release, the latest assays confirm consistent high grade palladium mineralisation at the discovery. The drill holes also intersected platinum and gold.
Galileo has now completed 8,600 metres of RC drilling and 1,400 metres of diamond drilling in the ongoing exploration campaign. The company is awaiting assays on all the diamond drill holes, which include a massive sulphide intersection. It expects the first diamond core drill assays within four weeks.
Commenting on the results that are driving the Galileo Mining share price higher today, managing director Brad Underwood said:
Assay results from a further four drill holes each returned consistent palladium grades over greater than 20 metre thickness with every palladium zone accompanied by platinum, gold, copper, and nickel.
We are also seeing copper and nickel zones in [drill hole] NRC299 above 0.6% and 0.5% respectively. This is a great sign for the potential development of even higher-grade zones particularly where we have previously encountered massive sulphides.
The miner has an RC rig and a diamond rig continuing to drill at the Callisto discovery.
“We have a lot to learn about the overall mineralised system and the opportunities that may present themselves as we continue with our large-scale drill campaigns,” Underwood said.
The Galileo Mining share price has been a stellar performer this year, up a whopping 439%. And that’s in a calendar year that’s seen the All Ordinaries Index (ASX: XAO) fall by 11%.
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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