The Galileo Mining Ltd (ASX: GAL) share price has been on fire on Wednesday.
In afternoon trade, the mineral exploration company's shares are up 25% to 25 cents.
Why is the Galileo Mining share price racing higher?
Investors have been bidding the Galileo Mining share price higher today following an update on drilling activities at the Norseman project in Western Australia.
According to the release, aircore drilling has intersected massive sulphide in end of hole drill chips on the margin of a large ultramafic intrusion.
The company notes that the massive sulphide intercept was at shallow depth, which significantly increases the prospectivity of Galileo's project area for palladium and nickel.
However, as aircore drilling was unable to substantially penetrate the massive sulphide, follow up EM surveying and RC drilling will be required.
Management also notes that there is still plenty more drilling to come. Approximately 4,000 metres is now completed out of a planned 10,000 metre aircore program.
"An exceptional result"
Galileo's Managing Director, Brad Underwood, appeared to be very pleased with the drilling results.
He commented: "Hitting massive sulphide in an aircore drill program is an exceptional result. Although the portable XRF measurements show minor amounts of nickel and copper, the overall context of the mineralisation is incredibly prospective. The sulphide occurs on the margin of a large ultramafic intrusion in the exact setting where mineral deposits can occur."
"Further to that, the sulphide is just 52 metres below surface (60m downhole) and with the prospective unit under a clay/alluvium cover which means the target is blind at surface. Samples have been submitted to the laboratory for chemical analysis which will include palladium, platinum, and gold assays," hr added.
Follow up work, including EM surveying, is planned for 2022.
