The Galileo Mining Ltd (ASX: GAL) share price is soaring today on the back of a major discovery.
The company's shares are currently trading at 50 cents apiece, a 150% gain. In comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 0.08% at the time of writing.
Let's take a look at what Galileo Mining announced today.
Significant Palladium Platinum discovery
Galileo Mining discovered "significant" palladium, platinum, copper, gold, and nickel mineralisation at the Norseman project in Western Australia.
Drilling from 144m at hole NRC266 intersected with 33 metres at 1.64 grams per tonne (g/t) palladium, 0.28 g/t platinum, 0.09 g/t gold, 0.32% copper, and 0.3% nickel including:
- 6 metres at 2.21 g/t palladium, 0.37 g/t platinum, 0.11 g/t gold, 0.41% copper and 0.36% nickel from 159 metres
- 1 metre at 2.66 g/t palladium, 0.41 g/t platinum, 0.14 g/t gold, 0.48% copper and 0.46% nickel from 176 metres
The 33 metre intersection is within a broader 55 metre disseminated sulphide zone. Galileo said this shows the potential for a large mineralised system.
Commenting on the news, managing director Brad Underwood said:
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.
Galileo noted it also has multiple targets at the company's Jimberlana and Mission Sill prospects, providing the opportunity for more discoveries.
Share price snapshot
The Galileo Mining share price soared 83% in the past year while it is up 116% year to date.
In the past month, the company's shares have rocketed 120% and are 106% higher in the past week alone.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 7% in a year.
Galileo Mining has a market capitalisation of about $81 million.
