The Galileo Mining share price has rocketed 380% in a week. But this billionaire is still buying up big

The upside continues for the Galileo today.

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Rocket powering up and symbolising a rising share price.

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Key points

  • Galileo Mining shares continue their ascent north today, having spiked a further 23%
  • Mining prospector Mark Creasy also upped his stake earlier this week in a significant vote of confidence for the company 
  • After this latest rally the Galileo Mining share price has secured a more than 333% gain for the year to date 

News of billionaire mining prospector Mark Creasy buying a large position in Galileo Mining Ltd (ASX: GAL) has reportedly struck a mark of gold on the company’s share price this week.

Shares in the nickel and cobalt explorer have erupted with a 387% spillover into the green in the last 5 days of trading to date.

At the time of writing, the Galileo Mining share price is fetching 97.5 cents after another 23% gain on the day.

Who is Mark Creasy?

Mark Gareth Creasy is a mining entrepreneur whose been described as having the ‘midas touch’ when it comes to investing in prospective and wildcat mining companies.

The mining prospector has been active on Australian listed investments this year, acquiring an $857,000 stake in newly listed Australian Potash Ltd (ASX: APC) and now most recently, Galileo.

Mr Creasy was fortunate enough to find himself situated on The Australian Financial Review’s top 200 rich list for 2021.

Stake in Galileo Mining

According to filings from Galileo this week, Creasy sized up his position by 3 million shares, bringing his total exposure to 44,371,895 shares. Overall, this represents an interest of more than 26%.

He acquired the shares at an average of 58 cents per share for $1.74 million in total.

Creasy’s move follows Galileo’s discovery of significant palladium, platinum, copper, gold, and nickel mineralisation last week, at the Norseman project in WA.

The “thick and consistent zone of mineralisation, and the extensive prospective strike length, suggests the potential for a large mineralised system,” said Galileo Mining’s managing director, Brad Underwood at the time.

Evidently, Creasy was somewhat pleased with the results and there’s valid speculation he made the large upscale in his position on the back of this news.

And with a track record of identifying diamonds in the rough with prospective investments, Creasy’s vote is a seal of approval for Galileo Mining.

After this latest rally, the Galileo Mining share price has secured a more than 333% gain for the year to date.

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.

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