Up 700% in 2022, why the Galileo Mining share price is leaping another 36% today

The ASX resource explorer has had a string of successful drill results.

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Monadelphous share price rio tintoA happy miner in front of a massive drilling rig, indicating a share price lift for ASX mining companies

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Key points

  • Galileo share price leaps higher on rhodium interception at its WA Callisto project
  • The ASX resource explorer reported the presence of palladium, platinum, gold, copper, and nickel at Callisto yesterday
  • In the continuing exploration campaign, Galileo intends to drill 200 holes for approximately 4,000 metres of drilling

The Galileo Mining Ltd (ASX: GAL) share price is soaring again today.

Shares in the ASX resource explorer closed yesterday at $1.41 and touched an all-time high of $1.95 this morning. At the time of writing, shares are trading for $1.92, up 36.2%.

This comes on the back of a stellar week, with the Galileo share price up 88% since Monday’s close on the back of a series of exciting drill results.

ASX investor interest looked to be piqued again today, by the report of more promising assays.

What new drill results were reported?

The Galileo Mining share price is off to the races once more after the company reported assays from a drill hole at its Callisto project in Western Australia had intercepted rhodium.

Rhodium is one of the most precious, and priciest, metals in the world. The current spot price is in the range of US$15,450 per ounce. And demand for the corrosion-resistant metal is expected to increase amid its use in vehicle pollution control systems.

According to the release, the assays at Callisto returned rhodium values up to 0.094 grams per tonne with average values across the 33-metre interval of 0.05 grams per tonne.

Callisto is the same project that sent the Galileo share price soaring yesterday when the company reported that six drill holes of its exploration campaign had confirmed the presence of palladium, platinum, gold, copper, and nickel.

Commenting on the latest positive results, Galileo’s managing director, Brad Underwood said:

The rhodium assays confirm the presence of this valuable metal within the Callisto mineralised system. With step out drilling expected to commence next week we will now be including rhodium in the assay suite for any further sulphide rich intersections…

We are excited to be starting drilling again so soon after the recent discovery announcement and look forward to updating the market with results as they become available.

The explorer plans to continue reverse circulation (RC) drilling on 2 June, weather permitting. It intends to drill 200 holes for approximately 4,000 metres of drilling.

Galileo Mining share price snapshot

The Galileo share price has rocketed an eye-popping 780% over the past month. Over that same month, the S&P/ASX 200 Index (ASX: XJO) slipped 1.2% lower.

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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