The Galileo Mining Ltd (ASX: GAL) share price has been on a tear during the month of May.
The mineral exploration and development company recently released a couple of positive announcements which has excited investors.
During Friday's trading session, Galileo Mining shares touched an all-time high of $1.95 before slightly retracing.
At market close on Friday, its shares finished 20.57% higher to $1.70.
This means that Galileo Mining shares are now up by more than an incredible 660% in May.
What's driving Galileo Mining shares to record highs?
The Galileo Mining share price has caught the attention of investors following the company's latest drill results.
The rare and precious metal, rhodium was intercepted from a drill hole at the Callisto discovery of the Norseman Project.
Rhodium is an extremely valuable metal that is much pricier than gold or silver, around US$15,600 per ounce.
The silvery-white, hard, corrosion-resistant transition metal is used in catalytic converters designed to clean vehicle emissions. It is also alloyed with platinum for aircraft turbine engines.
The assay results showed rhodium values of up to 0.094 grams per tonne. Average values across the 33-metre interval intersected consisted of 0.05 grams per tonne.
In addition, Galileo Mining announced a major discovery of palladium-platinum-copper-nickel-sulphide earlier in the month.
Management is hopeful that the initial drill hole will translate into a high-quality resource for mining.
A forward work program has been put into action which involves downhole EM surveying of selected drill holes. This will assist with next stage of targeting a 2,000 to 5,000 metre RC drilling campaign.
Galileo Mining share price summary
Over the last 12 months, Galileo Mining shares have travelled on a slow and gradual decline before rocketing this month.
The company's shares surged 470% since this time last year, but are up 655% in 2022.
Based on valuation grounds, Galileo Mining presides a market capitalisation of roughly $286.30 million.
