Galileo Mining share price shrugs off market pressure, soars 16%

Galileo Mining continues in an extended upward trend today.

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Key points

  • Shares of Galileo Mining are surging into the green on Thursday, extending gains earned this year to date
  • Despite a recent pullback, the miner has shrugged off selling pressures to continue in an upward trend
  • The Galileo Mining share price has now soared more than 418% in the last 12 months

Shares of Galileo Mining Ltd (ASX: GAL) have shrugged off recent selling pressure to surge more than 16% higher on Thursday.

At the time of writing, the Galileo Mining share price is trading at $1.55 apiece, as trading volume surges past 2.56 million shares early in the session.

What’s up with the Galileo Mining share price?

Investors have been bidding up Galileo Mining today, continuing the longer-term trend in its share price.

Shares had surged more than 750% to a peak of $1.70 on 27 May before consolidating back to $1.34 by close of trade yesterday.

Most recently, market pundits had rallied Galileo on the back of its latest drill results. The company had intersected the rare and precious rhodium from drilling at the Callisto discovery of the Norseman Project.

Earlier in the month, it had intersected a  major discovery of palladium-platinum-copper-nickel-sulphide to the delight of investors.

Also in May, the company earned another vote of confidence when billionaire mining prospector Mark Creasy increased his position by 3 million shares.

The legendary mining investor now has a position of more than 44.37 million shares, according to filings.

Galileo Mining share price snapshot

After a string of recent updates, the Galileo Mining share price has now soared more than 418% in the past 12 months, with a 580% gain this year to date.

TradingView Chart

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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