Here’s why the Galileo Mining share price is charging higher today

All four of the miner’s latest drill holes intersected promising nickel and copper sulphide mineralisation.

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Key points

  • The Galileo Mining share price is 7% higher on drill results
  • Four drill holes have revealed copper and nickel mineralisation with 16 more holes planned
  • A second drill rig is expected to arrive tomorrow, as wet weather has slowed the campaign

The Galileo Mining Ltd (ASX: GAL) share price is charging higher in early trade, up 5.2%.

The ASX mining share closed yesterday trading at $1.54 apiece and is currently trading at $1.62 after shooting to $1.65 shortly after open.

Investor interest appears to be piqued by the latest results from the company’s ongoing drill campaign.

What drill results were announced?

The Galileo Mining share is moving higher after the company reported positive results from its reverse circulation (RC) drilling program. The exploratory drilling is taking place at the Callisto discovery at Galileo’s Norseman project, located in Western Australia.

The miner said that all four of its first RC drill holes intersected wide zones of disseminated nickel and copper sulphide mineralisation.

The exploratory drilling is taking place in the same area where Galileo intercepted a sulphide layer associated with palladium, platinum, gold, rhodium, nickel, and copper. These results were announced 26 May, sending the Galileo Mining share price soaring higher on the day.

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

The results confirm the consistency of the geology over the target area and the drill samples have been sent to the laboratory for analysis. Drilling is ongoing with another 16 holes planned over the next three to four weeks.

Additional Program of Work applications are awaiting approval with the Department of Mines which will allow further drilling along strike to the north. Presently we have shown mineralisation occurs over 250 metres across strike and, with five kilometres of prospective strike to the north, we have a lot more drilling to come.

The company expects the assay results from these first four holes in late July.

With high rainfall slowing the drilling program, Galileo is bringing a second rig to the site. That’s expected to arrive tomorrow. The miner plans to drill approximately 16 more holes in the current program.

Galileo Mining share price snapshot

The Galileo Mining share price has been a standout performer on the ASX this year, up 628% since the opening bell on 4 January. For some context, the All Ordinaries Index (ASX: XAO) is down 16% year-to-date.

Motley Fool contributor Bernd Struben 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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