The Galileo Mining Ltd (ASX: GAL) share price is soaring today on the back of drilling results.
The company's share price has surged 29.8% and is currently trading at $1.285. In contrast, the S&P/ASX 200 Materials Index (ASX: XMJ) is falling 2.57% today.
Let's take a look at what is going on with Galileo Mining.
Image source: Getty Images
Massive sulphide mineralisation
Investors are buying up Galileo shares following an update from the company's Callisto palladium-platinum-gold-rhodium-copper-nickel project.
This is located at the Galileo's Norseman project in Western Australia.
Diamond drilling intersected with "massive sulphide mineralisation" including copper and nickel.
A total of 1.25 metres of sulphides were logged over a 29.1 metre zone at drill hole NRCD293.
Overall, five diamond drill holes have now intersected with sulphide mineralisation. Six reverse circulation drill holes have also shown sulphide mineralisation. Drilling is continuing at the site.
Commenting on the news, managing director Brad Underwood said:
Intersecting massive sulphides at the shallow depth of 190 metres downhole is an exceptional result from our first program of diamond drilling at Callisto.
It demonstrates how much there is to learn about the larger mineralised system and the up-side opportunities that may present themselves as we continue with our extensive drill campaigns.
Galileo Mining share price snapshot
The Galileo Mining share price has soared 359% in the past year, while it has risen 471% in the year to date.
In the past month, Galileo shares have climbed 17%.
For perspective, the benchmark ASX 200 Materials Index has lost 0.4% in the past year and 1.93% in the year to date.
