Galileo Mining (ASX:GAL) shares zoom over 22% today; is this the reason?

2 min read | August 29, 2022 12:13 PM AEST | By Khushboo Joshi

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Galileo Mining (ASX:GAL) shares zoom over 22% today; is this the reason? — Image source: © Milslav78 | Megapixl.com

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Highlights:

Galileo Mining shares zoomed over 22% at 11 AM AEST on ASX today (29 August 2022).

The metal explorer has shared an update on Callisto discovery on its Norseman Project.

Galileo Mining is focussed on exploration and development of palladium, nickel, copper, and cobalt resources in Western Australia.

Australia-based base metals explorer Galileo Mining Ltd (ASX:GAL) grabbed investors’ attention today (August 29) as it has provided a drilling update from its Callisto palladium-platinum-gold-rhodium-copper-nickel discovery on Norseman project.

The Norseman Project is Galileo’s 100%-owned project located in Western Australia.

Post the update, Galileo’s shares were spotted trading 22.222% higher at AU$1.210 apiece at 11:00 AM AEST on ASX.

As per Galileo’s update, diamond drilling is continuing at pace with five core holes completed and each of these drill holes intersecting sulphide mineralisation. The company has also been getting good results from the RC drill campaign with six completed RC holes all recording sulphide mineralisation.

About Galileo Mining:

Galileo Mining is into exploring and developing palladium, nickel, copper, and cobalt resources. The tenements of GAL near Norseman are regarded as high potential zones for palladium-copper-nickel sulphide deposits. This is also displayed by the Callisto discovery.

GAL also entered into a deal with the Creasy Group over tenements in the Fraser Range. This range has potential for nickel-copper sulphide deposits.

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