- Galileo informed today (23 November) that drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel find has returned rhodium samples.
- On the back of the news, the company's shares closed at AU$1.10 each, up 5.26% today.
- This outperformed ASX 200 Materials index, which was 1.03% up at 17,379.50 points.
Shares of ASX-listed Galileo Mining Ltd (ASX:GAL) close in green today (23 November).
On ASX, the materials company's shares closed at AU$1.10 each, up 5.26% today. This outperformed ASX 200 Materials index, which was 1.03%, up at 17,379.50 points.
Why did Galileo's shares close in green?
It is likely that Galileo's share price recorded gain on the back of the news shared by the company today. The firm disclosed through an ASX filing today that drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel find inside the company's 100% owned Norseman project in Western Australia has returned rhodium samples.
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Data source- Company announcement dated 23 November 2022
A recent development by Galileo
Galileo Mining Ltd., a company with 100% ownership of the Norseman project in Western Australia, released drill samples from diamond core drilling at the Callisto palladium, platinum, gold, rhodium, copper, and nickel find on 16 November.
The exploration of palladium, nickel, copper, and cobalt deposits in Western Australia are the main priorities of Galileo Mining Ltd. The Callisto discovery demonstrated the strong prospectivity of GAL's tenements near Norseman for palladium-copper-nickel sulphide deposits. Additionally, GAL and the Creasy Group have joint ventures over tenements in the Fraser Range that have the potential to contain nickel-copper sulphide deposits comparable to those found at the active Nova mine. In JORC-compliant resources, the Norseman Project of GAL has a near-surface laterite deposit with around 26,000 tonnes of cobalt and 122,000 tonnes of nickel.