Here's why Galileo Mining's (ASX:GAL) shares close in green today?

Published on November 23, 2022 05:54 PM AEDT

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.

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.

About Galileo

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.

Bhawna Gupta

Author

Bhawna Gupta - Financial Journalist
430 Posts
A financial journalist with Kalkine Media Pty Ltd, Bhawna has an experience of more than seven years in writing and reporting in the financial industry. She previously worked with VCCircle and Dealstreetsia and covered the areas like PE, VC, IPOs, M&...
Follow Bhawna Gupta Follow

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.