The minerals explorer has climbed into the green during trade today.
The post Galileo (ASX:GAL) share price lifts on drill results, up 30% in a month appeared first on The Motley Fool Australia. –
The Galileo Mining Ltd (ASX: GAL) share price has jumped into the green, extending the previous month’s climb north.
Today’s gain comes as Galileo delivered an update on drilling results at its Fraser Range drill program.
Let’s investigate further.
Quick recap on Galileo Mining
Galileo is in the minerals exploration business. It holds exploration and drilling interests in Western Australia.
Its flagship projects are the Fraser Range project in addition to the Albany-Fraser Orogen and Norsemen Project.
The prospects cover exploration licences of approximately 492km2 and 351km2 respectively.
At the time of writing, Galileo has a market capitalisation of $48 million.
What did Galileo announce?
Galileo announced that the first two first reverse circulation (RC) drill holes at its Fraser Range site “intersected semi-massive sulphide mineralisation”.
These semi-massive sulphides are predominantly pyrrhotite with minor copper sulphide within “larger zones of disseminated sulphide”.
Moreover, the intersections could signify a “new style” of mineralisation at Fraser Range, according to the company. As such, further economic potential will be assessed “with diamond drilling” after the RC drill sample assays are in hand.
Galileo also completed two drill holes for 428m at its Delta Blues DB2 prospect “with a third hole underway”.
At this stage, the “economic implications of the initial results” regarding its drilling program are uncertain, according to Galileo, and “deeper diamond drilling [is] required” to test further.
Investors can expect lab results back in Galileo’s hands by September, as per the release.
The market has lapped up Galileo’s announcement, pushing its share price higher after hitting an intraday low of 33 cents.
To illustrate, Galileo shares are now exchanging hands at 35 cents apiece, a 4% gain on the day.
Galileo Mining share price snapshot
The Galileo Mining share price has posted a year to date return of 55%, extending the previous 12 months’ gain of 11%.
As a result, Galileo shares have lagged the S&P/ASX 200 Index (ASX: XJO)’s climb of around 25% over the past year.
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The author Zach Bristow has no positions 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 Bruce Jackson.