Insights

The Galileo Mining (ASX:GAL) share price jumps 7% on its latest update

The Galileo Mining Ltd (ASX: GAL) share price is rising higher today after providing a drilling update on its Delta Blues prospect in WA.
The post The Galileo Mining (ASX:GAL) share price jumps 7% on its latest update appeared first on The Motley Fool Australia. –

Five stacked building blocks with green arrows, indicating rising inflation or share prices

The Galileo Mining Ltd (ASX: GAL) share price is gaining ground today. Newfound momentum has sprouted from the company’s drilling update this morning.

At the time of writing, shares in the base metals explorer are trading 7.69% higher to 20 cents a share.

Approved and ready

Today’s excitement stems from the miner receiving statutory approvals. These approvals are in relation to the Delta Blues nickel prospect in the Fraser Range.

While Galileo had his eyes on the stars above, Galileo Mining is fixated on the treasures below. The small-cap mining explorer aims to provide the metals necessary for the electric future — nickel, copper, and cobalt.

Galileo has moved a step closer to this ambition, gaining approval for its drilling program. An initial 1,000-metre diamond drilling program is planned to commence in mid-June. The program will also test highly conductive targets at DB1 and DB2 in the Fraser Range region of Western Australia.

Additionally, Galileo Mining expects the drilling to be completed within three weeks of commencement. The findings will give clarity to the conductive anomaly found, exhibiting a strike length between 800 to 900 metres.

Managing director commentary

Contained in the release, Galileo managing director Brad Underwood commented on the progress:

The first drilling programs at our northern Fraser Range project identified highly prospective rocks with strong indications of nickel and copper at the Lantern Prospect. Following this confirmation of prospectivity we now enter our next phase of drilling optimistic that we can generate significant drill results at the Delta Blues prospect.

Today’s update, amplifying the Galileo share price, is less than a month after the company reported its discovery of the nickel target. On the target details, Mr Underwood stated:

Our target generation work at the Delta Blues prospect has utilised high quality data sets with positive interpretations by world class geological and geophysical professionals. The strength of the EM conductors, and their positions on the magnetic and gravity maps, present a compelling case of the potential for mineralisation. We look forward to updating the market as drilling gets underway and as the results of drilling are received.

Galileo Mining share price snapshot

The Galileo Mining share price has provided an 18% return in the last year to shareholders. However, the S&P/ASX 200 Index (ASX: XJO) has delivered a superior return of 32% over the same period. 

Furthermore, shareholders have also endured an erratic ride, with the share price fluctuating between 20 cents and 40 cents multiple times throughout the last year. 

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Mitchell Lawler 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.

The post The Galileo Mining (ASX:GAL) share price jumps 7% on its latest update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!