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Galileo (ASX: GAL) stock price rises in drill results, up 30% in a month

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NS Galileo Mining Co., Ltd. (ASX: GAL) Stock prices jumped to the green, extending the previous month’s rise to the north.

Today’s profits come as Galileo Deliver updates About drilling results with the Fraser Range drill program.

Let’s investigate further.

A brief summary of Galileo mining

Galileo is engaged in the mineral exploration business. Interested in exploration and drilling in Western Australia.

Its flagship projects are the Fraser Range project in addition to the Albany-Fraser Orogen and Norsemen Project.

The outlook covers exploration licenses of approximately 492 km2 and 351 km2, respectively.

At the time of writing, Galileo Market first Of $ 48 million.

What did Galileo announce?

Galileo has announced the first two first reverse circulation (RC) drill holes at the Fraser Range site as “crossed semi-mass sulfide mineralization”.

These semi-mass sulfides are primarily pyrrhotite and contain small amounts of copper sulfide within the “larger zone of seeded sulfides”.

In addition, according to the company, intersections could mean a “new style” of mineralization in the Fraser range. Therefore, after an RC drill sample assay is performed, further economic potential is assessed “using a diamond drill”.

Galileo also completed two 428m drill holes with “third hole in progress” in the Delta Blues DB2 outlook.

According to Galileo, at this stage the “economic impact of the initial results” for the drilling program is uncertain and “deeper diamond drilling”. [is] To test further “is required.

According to the release, investors can expect Galileo to get the results of the lab back in the hands of September.

The market overturned Galileo’s announcement and pushed up stock prices after reaching a daytime low of 33 cents.

For the sake of explanation, Galileo shares are currently being exchanged for 35 cents per share, up 4% on the day.

Galileo Mining Stock Price Snapshot

Galileo mining shares recorded a 55% return year-to-date, extending the 11% rise over the last 12 months.

As a result, Galileo shares are lagging behind S & P / ASX200 Index (ASX: XJO) has increased by about 25% over the past year.

Galileo (ASX: GAL) stock price rises in drill results, up 30% in a month

Source link Galileo (ASX: GAL) stock price rises in drill results, up 30% in a month

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