Bug Crowd Reports

Main Menu

  • Export
  • Force Majeure
  • Limited Flexibility Exchange Rate System
  • Price Discovery
  • Fund

Bug Crowd Reports

Header Banner

Bug Crowd Reports

  • Export
  • Force Majeure
  • Limited Flexibility Exchange Rate System
  • Price Discovery
  • Fund
Price Discovery
Home›Price Discovery›Why did the Galileo share price soar 9% on Tuesday?

Why did the Galileo share price soar 9% on Tuesday?

By Merry Smith
June 7, 2022
0
0

Image source: Getty Images

The Galileo Mining Ltd (ASX:GAL) The stock price enjoyed a positive session on Tuesday.

In early trading, shares of the cobalt and nickel explorer rose 9% to $1.74.

Galileo Mining’s share price has since declined, but remains up 3% at $1.64.

Why did Galileo Mining stock price jump 9%?

Investors pushed Galileo Mining’s share price higher this morning amid speculation that the company could be a takeover target.

According Francethe company has been singled out by fund managers as a target of battery metal miners IGO Ltd (ASX:IGO).

That wouldn’t be too much of a surprise given that IGO currently owns an 8.9% stake in the company. She has also worked closely with Galileo Mining’s largest shareholder, mining tycoon Mark Creasy.

Additionally, IGO is reportedly looking for ways to offset the drop in production from its Nova mine, which is relatively close to Galileo Mining’s Norseman project.

However, IGO is unlikely to move until the drill results are released. So, investors may have to wait patiently to see if anything materializes.

What is the Norseman Project?

The Norseman project, 100% owned by Galileo Mining, is located 10 km from the town of Norseman, Western Australia.

It contains a JORC cobalt-nickel resource and additional prospects with potential for copper, nickel and cobalt mineralization. Galileo notes that its tenure at Norseman includes exploration and prospecting licenses covering a total area of ​​306 km2.

Yesterday the company revealed it had started reverse circulation drilling at the Callisto discovery at Norseman, with a 4,000 meter program expected to last around five weeks.

Galileo CEO Brad Underwood is very optimistic about these drilling activities. He said:

The current drilling aims to extend the initial results with drilling designed at 50 meter spacing across strike to be followed by drill lines along strike to the north.

The broad prospective extent, combined with the thick and consistent mineralization drilled to date, indicates the potential for a large mineralized system. Approximately 20 holes will be undertaken in this round of drilling and we look forward to updating the market with the results of this exciting new discovery.

All eyes will be on these results in the weeks and months to come.

Related posts:

  1. Procure to Pay Automation – High Precedence for Massive Companies
  2. Food Security and Markets: Understanding the Protests over India’s Changing Social Contract with Farmers
  3. Success of REITs Paves the Approach for Progress of Business Area
  4. ASX Inventory of the Day: Ainsworth Recreation Know-how (ASX: AGI) Shares Improve 11%

Categories

  • Export
  • Force Majeure
  • Fund
  • Limited Flexibility Exchange Rate System
  • Price Discovery

Recent Posts

  • Forecast Drug Discovery Outsourcing Market Sales, Revenue, Price and Gross Margin to 2028
  • How Bola Tinubu commissioned four teams to regain his certificates By Rudolf Ogoo Okonkwo
  • Global Biopharmaceutical Isolator Market Import-Export Scenario, Application, Growth Trends and Forecast 2022-2028 – Instant Interview
  • IIROC resumes trading – HG
  • Form 424B3 Roivant Sciences Ltd.
  • Privacy Policy
  • Terms and Conditions