The Galileo Mining Ltd (ASX: GAL) share price has continued its impressive run on Friday.
In morning trade, the mineral exploration and development company's shares up 13% to $1.22.
This means the Galileo Mining share price is now up an incredible 125% this week.
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Why is the Galileo Mining share price rocketing higher this week?
The catalyst for the rise in the Galileo Mining share price this week has been news that Mark Creasy has increased his stake in the company.
According to a change of substantial holding notice, the mining magnate has added 3 million shares to his holding, bringing his stake to 44,371,895 shares. This represents an interest of 26.35%.
Interestingly, the company was originally privately owned by Mr Creasy. Furthermore, Galileo Mining's Managing Director, Brad Underwood, spent eight years as General Manager of the Creasy Group's exploration at the Fraser Range and at Norseman.
The latter project recently caught the eye with impressive drilling results. Those results revealed that the company has discovered "significant" palladium, platinum, copper, gold, and nickel mineralisation at the Norseman project in Western Australia.
Mr Underwood commented:
While we are at an early stage in the discovery process, the thick and consistent zone of mineralisation, and the extensive prospective strike length, suggests the potential for a large mineralised system.
Galileo remains fully funded with $8.2 million at the end of the March quarter and able to continue aggressive exploration programs at all our projects. We look forward to updating the market as work progresses on this exciting new West Australian discovery.
