- Galileo Mining (GAL) begins the week in a trading halt pending the release of a capital raising announcement
- Shares in Galileo will remain in the halt until the earlier of Wednesday, July 6, or when the announcement is released
- On June 21, Galileo announced it had intersected disseminated nickel and copper sulphide mineralisation at the Callisto palladium discovery in Western Australia
- All holes intersected wide zones of mineralisation while the mineralised zone is interpreted to extend at least 250 metres in strike
- Shares in Galileo last traded at $1.32 on July 1
Galileo Mining (GAL) has begun the week in a trading halt pending the release of a capital raising announcement.
Shares in Galileo will remain in the halt until the earlier of Wednesday, July 6, or when the announcement is released.
Galileo is yet to disclose how much it intends to raise or what it will use the funds for once received.
On June 21, Galileo announced it had intersected disseminated nickel and copper sulphide mineralisation at the Callisto palladium discovery in Western Australia.
Results came from four reverse circulation (RC) holes drilled as part of the ongoing RC program aiming to follow up on previous results.
All holes intersected wide zones of mineralisation while the mineralised zone is interpreted to extend at least 250 metres in strike.
Samples have been submitted to the lab for assay with results expected this month.
After drilling was affected by heavy rainfall, a second rig will arrive on-site to increase production rates.
Shares in Galileo last traded at $1.32 on July 1. The company has a $236.9 million market cap.