- Galileo Mining (GAL) begins the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until the earlier of September 8 or when more details are released
- On August 30, the junior explorer announced it had identified a new nickel sulphide target at its Fraser Range Project in Western Australia
- The target was identified via electromagnetic work which confirmed a shallow, large and conductive target along strike from the Lantern South Prospect
- Shares in Galileo last traded at 33 cents on September 3
Galileo Mining (GAL) has begun the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until the earlier of September 8 or when more details are released.
Galileo is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 30, the junior explorer announced it had identified a new nickel sulphide target at its Fraser Range Project in Western Australia.
The target was identified via electromagnetic work which confirmed a shallow, large and conductive target along strike from the Lantern South Prospect.
Notably, previous drilling at Lantern South has intersected up to 0.66 per cent nickel and 0.75 per cent copper.
This new conductor measures 750 metres in length and lies only 165 metres below surface.
Drilling is continuing with high-quality drill targets being developed.
Shares in Galileo last traded at 33 cents on September 3. The company has a $47.22 million market cap.