Galileo Mining Ltd (ASX:GAL) has been granted a trading halt by the ASX as it prepares to make a capital raising announcement.
The halt will remain in place until the beginning of trade on Wednesday, September 8 or when the announcement regarding the capital raising is made to the market, whichever is earlier.
Recent activities
Galileo has identified a new nickel sulphide target that is less than five kilometres from drilled nickel sulphides in the Fraser Range Nickel Belt.
Ongoing EM surveying within Galileo’s Fraser Range project area continues to define high-quality nickel-copper sulphide targets for drill testing.
In addition, the company’s palladium results from a soil sampling campaign at the Norseman Project in Western Australia have pinpointed a suite of new priority drill targets.
A 10,000-metre aircore drilling program is planned at Norseman over September and October to follow up the palladium and nickel anomalies as a first pass test before deeper drilling.