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Galileo raises exploration funds

8th September 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Galileo Mining will raise A$6.5-million in a share placement to fund exploration work in Western Australia.

The company on Wednesday announced that it would place some 25-million shares at an issue price of 26c each to raise the funds. The placement will be undertaken under the company’s existing placement capacity, and will not require shareholder approval.

“This placement, in conjunction with the company’s existing cash reserves, puts Galileo in a strong position to fund multiple exploration programmes both at our Norseman palladium/nickel project and at our Fraser Range nickel/copper/cobalt project,” said Galileo MD Brad Underwood.

“A large aircore drilling programme for palladium and nickel is due to start at Norseman in late September/October with a diamond drilling campaign planned for the Fraser Range later in the year. We look forward to getting the drill rods turning with the aim of making high value resource discoveries.”

Edited by Creamer Media Reporter

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