Galileo Mining Ltd (ASX: GAL) has received firm commitments from sophisticated and institutional investors for a placement to raise gross proceeds of $6.5 million.
Funds raised pursuant to the Placement will primarily be used for:
- Ongoing drilling and exploration for Nova-style nickel/copper/cobalt deposits at Fraser Range project;
- Drilling and exploration for palladium and nickel at Norseman project; and
- Working capital purposes.
Inyati Capital Pty Ltd acted as lead manager to the Placement.
“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,” Managing Director, Brad Underwood, said.
“A large aircore drilling program 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.”
A 10,000 metre aircore drilling programme is designed to target highly anomalous palladium and nickel soil sample results at the Norseman Project.
This programmr is expected to begin late September/October.
A 1,200m diamond drilling programme is designed to follow up on sulphides identified in RC drilling at the Delta Blues prospect in the Fraser Range.
Additional drilling will be planned at both projects as results become available.
For further information please visit: http://www.galileomining.com.au/