The Galileo Mining Ltd (ASX: GAL) share price isn't going anywhere on Friday.
This comes after the company requested that its shares be placed in a trading halt before market open today.
At the time of writing, shares in the cobalt and nickel explorer remain frozen at $1.275 apiece.
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Why is the Galileo Mining share price halted?
In a statement to the ASX, Galileo Mining advised it is preparing to make an important announcement to investors.
This is in relation to material drill assay results from the company's flagship Callisto discovery.
Galileo Mining requested the trading halt remain in place until Tuesday 12 July or when the announcement is made, whichever comes first.
A brief rundown on Galileo Mining
Based in Western Australia, Galileo Mining is focused on exploring its Norseman and Fraser Range projects for base metals.
The company wholly owns the Norseman Project and has joint ventures with the Creasy Group in the Fraser Range.
The Callisto palladium-nickel discovery is located within the Norseman project, near the town of Kalgoorlie in Western Australia.
Earlier this week, the company received firm commitments for a $20.4 million placement to expand its drilling program at Callisto.
Galileo Mining managing director Brad Underwood commented:
The placement will increase our total cash to approximately $26.5 million and allow us to aggressively explore this significant new palladium province within our Norseman Project area.
Galileo Mining share price snapshot
Since this time last year, Galileo Mining shares have registered an incredible gain of more than 360%.
However, in 2022, the company's shares have zipped further with a 460% gain on the back of positive investor sentiment.
Based on valuation grounds, Galileo Mining presides a market capitalisation of roughly $227.98 million.
