The Galileo Mining Ltd (ASX: GAL) share price isn’t going anywhere on Wednesday.
This comes after the mineral exploration and development company requested a trading halt before market open.
As such, the Galileo Mining share price is currently frozen at 94.5 cents apiece. It’s worth noting that the company’s shares have rocketed by 285% over the past month.
Why are Galileo Mining shares in a trading halt?
The Galileo Mining share price was placed in a trading halt this morning pending an important market announcement.
In the brief description provided, the company revealed it will release the material drill assay results from its Callisto discovery.
The trading halt is expected to be lifted on Friday 27 May or by the release of the company’s announcement – whichever comes earlier.
No doubt, investors will be keeping a close watch on Galileo Mining’s latest update. This will give a clearer understanding of what lies underground at the Callisto discovery of the Norseman Project.
More on the Galileo Mining
Based in Western Australia, Galileo Mining is an explorer and developer of nickel, palladium, copper, and cobalt resources.
The company holds tenements near Norseman with more than 26,000 tonnes of contained cobalt, and 122,000 tonnes of contained nickel.
Earlier this month, management revealed a drill hole returning significant palladium-platinum-gold-copper-nickel mineralisation at the Callisto discovery.
Galileo Mining previously noted it had $8.2 million at the end of the March quarter to fund its exploration programs.
About the Galileo Mining share price
Galileo Mining shares were on a slow and gradual decline over the past 12 months, before shooting up this month.
Positive investor sentiment after the Callisto discovery led the company’s share price to rise sharply in May, enabling the miner to post a gain of 320% in 2022.
Based on today’s price, Galileo Mining presides a market capitalisation of roughly $159 million.
The post The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening? appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Galileo Mining share price is up 13% today and 125% this week
- The Galileo Mining share price has rocketed 380% in a week. But this billionaire is still buying up big
- Why is the Galileo Mining share price jumping 42% today?
- Why did the Galileo Mining share price tumble 18% in early trading on Thursday?
- Galileo Mining share price explodes 150% on major discovery
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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