viewGalena Mining Ltd

Galena Mining has new substantial shareholder with Tim Roberts holding 6.85%

The New Zealand-based investor has acquired 25 million shares in a transaction valued at $9.375 million.

Man holding bank notes
Galena is developing the Abra Base Metals Project in Western Australia

Galena Mining Ltd (ASX:G1A) has a new substantial shareholder in New Zealand-based investor Tim Roberts who has a 6.85% stake in the base metals developer.

Roberts holds 25 million shares which were acquired on June 24 from Singapore-based Kingfisher Capital Pte Ltd in a transaction valued at $9.375 million.

These shares were acquired by Kingfisher earlier this year.

READ: Galena Mining on track to begin construction in 2019 at Abra Base Metals Project in WA

Galena is developing the Abra Base Metals Project in Western Australia, which hosts one of the highest-grade lead concentrates globally with a JORC-compliant probable ore reserve estimate of 10.3 million tonnes at 8.8% lead and 24 g/t silver.

This is within an indicated and inferred mineral resource estimate at a 5.0% lead cut-off of 37.4 million tonnes at 7.5% lead and 18 g/t silver.

READ: Galena Mining makes key appointments including new CFO, drilling continues

Galena secured the equity needed to develop the project in January 2019 through a $90 million agreement with Japan’s Toho Zinc Co Ltd (TYO:5707).

A term sheet executed with Toho resulted in it gaining 40% ownership of Galena’s wholly owned subsidiary, Abra Mining Pty Ltd (AMPL), which owns the project.

The agreement involves the international zinc and lead smelting company investing $90 million in three trenches.

A definitive feasibility study for the project is also set for release in mid-2019 and construction is planned to begin as soon as possible.

READ: Galena Mining continues to hit high-grade lead and silver at Abra Base Metals Project

Recent drilling results have also confirmed and extended high-grade mineralisation in the northwestern Apron Zone sector.

The aim of this infill drilling was to improve the geological confidence with the view to upgrading to an indicated resource status following a revised resource estimation process.

These results indicate the area has potential to add significant value to the early years of mine life due to its location in the upper sections of the ore body, outside the indicated resource.

Quick facts: Galena Mining Ltd

Price: 0.2325 AUD

Market: ASX
Market Cap: $93.75 m

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