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Galena Mining saves some of the best drill results for last

Assays have been received for last 11 drill holes from the 43-hole program at Abra, which will feed into an updated resource estimate.

Galena Mining Ltd - Galena Mining saves some of the best drill results for last
A recently published feasibility study valued a 16-year lead-silver mine pre-tax at $553 million

Galena Mining Ltd (ASX:G1A) has received a number of significant intersections in the final assay batch from its Abra Base Metals Project in Western Australia.

Results include 11.3 metres at 7.1% lead and 17 g/t silver from 351.5 metres and 10.9 metres at 12.2% lead and 17 g/t silver from 366.5 metres.

The results of this drill program will be used to update the Abra JORC resource estimate, which is expected early in the December quarter of this year.

67% of holes recorded significant intersections

Galena’s managing director Alex Molyneux said: “Our largest drilling program to date has been an astounding success!

“We have a mix of infill and step-out holes and overall it's impressive to note that such a high proportion of holes have returned significant intersections higher than the most recently modelled resource grade.”

67% of holes from the overall drill program recorded significant intersections above the lead grade for Abra’s current JORC resource estimate.

He added: “I’d particularly like to thank our geology team for yet another program that successfully enhances Abra’s status as a high-grade tier one Australian base metals deposit.”

Targeting initial production in 2021

In July 2019, Galena completed a feasibility study on its Abra Base Metals Project in Western Australia valuing a 16-year lead-silver mine pre-tax at $553 million.

The study estimated Abra would produce 95,000 tonnes of lead and 805,000 ounces of silver per year for 1.24 million tonnes of lead and 10.6 million ounces of silver over the life-of-mine.

Capex estimates total $169.6 million with a construction period of 15 months and the lead C1 direct cash cost of production is forecast to be US$0.44 per pound.

Galena continues to target initial production for Abra in 2021 and the first full year of steady-state commercial production in 2022.

Quick facts: Galena Mining Ltd

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Market: ASX
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