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Galena Mining in trading halt with capital raising news pending

The company is progressing development plans for its Abra Base Metals Project, which is ready to move to procurement, construction and underground mine development phase pending further financing.

Galena Mining Ltd - Galena Mining in trading halt ahead of capital raising
Drilling is also planned for the company’s nearby Jillawarra project

Galena Mining Ltd (ASX:G1A) has been granted a trading halt by the ASX with a capital raising announcement pending.

The trading halt will remain in place until the beginning of regular trading on Thursday, July 9, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 24 cents and are up from 15.5 cents at the close on March 16.

New gold and base metal targets

On June 29, the company identified new gold and base metals drilling targets at the Abra Base Metals Project as well as within a recently expanded nearby Jillawarra project area.

Recent work has identified gold mineralisation trends and associated key structures potentially controlling ingress of base and precious metals rich fluids into the deposit from depth.

The company has subsequently developed priority drilling targets specifically for gold and copper at Abra, which is in Western Australia's Mid-West.

Managing director Alex Molyneux said at the time: “Whilst financing is underway we tasked our geological team to focus on ‘game-changers’ for Galena, including the identification of high-priority target zones for gold and copper mineralisation at Abra, and finding the ‘next Abra’ on our now 76 kilometre-strike of 100%-owned tenements to the west of Abra.”

Quick facts: Galena Mining Ltd

Price: 0.22 AUD

ASX:G1A
Market: ASX
Market Cap: $101.28 m
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Galena Mining's Alex Molyneux talks funding and new gold and base metals...

Galena Mining Ltd's (ASX:G1A) Alex Molyneux updates Proactive's Andrew Scott on debt financing discussions for its flagship Abra Project in Australia as well as outlining new gold and base metals drilling targets that've been identified. He says recent work has found gold mineralisation trends...

on 29/6/20

2 min read