viewGalena Mining Ltd

Galena Mining halted with Abra Base Metals Project debt facility announcement pending

The halt will be in place until the release of an announcement or no later than the beginning of trading on Thursday, November 12.

Galena Mining Ltd - Galena Mining in trading halt with Abra Project debt facility announcement pending
There are now three drill-rigs operating at Abra with the capacity to drill a cumulative 1,400-1,800 metres per week.

Galena Mining Ltd (ASX:G1A) has been granted a trading halt with an announcement pending in relation to a project financing debt facility for the Abra Base Metals Project in Western Australia.

The halt will remain in place until the beginning of normal ASX trade on Thursday, November 12, or when an announcement is released to the market, whichever occurs earliest.

Galena has a market cap of approximately $106.2 million and shares last traded at 22.5 cents.

At the end of the September quarter, the company had around A$20.2 million in cash, comprised of cash at bank and term deposit balances.

Best-ever lead-silver result

In October, Galena hit the best-ever high-grade lead-silver drill result at the Abra project in hole AB147 based on combined cumulative thickness and grade.

The holes returned 17.5 metres at 9.6% lead and 34 g/t silver from 266.2 metres, 20.9 metres at 7.3% lead and 20 g/t silver from 288.1 metres, 35.5 metres at 15.1% lead and 22 g/t silver from 321.8etres and 8.9 metres at 17.1% lead and 26 g/t silver from 366.2 metres.

This was considered an outstanding success given the hole was planned to target a potential ‘metal-rich’ zone for life of mine plan optimisation.

Notably, the company has identified a potentially mineable domain around 30 metres closer to the surface than the shallowest currently planned mining zone, subject to additional drilling in its vicinity.

Quick facts: Galena Mining Ltd

Price: 0.305 AUD

Market: ASX
Market Cap: $141.17 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galena Mining Ltd named herein, including the promotion by the Company of Galena Mining Ltd in any Content on the Site, the Company receives...


Galena Mining looks ahead to further project construction after completing...

Galena Mining Ltd's (ASX:G1A) Alex Molyneux speaks to Proactive's Andrew Scott soon after announcing they've completed the funding package for the Abra Base Metals Project. It follows an agreement with Taurus Mining Finance Fund No2 LP for US$110 million in project financing debt facilities....

on 16/11/20

2 min read