Abra Base Metals Project Drilling Results

GALENA MINING LTD. (“Galena” or the “Company”) (ASX:G1A) announces the second batch of assay results from the substantial ongoing drilling program at Abra Base Metals Project

HIGHLIGHTS:

  • Second batch of assays include outstanding intersections from three of the holes added to the program around previously reported ‘best high-grade leadsilver drill-hole ever’ at Abra, drill-hole AB147 (announced on 19 October 2020)
  • AB155 – 45.9m of cumulative significant intersections:
    • 8.5m at 11.1% lead and 47g/t silver from 280.2m
    • 12.7m at 5.1% lead and 18g/t silver from 300.9m
    • 18.6m at 7.9% lead and 11g/t silver from 352.0m
    • 6.2m at 7.7% lead and 12g/t silver from 380.5m
  • AB158
    • 7.8m at 8.0% lead and 23g/t silver from 316.4m
    • 9.7m at 11.3% lead and 20g/t silver from 346.5m
  • The shallow ‘metal rich’ zone on the northeastern limb around hole AB147
    continues to grow and seven more drill-holes have been added to the program
    in that area (in addition to the seven extra added in October)
  • Assays also include the best ever hole drilled on the north western side of Abra,
    AB151, with 31.2m of cumulative significant intersections:
    • 27.4m at 16.3% lead and 73g/t silver from 334.5m, incl.:
      • 5.2m at 24.8% lead and 157g/t silver from 337.3m
    • 3.8m at 13.8% lead and 24g/t silver from 368.5m
  • Drill-hole AB151 also highlights Abra’s mineralisation remains open to the north
    west
  • Strong assays received from a hole drilled outside the margin of the previously
    planned first year of mining and on the eastern margin of the north western limb
    of Abra’s Indicated Resource, AB157
    • 5.4m at 13.9% lead and 24g/t silver from 283.5m
    • 12.4m at 10.7% lead and 16g/t silver from 301.1m
  • Fourth drill-rig added to accelerate the program

GALENA MINING LTD. (“Galena” or the “Company”) (ASX:G1A) announces the second batch of assay results from the substantial ongoing drilling program at Abra Base Metals Project (“Abra” or the “Project”). Managing Director, Alex Molyneux commented, “We’re extremely happy with how Abra is evolving as assays come in. To see some of the best cumulative grade and thickness holes that we’ve ever seen coming up around that previously reported ‘best hole ever’, AB147 points increasingly to a growing, shallow, ‘go to’ spot to optimise the early mine plan. We’ve now added seven more holes in that area and a fourth drill rig!”

2020 ABRA DRILLING PROGRAM

39 diamond core drill-holes (AB144 to AB179, AB181 to AB183) for 17,232 cumulative linear metres of the 2020 Abra Drilling Program have been completed so far. This release includes assays from eleven drill holes (AB149 to AB158, and AB161). The assay results for the first five holes (AB144 to AB148) were announced on 19 October 2020.

The program was initially planned to consist of approximately 15,000 metres to 18,000 metres of drilling, with three objectives: lead-silver orebody infill; drilling into selected prospective ‘metal rich’ zones for potential life of mine plan optimisation; and gold-copper exploration (see Galena ASX announcement of 4 August 2020). The holes completed to date have been targeting the first two objectives, with the plan to address the third objective later in the program.

Drill-hole AB147 (reported on 19 October 2020) encountered 86.1 metres of combined downhole cumulative thickness of significant intersections and was considered to be the best highgrade lead-silver drill-hole in Abra’s history. Importantly, AB147 was targeting a prospective ‘metal rich’ zone not currently in the early years of the mine plan, in this case a relatively shallow zone on the northeastern limb of the Indicated portion of Abra’s Mineral Resource (see Figure 1 below). The drill-hole indicates the existence of a potentially mineable domain approximately 30 metres closer to the surface than the shallowest currently planned mining zone. The relative shallowness of this area and proximity to early decline development makes
it a target for inclusion in the early years of the mine plan as an optimisation. Based on the success of drill-hole AB147, an additional seven drill-holes were initially added to the 2020 Abra Drilling Program in that area. Two of those additional holes, each approximately 25 metres away from AB147, are being reported today (AB155, and AB158), with outstanding significant intercepts for both. As a result, the north eastern limb of Abra’s Indicated Resource area around AB147 is becoming a more substantial potential optimisation for the early years of mine planning. Therefore, another seven holes have been added to the program in that
area to test the full extent of the zone and it is now currently likely the overall program could
exceed 22,000 metres.

Drill-hole AB157 was drilled immediately outside of the eastern margin of the planned year one of the life of mine and the eastern boundary of the north western Indicated Resource limb. However, it has reported better than expected mineralisation within two mineralised horizons along with the stratiform domain of the deposit (ie, Apron Zone). A potential linkage between this area and the strong results from the north eastern limb of the Indicated Resource is proposed to be investigated for a potential high-grade mineralisation trend along 110-120 degrees trend in that area. Some of the additional planned holes will be drilled in the Inferred Resource area between the two northern limbs of Indicated Resource.

Drill-hole AB151 being reported in this announcement is considered the best ever drill-hole in Abra’s north western quadrant on a cumulative grade and thickness basis. Its 31.2 metres of cumulative significant intersections included an exceptional 27.4 metres intersection at 16.3% lead and 73g/t silver from 334.5 metres downhole. AB151 sits at the north western extremity of Abra’s October 2019 Resource model and so the outstanding result highlights that Abra’s mineralisation continues to be open towards the north west.
On 12 November, a fourth drill-rig arrived at Abra, increasing the cumulative drilling capacity
to 1,800 to 2,200 metres per week.

DRILL-HOLE ASSAYS

Assays for 11 drill-holes (AB149 to AB158 and AB161) are being reported in this announcement and assays for 22 completed holes remain pending. The location of the reported holes and significant intersections are graphically represented in Figure 1 and Figure 2 (below) and detailed in Appendix 1, together with drill collar locations in Appendix 2.

Click here for the full ASX announcement.

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When it comes to precious metals, Australia has long punched above its weight — the nation was born riding the wave of a gold rush.

Gold isn't all that glitters through — Australia is also a major global producer of silver. It's among the 10 top producers, and was ranked seventh in 2020, with 1,300 tonnes coming from the many operational mines in the country. By comparison, the world's top producer, Mexico, produced 6,300 tonnes that same year.

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Australia is sitting on quite a lot of the precious metal, with the world's second largest reserves, behind only Peru.

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Overall, Australia is well explored when it comes to silver, and since the mid-1800s it's had a constant stream of silver production. Aside from that, the country boasts metals-processing facilities in South Australia that separate the precious metal from its commonly mined counterpart metals, lead and zinc.

Silver companies in Australia

Those looking at the Australian silver market have options. There are plenty of big players with interests in Australian silver, and many smaller players for investors to consider researching too.

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The future of silver in Australia

So, you get the picture — there's a lot of silver to be mined in Australia by way of mining everything else.

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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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Six months down the road from Australia's landmark legislation, it's tough to say what the long-term impact may be.

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Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.

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