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.

First Targetted Copper-Gold Hole at Abra Hits 26.9M at 1.4% Copper

HIGHLIGHTS:

  • Outstanding success from the first ever hole at Abra drilled specifically to target the interpreted copper-gold zone (AB195) adjacent to and below existing lead-silver mineralisation
  • Significant copper-gold intersections from AB195 include:
    • 3.0m at 4.2g/t gold and 1.1% copper from 670.7m,
    • 2.0m at 6.9% copper from 698.1m, and
    • 26.9m at 1.4% copper from 763.8m, including:
    ▪ 8.9m at 2.3% copper from 773.0m
  • Significant copper and gold mineralisation in AB195 occurred within the potential copper-gold channel zone interpreted by the Company’s geological and geophysical review in 2020
  • Downhole electromagnetic survey is planned to be conducted on AB195 during the second quarter of 2021 for the definition of conductive plates within its vicinity

Galena Mining Ltd. (“Galena” or the “Company”) (ASX: G1A) announces the outstanding result from drill-hole AB195, drilled as part of the recently completed 2020 Abra Drilling Program and as the first ever hole drilled specifically targetting the interpreted copper- gold zone at the Abra Base Metals Project (“Abra” or the “Project”).

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First Targetted Copper-Gold Hole at Abra Hits 26.9M at 1.4% Copper

HIGHLIGHTS:

  • Outstanding success from the first ever hole at Abra drilled specifically to target the interpreted copper-gold zone (AB195) adjacent to and below existing lead-silver mineralisation
  • Significant copper-gold intersections from AB195 include:
    • 3.0m at 4.2g/t gold and 1.1% copper from 670.7m,
    • 2.0m at 6.9% copper from 698.1m, and
    • 26.9m at 1.4% copper from 763.8m, including:
    ▪ 8.9m at 2.3% copper from 773.0m
  • Significant copper and gold mineralisation in AB195 occurred within the potential copper-gold channel zone interpreted by the Company’s geological and geophysical review in 2020
  • Downhole electromagnetic survey is planned to be conducted on AB195 during the second quarter of 2021 for the definition of conductive plates within its vicinity

Galena Mining Ltd. (“Galena” or the “Company”) (ASX: G1A) announces the outstanding result from drill-hole AB195, drilled as part of the recently completed 2020 Abra Drilling Program and as the first ever hole drilled specifically targetting the interpreted copper- gold zone at the Abra Base Metals Project (“Abra” or the “Project”).

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Galena Mining: Activities Report for Quarter Ended 31 December 2020

HIGHLIGHTS:

  • Finalised US$100M in project financing debt facilities for the development of the Abra Base Metals Project, made up of:
    • US$100M Project Finance Facility; and
    • US$10M Cost Overrun Facility
  • Received an A$20M investment tranche from Toho into AMPL
  • Recommenced preparatory construction and site enabling works, with Project development works 12% complete at the end of the Quarter
  • Successfully concluded the 2020 Abra Drilling Program with a total of 57 completed diamond drill-holes (~25km of drilling), taking total cumulative drilling on Abra to over 100km
  • At the date of this report, assays have been published for 34 drill-holes, including the following highlights:

Five holes had cumulative significant lead-silver intersections >50m

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ABRA BASE METALS PROJECT DRILLING RESULTS

HIGHLIGHTS:

 2020 Abra Drilling Program concluded in late-December with a total of 57 successfully completed new diamond drill-holes (~25km of drilling), taking the total cumulative drilling on Abra to over 100km
 This third batch of assays (18 drill-holes: AB159, AB160, AB162 to AB175, AB178 and AB179) includes intersections from eight holes added to the Program to expand the shallow, close to infrastructure ‘metal rich’ zone around previously reported ‘best high-grade lead-silver drill-hole ever’ at Abra, drill-hole AB147, two of which (AB174 and AB179) are effectively following thick, highgrade mineralisation into an area of Inferred mineralisation
 Outstanding lead-silver intersections in this announcement confirm wide, highgrade mineralised zones:
 AB174 – 32.3m at 13.8% lead and 34g/t silver from 352.7m
 AB167:
 22.8m at 7.5% lead and 24g/t silver from 277.1m; and
 20.1m at 8.9% lead and 18g/t silver from 338.7m
 AB172:
 24.3m at 10.9% lead and 24g/t silver from 288.5m; and
 9.9m at 18.1% lead and 31g/t silver from 342.3m
 AB166 – 16.9m at 9.3% lead and 36g/t silver from 398.9m
 AB171:
 17.7m at 8.8% lead and 30g/t silver from 308.1m; and
 17.0m at 8.6% lead and 15g/t silver from 329.7m
 AB170:
 16.6m at 9.2% lead and 25g/t silver from 352.7m; and
 17.0m at 6.5% lead and 10g/t silver from 374.0m
 AB173 – 13.1m at 8.7% lead and 16g/t silver from 404.0m
 AB 178 – 15.9m at 7.4% lead and 14g/t silver from 437.8m
 AB 159 – 10.7m at 9.2% lead and 26g/t silver from 378.8m
 In a first for Galena, four drill-holes (AB167, AB170, AB172 and AB174) in a single reporting batch show cumulative lead-silver intersections >50m
 One of the last drill-holes drilled in the Program (AB195) was drilled to target the interpreted copper and gold zone – Assays remain pending for that hole but three holes reporting today coincidentally extended into copper and gold mineralisation, with notable significant intersections including:
 3.0m at 2.0% copper, 2.3g/t gold and 29g/t silver from 401.6m in
AB174
 6.0m at 1.8% copper and 1.3g/t gold from 391.8m in AB179
 4.9m at 1.0 g/t gold and 24g/t silver from 424.2m in AB166
 Drilling density has been substantially improved (eg, area covered by 30 x 30m or better spacing has increased approximately five fold), particularly over the shallower northern side of Abra, providing opportunities for optimisation of the early years of the mine plan
 Preparatory construction works have resumed at the Project – on site installation of the remaining 200 camp units and other ancillary buildings is underway alongside various civil works such as the explosives magazine (completed) and various site clearing and earthworks, including preparation of the pad for the processing plant

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