Final Results From 2020 Abra Drilling Program

Galena Mining Ltd. (“Galena” or the “Company”) (ASX: G1A) announces the fifth and final batch of assay results from the now completed 2020 Abra Drilling Program at the Abra Base Metals Project (“Abra” or the “Project”).

Highlights:

  • Three additional drill-holes showing cumulative lead-silver intersections >50m (AB183A, AB192 and AB200A), including
    • AB200A recorded the longest cumulative +5% lead grade intersections ever observed at Abra at 103m
  • Outstanding lead-silver intersections in this announcement continue to confirm wide, high-grade mineralised zones:
    • AB200A:
      • 22.5m at 9.0% lead and 17g/t silver from 301.0m
      • 14.9m at 12.3% lead and 15g/t silver from 391.7m
      • 40.9m at 7.6% lead and 14g/t silver from 425.0m
    • AB184 – 27.9m at 8.6% lead and 16g/t silver from 378.4m o AB176:
      • 22.5m at 9.0% lead and 17g/t silver from 301.0m
      • 14.9m at 12.3% lead and 15g/t silver from 391.7m
      • 40.9m at 7.6% lead and 14g/t silver from 425.0m
      • 15.9m at 11.8% lead and 28g/t silver from 378.9m
      • 13.5m at 7.7% lead and 22g/t silver from 398.9m
    • AB183A:
      • 13.1m at 8.2% lead and 35g/t silver from 291.1m
      • 21.2m at 8.5% lead and 19g/t silver from 307.8m
      • 10.8m at 13.3% lead and 19g/t silver from 369.4m
    • AB185 – 13.6m at 11.3% lead and 27g/t silver from 352.4m
    • AB177 – 19.9m at 6.9% lead and 13g/t silver from 287.2m
    • AB198 – 11.9m at 10.2% lead and 48g/t silver from 271.8m
    • AB181 – 17.3m at 7.0% lead and 22g/t silver from 276.4m
    • AB191 – 11.6m at 9.6% lead and 16g/t silver from 411.4m
  • 43 (75%) of the 57 drill-holes drilled in the 2020 Abra Drilling Program exceeded or met grade and thickness expectations compared to the October 2019 Resource model
  • Eight holes from the program showed cumulative down-hole significant (+5% lead) lead-silver intersections >50m, including AB147, Abra’s ‘best hole ever’
  • Optiro are well advanced in preparing an updated Mineral Resource estimate, which is expected to be completed in the coming weeks

Galena Mining Ltd. (“Galena” or the “Company”) (ASX: G1A) announces the fifth and final batch of assay results from the now completed 2020 Abra Drilling Program at the Abra Base Metals Project (“Abra” or the “Project”).

Managing Director, Alex Molyneux commented, “With these being the final assays from the 2020 Abra Drilling Program, we’re already quite advanced on an updated Mineral Resource estimate for the Project. Furthermore, I believe the success of this program in defining and extending the shallow, metal rich zone on the north-eastern side of the orebody will present well for mine plan optimisation opportunities.”

He went on to say, “We also thank the Bureau Veritas team in Perth for their diligence in successfully delivering over 10,000 individual sample assays, including over the Christmas period under some difficult operating conditions with Covid restrictions.”

2020 ABRA DRILLING PROGRAM

This announcement concludes the release of all assay results for the 57 drill-holes successfully completed during the 2020 Abra Drilling Program.
This release includes assays from 22 drill-holes (AB176, AB177, AB180W1 to AB194, and AB196 to AB200A). The assay results for the first 35 drill-holes (AB144 to AB175, and AB178 to AB179, and AB195) were announced on 19 October 2020, 18 November 2020, 22 January 2021 and 22 February 2021.

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). However, drill-hole AB147 (reported on 19 October 2020) encountered 86.1 metres of combined down-hole cumulative thickness of significant intersections and was considered to be the best high-grade lead-silver drill-hole in Abra’s history. AB147 was successful in confiriming a ‘metal rich’ zone not currently in the early years of the mine plan used for the Feasibility Study, in this case a relatively shallow zone on the northeastern limb of the Indicated portion of Abra’s Mineral Resource. An additional 16 drill-holes were added to the 2020 Abra Drilling Program in the area around AB147 with the aim to define the zone with 30 metre by 30 metre and better drill-hole spacing to enable its inclusion in detailed mine planning for the early years of an updated mine plan. The added drill-holes cover an area approximately 100 metres (north-south) by 200 metres (east-west), extending outside of the Indicated Resource area modelled for the Apron Zones 101 and 102 lode in the October 2019 Resource, into the Inferred area between the two northern limbs of the Indicated Resource boundary (see Figure 1 below).

Of the sixteen drill-holes added to the drilling program, the assay results for nine are being reported in this ASX announcement (AB177, AB183A, AB185, AB187A, AB190, AB193, AB194, AB198 and AB199). These holes continued to show strong cumulative down-hole thicknesses of significant lead-silver intersections as has been observed in prior holes reported in the vicinity. Drill-holes AB183A and AB177 respectively encountered 50.1 metres and 46.9 metres of combined down-hole cumulative thickness of significant intersections.

Towards the end of the 2020 Abra Drilling Program, two drill-holes being reported in this announcement (AB200A and AB192) were drilled to target another potential metal rich zone towards the south and on the eastern margin of the deposit. These drill-holes were highly successful, with some of the strongest cumulative down-hole thicknesses of significant lead- silver intersections observed to date at Abra. Drill-holes AB200A and AB192 respectively.

Click here to connect with Galena Mining Ltd. (ASX: G1A) for an Investor Presentation.

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Australia took a stand against Facebook and Google earlier this year, and the move could have long-term implications for tech investors.

It was a ban that sent Australians wild and had the whole world watching.

Back in February, Facebook (NASDAQ:FB) stopped users in Australia from posting news in a week-long blackout, reacting to proposed legislation that would have forced the social media behemoth to pay publishers for content.

What prompted Facebook to "friend" Australia again, and what are the potential long-term implications of the squabble? Read on to learn what tech-focused investors in Australia should know about the situation.


Australia squares off against Facebook

On February 25 of this year, Australia's federal government passed the News Media and Digital Platforms Mandatory Bargaining Code. It was developed after extensive analysis by the Australian Competition and Consumer Commission, and is aimed at ensuring that news media businesses are fairly remunerated for their content.

It stipulates that digital platforms such as Facebook and Google (both named in the documentation) must pay news outlets whose content they feature — for example, if content is shared on Facebook or shows up in Google search results. The idea is that this will help to sustain journalism in Australia.

Unsurprisingly, Facebook and Google didn't react well to the code, which was first introduced in 2020.

Google didn't make any moves after it passed, but Facebook quickly made it impossible for Australian users to share news content, and pages for both local and international news organisations went blank — a major concern given the COVID-19 and wildfire concerns that were circulating at the time.

Australian Prime Minister Scott Morrison was scathing about Facebook's decision — which he ironically shared in a Facebook post — declaring the tech giant's actions "as arrogant as they were disappointing." He added, "These actions will only confirm the concerns that an increasing number of countries are expressing about the behaviour of BigTech companies who think they are bigger than governments and that the rules should not apply to them."

Despite strong feelings from both Australia and Facebook, the dispute was resolved fairly quickly, with the country agreeing to make four amendments to the legislation and Facebook restoring Australian's access to news.

Implications for Big Tech and news organisations

Both Australia and Facebook have claimed victory in the dispute, with a Facebook representative saying the company will be able to decide if news appears on the platform — meaning it won't automatically have to negotiate with any news businesses. Changes were also made to the arbitration process.

Tech experts have pointed out that larger news companies may ultimately benefit from the changes, but smaller ones could be pushed to the side. Major publishers that have struck agreements with tech giants, such as News Corp, Nine Entertainment (ASX:NEC,OTC Pink:NNMTF), Seven West Media (ASX:SWM) and Guardian Australia, may be able to increase their market share while smaller independent players lose out.

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"The United States should not object to a creative Australian proposal that strengthens democracy by requiring tech companies to support a free press. It should copy it instead."

Global reach and tech investor impact

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

That said, market watchers do believe the country is part of a new precedent of forcing Big Tech into paying for journalism — something giants Facebook and Google are not used to.

Countries looking to pursue similar legislation include Canada, where Facebook agreed in May to pay 14 publishers to link to their articles on its COVID-19 and climate science pages, as well as other unspecified use cases. Canada is pursuing other avenues too. Meanwhile, in France, Google said it will pay publishers for news content after the country took up new EU copyright laws that make digital platforms liable for infringements.

For investors, the takeaway is perhaps that while companies like Facebook and Google may seem too big too fail, they too can fall subject to new regulations that can change how they do business. As nations around the world look to take back control from these mega companies, it's important to be aware of possible effects on their bottom lines.

Don't forget to follow @INN_Australia for real-time updates!

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

Queensland is the 16th most attractive jurisdiction in the world, sneaking in above BC and the Yukon in Canada, and just behind New Mexico in the US.

Queensland is one of the top three Australian jurisdictions for copper.

While it's well behind South Australia, a behemoth in the country for resources and production, Queensland hosts some 12 percent of all known Australian copper deposits, level with its southern neighbour New South Wales.

A premier mining jurisdiction globally, Queensland is ranked third out of all Australian jurisdictions for mining investment attractiveness, according to the Fraser Institute. Globally, it's ranked as the 16th most attractive jurisdiction, sneaking in above BC and the Yukon in Canada, and just behind New Mexico in the US.


The state is renowned for its mining prowess in Australia, and is known as one of the resource states, with a large chunk of its economic heft coming from the mining industry and its operations across the vast state.

Overall, mining accounts for 11.7 percent of Queensland's economy, with coal and liquefied natural gas being the primary focus of output. Together, coal, gas and mineral exports account for over 80 percent of Queensland's exports, according to the state government.

Having said that, copper plays a large role, and Queensland is home to the second biggest producer of copper in Australia in the form of Glencore's (LSE:GLEN,OTC Pink:GLCNF) Mount Isa mining complex in the northwest of the state. There, Glencore owns and operates the Enterprise and X41 mines.

Aside from Mount Isa, Glencore owns the nearby Ernest Henry copper mine. Combined, Glencore's Queensland operations produced 138,800 tonnes of copper in 2020 — accounting for a little over 10 percent of the company's global copper production. Glencore isn't listed on the ASX, but can be found on the LSE.

Besides the Mount Isa complex itself, there's also a handful of other operational mines in the northwestern portion of the state, although most of them are privately owned, such as the Capricorn copper project, which is a joint venture between EMR Capital and Lighthouse Minerals; it secured itself "prescribed project" status in 2017.

Other privately owned projects include Round Oak's Barbara project (in care and maintenance), Chinese-backed CuDECO's Rockland copper project (mothballed, CuDECO in liquidation) and Chinova's Osborne mine — which was originally set up by Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF). There's also the Balcooma mine, which Royal Gold (NASDAQ:RGLD) has copper royalties on, and the privately owned Mount Cuthbert mine.

Many of the mentioned projects ran into trouble in 2020, with the COVID-19 pandemic limiting company operations.

All in all, Queensland has 13 operational copper mines, but as can be seen many are in private hands, making investment opportunities somewhat slim. Aside from previously mentioned Glencore operations, there's Red River Resources (ASX:RVR,OTC Pink:RRRDF), which owns the Thalanga operations near Charters Towers. Red River acquired Thalanga in 2014, and has been working to develop the legacy site back into a viable investment.

From the beginning of production in 2017, the operations have a lifespan of some 10 years, according to Red River, with further development and exploration options on the table. In its most recent quarterly report, Thalanga reported output of 3,086 tonnes of copper concentrate.

The remainder of the options on the table for investors are exploration focused, such as Copper Mountain Mining (ASX:C6C,OTC Pink:CPPMF) with interests in the Eva copper project, which is — unsurprisingly — in the northwest of the state, near the town of Cloncurry. Eva is in the development phase, with a feasibility study completed in early 2020 envisaging a 15 year mine life with an annual expected output of 106 million pounds of copper equivalent.

There's also Global Energy Metals (TSXV:GEMC,OTCQB:GBLEF), which like Glencore isn't on the ASX, but has interests in the Millenium cobalt-copper-gold project and others near Mount Isa — all in the exploration stage.

Aside from that, Strategic Energy Resources (ASX:SER) acquired exploration licences from Newcrest Mining (ASX:NCM,OTC Pink:NCMGF) in May 2021 for licences around Mount Isa, and Zenith Minerals (ASX:ZNC) is exploring the Develin Creek copper-zinc project. Zenith recently divested from another copper project, Flannagans, in June 2021 by selling its interests to a private company for $450,000.

Don't forget to follow us @INN_Australia for real-time updates!

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

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