GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) announces that Abra Mining Pty Limited ("AMPL"), the joint-venture company for the Abra Base Metals Project ("Abra" or the "Project") has received US$30 million following completion of the first drawdown of the Taurus Debt Facilities (see Galena ASX announcements of 12 November 2020 and 15 June 2021 for more information on the terms of the Taurus Debt Facilities).


Managing Director, Tony James commented, "The receipt of the first US$30 million drawdown from Taurus is an important milestone on our pathway to first production of high-value, high-grade lead-silver concentrate from Abra in the first quarter of 2023. We appreciate the great relationship we have with Taurus as a funding partner."

Following this initial US$30 million received, US$80 million of funding remains under the Taurus Debt Facilities (equivalent to A$105 million at current exchange rates), made up of:

  • US$70 million Project Finance Facility; and
  • US$10 million Cost Overrun Facility.

The Taurus Debt Facilities are secured against Abra Project assets and over the shares that each of Galena and Toho own in AMPL, and additional drawdowns remain subject to satisfaction of customary conditions precedent.

The Board of Directors of Galena authorised this announcement for release to the market.

Click here for the full ASX release.

Activities Report for Quarter Ended 30 June 2021

Highlights

  • Final investment decision (FID) made to complete full development of Abra Mine, with first production scheduled for Q1 CY2023
  • Cash balance as at Quarter-end A$96.2M following final A$40M investment tranche received from Abra Joint Venture partner, Toho Zinc of Japan, and first US$30M drawn under the Taurus Project Debt Facilities
  • Early stage / enabling construction works continued during the Quarter with a further 2% of the Project being completed, taking cumulative Project completion to 17%
  • Achievement of 2020 Abra drilling objectives announced together with updated Mineral Resource estimate
  • Managing Director role transitioned to Mr Tony James, a Mining Engineer with considerable project development and operational experience in Western Australia

GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) reports on its activities for the quarter ending 30 June 2021 (the "Quarter"), largely focused on advancing its 60%-owned Abra Base Metals Project ("Abra" or the "Project") located in the Gascoyne region of Western Australia.

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Galena Achieves 2020 Drilling Objectives at Abra – Updates MRE

Galena Mining Ltd. (“Galena” or the “Company”) (ASX:G1A) announces achievement of the key objectives from the 2020 Abra Drilling Program and has subsequently completed an updated JORC Code 2012 Mineral Resource estimate (“April 2021 Resource”) for the Abra Base Metals Project (“Abra” or the “Project”) located in the Gascoyne region of Western Australia. The April 2021 Resource has been independently prepared by Optiro Pty Ltd (“Optiro”).

Managing Director, Alex Molyneux commented, “The objectives associated with the 2020 Abra Drilling Program were successfully completed. The Project now has over 100 kilometres of drilling in its database, and the geological confidence and understanding of the deposit continues to improve. Almost all of the new holes were drilled within the previous Mineral Resource envelope and over 75% of those holes achieved expected or better results. This Mineral Resource update will now feed into an optimised mine plan, and mine development will allow for underground drilling to continue Resource development, particularly the conversion of significant Inferred Mineral Resources associated with the Core Zone
mineralisation, which remains open in several directions and also hosts the interpreted copper-gold zone.”

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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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