AB147 has identified, subject to additional drilling in its vicinity, a potentially mineable domain approximately 30m closer to surface than the shallowest currently planned mining zone

HIGHLIGHTS:

  • First assays received includes the best high-grade lead-silver drill-hole ever at Abra based on combined cumulative thickness and grade, hole AB147, which included:
    • 17.5m at 9.6% lead and 34g/t silver from 266.2m
    • 20.9m at 7.3% lead and 20g/t silver from 288.1
    • 35.5m at 15.1% lead and 22g/t silver from 321.8m
    • 8.9m at 17.1% lead and 26g/t silver from 366.2m
  • AB147 is considered an outstanding success given it was planned to target a potential ‘metal rich’ zone for life of mine plan optimization
  • Importantly, AB147 has identified, subject to additional drilling in its vicinity, a potentially mineable domain approximately 30m closer to surface than the shallowest currently planned mining zone
  • Other notable significant intersections include:
    • 11.5m at 17.2% lead and 27g/t silver from 302.6m in hole AB146
    • 10.6m at 8.6% lead and 17g/t silver from 396.5m in hole AB148

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

Managing Director, Alex Molyneux commented, “We’re astounded at the success of hole AB147 in targeting a potential ‘metal rich’ combination of grade and thickness on the northern part of the eastern limb of Abra’s Indicated Resouce area, which is shallow and close to the current plan for early decline infrastructure. We have added a number of follow-up holes around AB147 to the drilling program with the intention to bring this area into the early years of the mine plan as an optimisation.”

2020 ABRA DRILLING PROGRAM

25 diamond core drill-holes (AB144 to AB168) for 10,646 cumulative linear metres of the 2020 Abra Drilling Program have been completed so far. Albeit, this release only includes assays from the first five holes due to the slow progress in receiving assays.

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 being reported in this announcement encountered a number of outstanding significant intersections reaching a combined down-hole thickness of 86.1 metres. Based on combined cumulative thickness and grades, it’s the best high-grade lead-silver drill-hole in Abra’s history. Importantly, AB147 was one of the holes 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 have been added to the 2020 Abra Drilling Program in that area and its currently likely the overall program could exceed 22,000 metres.

There are now three drill-rigs operating at Abra with the capacity to drill a cumulative 1,400-1,800 metres per week. Assays have taken some time because drilling initially commenced with one drill-rig only and it took some weeks to ramp-up to three rigs due to drill-rig availability. Assays have also been slower to be received than for past programs due to capacity issues with sample logistics operators and lab backlogs.

DRILL-HOLE ASSAYS

Assays for five drill-holes (AB144 to AB148) are being reported in this announcement and assays for 20 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.

Galena Mining 3D Model Resource

Galena Mining Abra Schematic Cross Section

Drill-holes AB146, AB147 and AB148 provided the following significant mineralised intersections:

  • AB146
    • 6.3m at 5.7% lead and 12g/t silver from 279.5m; and
    • 11.5m at 17.2% lead and 27g/t silver from 302.6m
  • AB147
    • 4.3m at 6.3% lead and 20g/t silver from 255.9m;
    • 17.5m at 9.6% lead and 34g/t silver from 266.2m;
    • 15.8m at 9.6% lead, 4.49% zinc, and 32g/t silver from 280m;
    • 20.9m at 7.3% lead and 20g/t silver from 288.1m;
    • 35.5m at 15.1% lead and 22g/t silver from 321.8m; and
    • 8.9m at 17.1% lead and 26g/t silver from 366.2m
  • AB148
    • 10.6m at 8.5% lead and 17g/t silver from 396.5m

There were no significant intersections to report from AB144 and AB145. These holes were on the north eastern margin of the Apron Zone on the flanks of the proposed mining areas. AB144 intersected 0.4m at 7.5% lead and 43g/t silver from 396.2m and AB145 intersected 1.5m at 5.9% lead and 18g/t silver from 376.3m and 1.5m at 10.2%Pb and 28g/t Ag from 381.7m. Despite being at the flanks of proposed mining areas, these holes provide encouragement that mineralisation remains open to the west.

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

Competent Person’s Statement

The information in this report to which this statement is attached that relates to exploration results and drilling data is based upon information compiled by Mr Angelo Scopel, MAIG, a full time employee for Abra Mining Pty Limited. Mr Scopel has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Scopel consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

About Abra Base Metals Project

86.16% owned by Galena, the Abra Base Metals Project (“Abra” or the “Project”) is a globally significant lead-silver project located in the Gascoyne region of Western Australia (between the towns of Newman and Meekatharra, approximately 110 kilometres from Sandfire’s DeGrussa Project).

Galena completed an outstanding definitive / bankable feasibility study (“FS”) (see Galena ASX announcement of 22 July 2019) for development of a mine and processing facility with a 16-year life producing a high-value, high-grade lead-silver concentrate containing approximately 95kt of lead and 805koz of silver per year after ramp-up. Based on a pre-development capital expenditure estimate of A$170 million, the FS modelled a pre-tax net present value for Abra (at an 8% discount rate) of A$553 million and an internal rate of return of 39%.1

Note: 1 Information relating to the production target and financial information derived from the production target is extracted from the ASX announcement of 22 July 2019. Galena confirms that that all material assumptions underpinning the production target, or forecast financial information derived from a production target, in that announcement continue to apply and have not materially changed.

Source

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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