GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ending 31 December 2020 (the “Quarter”),

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

  • Best high-grade lead-silver drill hole ever at Abra (hole AB147), with
    >86m of cumulative significant intersections, including:
    • 17.5m at 9.6% lead and 34g/t silver from 266.2m
    • 20.9m at 7.3% lead and 20g/t silver from 288.1m
    • 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

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 it passed through an approximately 45m zone of visual intermittent massive and disseminated copper-bearing chalcopyrite mineralisation from a down-hole depth of 752m

A number of holes targeting lead-silver 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

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ending 31 December 2020 (the “Quarter”), largely focused on advancing its 77.28%-owned Abra Base Metals Project (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

ABRA BASE METALS PROJECT (77.28%)

Abra comprises a granted Mining Lease, M52/0776 and is surrounded by the Exploration Licence E52/1455, together with several co-located General Purpose and Miscellaneous Leases. The Project is 100% owned by Abra Mining Pty Limited (“AMPL”), which in turn is currently 77.28% owned by Galena, with the remainder owned by Toho Zinc Co., Ltd. (“Toho”) (pursuant to an
Investment Agreement and Shareholders Agreement with Toho).

Abra is fully permitted and commenced initial construction works in September 2019.

Click here for the full press release.

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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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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Abra Base Metals Project Drilling Results

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!”

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

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Lake Resources NL Bonus Issue to Shareholders

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As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

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Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

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Rio Tinto commits funding for Jadar lithium project

Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

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In exceptional market conditions, Rio Tinto achieves record financial results and declares total interim dividend of 561 US cents per share, 75% of underlying earnings

Rio Tinto Chief Executive Jakob Stausholm said “Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

“We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential.”

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Lake Resources NL Bonus Issue to Shareholders

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in recognition of the support received from its shareholders, wishes to advise that it intends to undertake a bonus issue of options (Bonus Options) to all shareholders with an address in Australia or New Zealand (Eligible Shareholders) at 5:00 pm (Sydney time) on the Record Date (set out in the indicative timetable set out below*).

As the Bonus Options will be issued for nil consideration, Lake is raising no capital from their issue. For every ten (10) shares held at 5:00 pm (Sydney time) on the Record Date, Eligible Shareholders will be issued with one (1) free Bonus Option.

The Bonus Options will have an exercise price $0.35 each, expiring on 15 October 2021 and, if exercised, each will result in the allotment and issue of one (1) fully paid ordinary share in Lake. Lake will not seek listing of the Bonus Options on ASX.

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Lake Resources NL Argentina based Director Strengthens Board

Sydney, Australia (ABN Newswire) – Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) has strengthened its Board, announcing today the appointment of experienced energy/natural resources lawyer, Sra. Amalia Saenz as a Non-Executive Director.

Based in Buenos Aires, Sra. Amalia’s appointment will assist Lake and its local team in Argentina in engaging with local stakeholders and preparing for the development of clean lithium production in Argentina.

Sra. Saenz is a partner at the law firm, Zang, Bergel & Viaes in Buenos Aires, where she leads the firm’s energy and natural resources practice.

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Classic Minerals Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) – Classic Minerals Limited (ASX:CLZ) has made significant progress at Kat Gap during the quarter as it strives to become a gold producer.

Highlights of the quarter include:

– Assay results returned for infill RC drilling testing the gap between oxide and deeper fresh rock high-grade gold mineralisation at Kat Gap.

Keep reading... Show less

Rio Tinto commits funding for Jadar lithium project

Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

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A key focus of the new CFO will be to guide a panel of international project financiers to successfully secure funding for Lake’s lithium production.

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