Galena Mining (ASX:G1A) has launched its campaign on the Investing News Network.

Galena Mining (ASX:G1A) has launched its campaign on the Investing News Network. Galena owns the Abra base metals project located in the Gascoyne region of Western Australia, which is home to one of the largest lead and silver deposits in the world. The company is strengthened by and leveraging partnerships with Japan’s largest zinc and lead smelter, Toho Zinc (TSE:5707), as well as with one of the top base metals trading firms in the world, IXM SA.

The Abra project’s excellent location, infrastructure, and low technical risk saw this mine named as the world’s lowest cost primary lead mine by Wood Mackenzie, a leading mining research and consultancy group.


Galena Mining’s Company Highlights

  • Completed a bankable feasibility study (BFS):
    • 16 year lifespan producing high-value, high-grade lead-silver concentrate
    • Pre-tax NPV of A$553M at spot prices
    • C1 direct cash cost to be among the lowest for global primary lead producers at US$0.44/lb
    • Estimated pre-production capital expenditure of A$170M
    • Higher NPV, longer mine life and lower C1 direct cash cost compared to PFS
  • Major partnerships include Toho Zinc, Japan’s largest zinc and lead smelter and IXM SA, one of the top three base metals trading firms in the world.
  • The Abra project is located in the Gascoyne Region of Western Australia, home to one of the largest undeveloped lead deposits in the world and the highest-grade lead concentrate available globally.
    • The Abra project carries a JORC estimate of 16.7 Mt at 8.5 percent lead and 24 g/t silver in the indicated category and 24.4 Mt at 6.5 percent lead and 14 g/t silver in the inferred category.
    • The Abra project has been named the world’s lowest cost primary lead mine by Wood Mackenzie, a leading mining research and consultancy group.
  • Initial construction activities have been commenced, with the project being “shovel ready” to commence the plant construction and deployment of the mining contractor.
  • US$110 million of project financing debt facilities have been procured from leading mining-specialist lending fund Taurus Funds Management.
  • Galena’s management team brings decades of experience in the mining and base metals industry and has a proven track record of success throughout all stages of an exploration, from development to production.

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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