Galena Mining (ASX:G1A) has reported a string of fresh ‘high-grade’ silver and lead assays from the Abra Base Metals Mine in Western Australia.
The company, which has a $90.30 million market capitalisation, says the results reinforce its confidence in the existing mine plan, mineral resource conversion and extension, and production guidance for the project.
What’s more, these new results were generated from ongoing underground diamond drilling and follow the data cut-off associated with the project’s most recent 2023 Mineral Resource Estimate (MRE).
Galena reports this updated MRE highlighted no material change in grade or tonnage for the MRE after mining and the re-interpretation of the upper margin of the orebody following underground access and mapping.
Since the MRE update data cut-off date (5 May 2023), a further 70 holes have been completed, with 2 underground drill rigs continuing to work at Abra.
Key new intercepts include 18.9m @ 17.1% lead (Sb) and 30 grams per tonne (g/t) silver (Ag); 38.3m @ 12.1% Sb and 15.4g/t Ag; 35.7m @ 11.7% Sb and 53.4g/t Ag; and 38.9m @ 10% Sb and 40.9g/t Ag.
Galena states a ‘significant’ portion of the mining plans over the next 12 months is now drilled to a 12m x 12m spacing, with results returned from areas within and adjacent to these work areas expected to further improve the metal production during this time.
This drilling has been designed to confirm the extension of mineralisation from both the Apron and Core zones to the northeast of the deposit, which is expected to increase the size of the MRE based on Galena’s current observations and understanding of mineralisation.
As a result, this will lead to some drilling of the Abra North and Abra Copper-Gold targets below the existing mineralisation, with planning already underway, says Galena.
Speaking on the results, Galena Mining Managing Director Tony James says: “These strong results complement our mine plans over the next 12 months. Geologically, they show the importance of the interface between the Core and Apron zones and the potential extension of the deposit to the Northeast. As mining progresses in these areas on multiple fronts and levels, it will generate enormous opportunity for us as we continue improving our production profile.”
“As mining progresses in these areas on multiple fronts and levels, it will generate enormous opportunity for us as we continue improving our production profile“
Galena Mining is the majority owner of the Abra project (60% interest), which is a ‘globally significant’ lead-silver project located in the Gascoyne region of Western Australia.
Galena had $19.3 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Galena Mining
