Galena Mining Limited has 100% ownership of the Abra lead-silver deposit in Western Australia. The Abra Deposit is located within a granted mining lease and boasts a resource of 11.2 Mt @ 10.1% Pb & 28ppm Ag at a 7.5% Pb cut-off which was released in March 2018.
Galena Mining listed on the ASX in September 2017 and has since completed a drilling campaign at Abra totalling over 8,000m which included significant intercepts returned of:
- AB70: 31.4m @ 14.5% lead from 437.0m
- AB73A: 13.8m @ 13.5% lead, 42ppm silver from 596.7m
- AB77: 7.6m @ 10.2% lead, 9ppm silver from 398.5m
- AB77: 31.7m @ 13.5% lead, 27ppm silver from 542.3m within 53.3m @ 10.9% lead, 20ppm silver from 521.1m in AB77
- AB78: 21.7m @ 12.0% lead, 21ppm silver from 550.3m
- AB79: 30.0m @ 10.9% lead, 9ppm silver from 552.2m
- AB80:13.3m @ 10.5% lead, 15ppm silver from 430.0m
- AB81: 7.0m @ 13.0% lead, 18ppm silver from 452.0m
- AB81: 18.7m @ 10.8% lead, 15ppm silver from 574.2m
Mr Troy Flannery was appointed Chief Operating Officer of Galena in February 2018 to the drive the Company towards development of the world-class Abra base metals deposit. Work has begun on a pre-feasibility study which is on track for delivery in Q3 2018.
The high-grade portion of Abra deposit is well mineralised with abundant coarse galena (PbS) crystals which report exceptionally well to flotation processing - historic testwork achieved a +90% recovery. Low capital and operating cost flotation is proposed for the Project to produce a high grade lead-silver sulphide concentrate. A typical concentrate contains approximately 55-65% Pb + Ag and can be transported over large distances due to its high value.
In January 2018 lead reached its highest price since 2011. Demand for lead increased from 7.3Mt in 2004 to 11.3Mt in 2016 representing an increase in demand of 45% over 11 years. The primary use of lead is within batteries – over 75% of lead demand is utilised in lead-acid batteries, in vehicles and for solar power storage.
BOARD OF DIRECTORS
Mr Adrian Byass
BSc Geol Hons, B. Econ, MAIG & FSEG
+20 years in the mining industry both in listed and unlisted entities globally, Non-Executive and Executive Director of various listed and unlisted mining entities, which have successfully transitioned to production in bulk, precious and speciality metals around the world. Currently on the Boards of ASX phosphate, zinc, nickel and lithium companies.
Mr Jonathan Downes
BSc Geol, MAIG
+20 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with nickel, gold and base metals, he has also been intimately involved with numerous private and public capital raisings.
Mr Downes is on the board of several ASX-listed companies; he was a founding director of Hibernia Gold (now Moly Mines Limited) and Siberia Mining Corporation Limited and is a non-executive director of Corazon Mining Limited.
Mr Oliver Cairns
Corporate Financier specialist with extensive experience at management and Director level; on both AIM and ASX listed companies. Mr Cairns has experience in capital markets, M&A, IPO, corporate governance, IR experience across the resources and industrial sectors.
Mr Tim Morisson
B. Econ, MBA
+20 years in the finance industry and capital markets. A partner of Empire Equity which is a Perth based boutique investment advisory company. Tim has extensive experience in ASX and resource-related companies.
Mr Edward Turner
B ASc (Geol), MAIG
30 years experienced geologist throughout Europe, South America, Africa and Australia in a range of roles encompassing base, precious and specialty metals for leading mining companies. Technical strengths include exploration, underground mining, resource estimation, feasibility studies and development level work.
Mr Troy Flannery
BEng(Min), MAppFin, FCMMC
Mr Flannery has been working in the mining industry for over 20 years including 5 years in corporate and 16 years in senior mining engineering / project development roles. He has a degree in Mining Engineering, Masters in Finance & First Class Mine Manager’s Certificate of Competency.
Mr Flannery has worked at numerous mining companies, mining consultancies & contractors (including BHP, Newcrest, Xstrata, St Barbara Mines & AMC Consultants).
Mr Stephen Brockhurst,
Mr Brockhurst is the founding Director of Mining Corporate Pty Ltd and has 15 years’ experience in the finance and corporate advisory industry and has been responsible for the preparation of the due diligence process and prospectuses on a number of initial public offers. His experience includes corporate and capital structuring, corporate advisory and company secretarial services, capital raising, ASX and ASIC compliance requirements.
Mr Brockhurst has served on the board and acted as Company Secretary for numerous ASX listed and private companies. He is currently a Director of Roto-Gro International Limited and International Goldfields Limited and Company Secretary of Jacka Resources Limited, Lindian Resources Limited, Volt Resources Limited, Estrella Resources Limited and Cabral Resources Limited.
The Abra base metals deposit (Pb-Ag-Cu-Au) is one of the largest, undeveloped lead deposits in the world. Galena Mining Limited holds a 100% interest in Abra.
Abra is located approximately 200km north of Meekatharra in the Ashburton Basin of central Western Australia. The tenements are accessible via the Great Northern Highway through public unsealed roads.
Abra has undergone extensive exploration since discovery (early 1980’s) and a substantial resource has been identified. The Abra deposit is broadly split into an upper lead (Pb) and silver (Ag) rich zone (Upper Lead Zone) which overlies a polymetallic (copper-gold-lead-silver, Cu-Au-Pb-Ag) zone (Basal Copper Zone).
Drilling has identified a substantial, high-grade core of massive lead-silver mineralisation which can be described as a ‘core’ feature within the Upper Zone. This high-grade core is highlighted by an extensive list of very high-grade results within a large, coherent ore-body.
2007 Metallurgical test-work by delivered up to 96% Pb recovery, up to 90% Ag recovery using conventional flotation methods. Product would be a lead-rich sulphide concentrate. This type of material has been shipped out of Geraldton from the Golden Grove mine for over 25 years.
Exceptional lead, silver and gold grades in development drilling at Abra
- Highest grade lead intercept from the “Apron” to date delivers: 15.4m @ 25.9% lead and 74 g/t silver from 519.1m
- Highest grade gold intercept drilled to date of 8m @ 9.5 g/t gold, 1.4% lead, 0.6% copper and 77 g/t silver from 706m
- 5.8m @ 9.6% lead and 29 g/t silver from 540.6m in AB83
- 4.2m @ 8.1% lead and 14 g/t silver from 371.2m in AB82
- Drilling converting Inferred to Indicated JORC, ongoing with two rigs and assays pending for a further 6 holes
Galena Mining Limited (ASX: G1A) (“Galena” or the “Company”) is pleased to announce further high-grade lead (Pb), silver (Ag) and gold (Au) intersections from its Abra Base Metal Project. An infill programme designed to increase confidence in parts of the resource within the Pre-feasibility Study was commenced in late May. The programme was based on underground optimisation work as published in the Scoping Study (ASX release 28th June 2018) and was designed to convert Inferred Resources to Indicated Resources and support Galena’s ongoing study work (Figure 1). These results are from the first two holes of thisresource development drilling program and support the work and results published by Galena.
Galena CEO Ed Turner commented:
”We are extremely pleased with these results as they continue to support our geological and resource model for the Abra deposit which drives our optimisations. The exceptional high-grade lead-silver and gold-copper mineralisation intersected in AB83 provides further encouragement as, like AB82, was in areas designated as ‘Inferred’ in the JORC resource (March 2018). Significant high grade gold intercepted was unexpected and adds support to further investigating an increasingly interesting copper-gold story at depth below the base of the current JORC resource. We look forward to releasing further results from this drilling program in the coming weeks and the results of a Pre-Feasibility Study for which we are fully funded. This study will be completed in Q3 2018.”
Drillhole AB82 also intersected mineralisation from the targeted Apron position returning 4.2m @ 8.1% Pb and 14 g/t Ag (see Figure 2). This intersection is within current Inferred material.
Assays are pending for six additional holes with further highly encouraging results anticipated to be announced over the coming weeks. Two drill rigs are currently on site with the program expected be completed in early August.