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Corporate Spotlight

The Company's management strategy and the purpose of this Offer is to provide Galena with funding to systematically explore the Company's key projects, being the Mulgul and Jillawarra Projects, by conducting drilling and assaying, resource modelling and metallurgical testing, conduct scoping studies
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Interview with Alexander Molyneux from Galena

ABRA FINAL PERMITTING

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ABRA FINAL PERMITTING ON-TRACK 

ASX Announcement 3 January 2019 


HIGHLIGHTS: 

  • Acceptance of Works Approval applications for all mining, processing and tailings storage by WA Department of Water and Environmental Regulation 
  • Acceptance of Mining Proposal application by WA Department of Mines, Industry Regulation and Safety 
  • Several miscellaneous and general purpose leases granted for plant and infrastructure 
  • Several minor and / or less time critical permits granted for waste water treatment plant, native vegetation clearing, and construction of production water bores 
  • On-track to be fully permitted within Q2 CY2019


GALENA MINING LTD. ("Galena" or the “Company”) (ASX: G1A) has now had its application for a Works Approval for construction of the proposed processing plant and tailings storage facilities accepted by the Western Australian Department of Water and Environmental Regulation (“DWER”) for its wholly-owned Abra Base Metals Project (“Abra” or the “Project”) located in the Gascoyne region of Western Australia. In Galena’s opinion, according to estimated application processing times, this latest Works Approval will be the last major approval to be gained for Abra to be fully permitted and its acceptance at this time puts the Project on-track to complete permitting within the second quarter of the 2019 calendar year. As such, we provide this general update on Abra permitting and approvals.


Managing Director, Alex Molyneux commented, “We believe this latest DWER Works Approval application will be the final ‘gating’ permit to having Abra fully permitted. It is very pleasing to have it accepted as it confirms we’re on-track to have permitting completed in Q2.” 


STATUS OF MAJOR PERMITS 

Galena has received notification that its application for a Works Approval for construction of the proposed processing plant and tailings storage facilities has been accepted by the Western Australian DWER for Abra. This application is in addition to a DWER Works Approval application for mine construction that was accepted in September 2018. Furthermore, the Mining Proposal, Mine Closure Plan and Environmental Management System applications were lodged and accepted by the Western Australian Department of Mines, Industry Regulation and Safety (“DMIRS”) in October 2018.


The latest DWER Works Approval application is the final major approval to be submitted and based on current estimated processing times at the various departments, it is anticipated to be the final approval received to put Abra in a position to be fully permitted.


As previously stated, based on previously completed base line environmental studies, Abra does not require EPA approval.


Galena now expects to finalise permitting for the Project within the second quarter of 2019 calendar year. 


TENEMENTS AND LEASES 

As previously stated, the Abra deposit sits entirely within a granted Mining Lease (M52/0776) and is surrounded by a contiguous Exploration Licence (E52/1455). In addition, in the last three months the Company has been granted a number of General Purpose and Miscellaneous Leases to support future construction and operation of the Project. General Purpose Lease G52/292 has been granted immediately adjacent to the Mining Lease to its north and includes the sites for the proposed processing plant and tailings storage facilities. Three additional Miscellaneous Leases have been granted for an upgraded airstrip and other ancillary infrastructure.


Figure 1: Map showing current Abra tenements 

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GALENA UPDATES

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GALENA UPDATES RESOURCE, RESERVE & MINING INVENTORY 

ASX Announcement 17 December 2018 


HIGHLIGHTS: 

  • Updated JORC Mineral Resource estimate (Indicated plus Inferred) at 5.0% lead cut-off of 37.4Mt at 7.5% lead and 18g/t silver 
  • Updated JORC Probable Ore Reserve estimate of 10.3Mt at 8.8% lead and 24g/t silver 
  • 9% increase in lead metal grade in Ore Reserve and 7% increase in contained lead metal together with 18% increase in contained silver 
  • Revised mining inventory of 16.4Mt at 8.2% lead and 22g/t silver, compares favourably to mining inventory assumed for PFS: 
    • Approximately one-year extra life of mine vs. 14-years assumed for PFS 
    • ~6% higher average lead grade over life of mine 
    • Overall ~169kt additional lead metal 
    • Higher average silver grade and ~16% more silver metal 
  • Revised assessment of Resource geometry and revised mining inventory model results in ~13km less lateral development than assumed for PFS 
  • Given the potential for the combination of increased metal and lower development metres to materially improve the economic outcomes of the PFS, Galena intends to release an optimised PFS in early-2019 based on the revised mining inventory


GALENA MINING LTD. ("Galena" or the “Company”) (ASX: G1A) announces completion of an updated JORC Code compliant Mineral Resource estimate (“December 2018 Resource”) for its wholly-owned Abra Base Metals Project (“Abra” or the “Project”) located in the Gascoyne region of Western Australia, which has been independently prepared by Optiro Pty Ltd (“Optiro”). In addition, Galena has prepared an updated JORC Code compliant Ore Reserve estimate (“December 2018 Reserve”) and a revised mining inventory assessed on the new Resource.


Managing Director, Alex Molyneux commented, “It’s really pleasing to continue Abra’s development with updated resources, reserves and the new mining inventory model. We’re very excited about the extra grade and metal over the reduced lateral development and their combined potential for material enhancement to the economics of Abra.” 


DECEMBER 2018 RESOURCE 

Geological model 

Abra lies within sediments of the Proterozoic Edmund Group. Abra is a base metal replacementstyle deposit hosted by sediments. The primary economic metal is lead. Silver, copper, zinc and gold are also present but are of lower tenor.


The deposit can be divided into two main parts. The upper “Apron Zone” comprises stratiform massive and disseminated lead sulphides (galena) and minor copper sulphides (chalcopyrite) within a highly altered sequence of clastic and dolomitic sediments. Alteration products include jaspilitic rich sediments (the “Red Zone”) and a distinctive stratiform zone of hematite-magnetite alteration (the “Black Zone”). The Apron Zone extends for 1,000 metres along strike, 800 metres down dip and dips gently south.


The “Core Zone” underlies the Apron Zone and comprises an elongate funnel shaped body of hydrothermal breccias, veining and intense alteration overprinting gently south dipping sediments. The veining and breccia zones in the Core Zone form a feeder style flower shaped geometry in cross section. Hydrothermal veining dips moderately south on the northern flank, sub-vertically in the central parts and gently to the north on the southern margins. High-grade lead sulphide mineralisation is predominantly hosted in intensely veined zones. High-grade zinc sulphide mineralisation (sphalerite) is found in the central parts of the Core Zone. Copper (chalcopyrite) and gold mineralisation is sporadically found throughout the upper parts of the Core Zone but forms a semi-coherent body at the base of Core Zone. The Core Zone extends from 300 metres to 750 metres below surface and can be traced for 400 metres along strike. 


Figure 1 (below) shows a stylised cross-section of Abra along with regional stratigraphy and main zones of interest



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PROJECT DEVELOPMENT

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GALENA TO DIVEST NON-CORE ASSETS TO FOCUS ON ABRA BASE METALS PROJECT DEVELOPMENT

ASX Announcement 22 October 2018 

HIGHLIGHTS: 

  • Early stage polymetallic base metals exploration prospects, Woodlands, Manganese Range and Quartzite Well to be separated into a new entity, Metal Range Limited 
  • Metal Range will seek a listing on the ASX with an intention to make a priority offering to Galena shareholders for any associated fund raising 
  • Successful early stage drilling and geophysics confirms copper and other base metals exploration potential for Metal Range Prospects 
  • Galena will retain the exploration license immediately surrounding Abra, including the Hyperion prospect, together with the significant potential for resource development within Abra’s granted mining license 
  • Divestment follows outstanding PFS for Abra and allows Galena to focus on moving Abra into construction in 2019

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) announces that it has resolved to separate its non-core polymetallic base metals exploration assets into a separate entity, Metal Range Limited (“Metal Range”), which is proposed to become self-funding, operate independently of Galena and seek securitization (listing) on the ASX.

Managing Director, Alex Molyneux commented, “Galena is ‘laser-focussed’ on getting Abra into construction in 2019 and the separation of Metal Range helps with that, whilst it may also create additional optionality for our shareholders to participate in a separate ASX listing and priority offer.”

Galena has agreed to vend-in a series of exploration licences that are approximately 20 kilometres or further to the west of its flagship Abra Base Metals Project (“Abra” or the “Project”) associated with the Woodlands, Manganese Range and Quartzite Well polymetallic base metals prospects (“Metal Range Prospects”).

Four granted Exploration Licenses will be included in Metal Range, being: E52/1413; E52/3575; E52/3630 and E52/3581, whilst all other licences, considered part of the core Abra Project will remain wholly-owned by Galena (Appendix 1). Figure 1 (below) shows the relative location of Abra and the Woodlands, Manganese Range and Quartzite Well prospects relative to other significant regional mineral deposits.

Recent drilling by Galena on on the Metal Range Prospects at Woodlands returned encouraging results including: 

  • 10.5m at 0.42% copper from 332.0m in GWD001 (incl. 0.5m at 1.63% copper and 0.25g/t gold) 
  • 20.7m at 1.10% lead from 214.3m in GWD002 (incl. 4.3m at 2.3% lead) 
  • 16.8m at 1.46% lead from 259.2m in GWD002 
  • 22.5m at 0.52% copper from 523.5m in GWD002 
  • 12.4m at 0.84% copper and 0.34g/t gold from 529.0m in GWD002 (incl. 7.4m at 1.16% copper) 
  • 2.8m at 0.98% copper from 624.6m in GWD002 (incl. 1m at 2.0% copper and 2.7g/t gold)

Additonal prospects are shown at Manganese Range where very limited and shallow historical reconnaisance drilling returned hits such as 28 metres at 2.3% lead, 32g/t silver and 1.2% zinc as well as 12 metres at 18.8% manganese and Quartzite Well which has 34 metres at 2% lead, 1.1% zinc and six metres at 5.9% lead will be key parts of the future exploration focus for Metal Range as well.

Full details are contained in JORC Table 1 ASX announcement dated 12 April 2018.

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INTERVIEW

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BOARD

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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.


SENIOR MANAGEMENT

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.


www.galenamining.com.au


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