The high-grade mineralisation behind this week’s huge resource upgrade at Galena Mining’s Abra lead-silver deposit in the Gascoyne region extends well outside the existing known resource area, according the company.
The recently listed base metals explorer told the ASX this week that technical work and 3D modelling recently completed at Abra highlighted potential for the orebody to extend about 1.4km west to the Hyperion prospect.
The exciting interpretation is backed up by high-grade lead intercepts from the only two holes ever drilled at Hyperion. These intercepts are within the same strata-bound horizon that hosts the high-grade apron of the Abra deposit, which is not yet closed off.
The historical drill hits were six metres at 9.9% lead from 548.2 metres and 2.5 metres at 9.2% lead from 572.4 metres.
Galena will get back into the field with a drill rig to test for continuity of high-grade mineralisation between Abra and Hyperion where no previous drilling exists. The company also plans to drill to the west of Hyperion.
According to management there is also strong potential for further economic-grade mineralisation within Galena’s surrounding tenements.
The potential for a major high-grade extension caps off a remarkable week for Galena that saw Abra become almost a certainty to be mined. By focusing on high-grade zones of the deposit, Galena has managed to convert Abra from a massive tonnage, low-grade resource into the highest-grade lead deposit in Australia and a resource of global significance.
Abra now boasts a high-grade resource of 11.2 Mt of both indicated and inferred ore grading an impressive 10.1% lead and 28 g/t silver, based on a high cut-off grade of 7.5%. The high-grade resource sits within 36.6 Mt at 7.3% lead and 18 g/t silver, using a 5.0% lead cut off.
Galena CEO, Ed Turner, said: “From our work to date it does look as though economic grade mineralisation may extend to Hyperion. It’s therefore exciting for the company that Hyperion may add significant tonnage and upside to Abra as a project and that significant tonnage upside potentially exists in and around where we have drilled to date. Our intention is to be continually exploring and unlocking the upside of this already world-class lead-silver project.”
Galena’s shares continued their stellar run yesterday following news of the potential high-grade extension, bringing their gain this week to a whopping 39%.
By Matt Birney
