ASX listed lead-silver developer Galena Mining continues to pull off high grade lead intersections in resource extensions beyond the limits of its known Abra mineral resource reported in March this year.
Significant new intersections included 5.5 metres grading an impressive 16% lead and 22 grams per tonne silver from 291.9m down-hole and 6.1m @ 8.1% lead and 11g/t silver from 327.9m down-hole.
Both results were reported from the same hole.
Other results included 13.3m @ 9% lead and 20g/t silver from 416.5m down-hole, 6m @ 8.1% lead and 15g/t silver from 495m down-hole and 6.7m @ 8.9% lead and 27g/t silver from 640.8m down-hole – also in the same diamond drill hole.
Mineral resource extensions have been intersected up-dip in the northwest sector and will provide additional tonnages during the first years of production from the proposed mine.
According to the company, assay results are pending for 5 additional holes completed at the project, with further highly encouraging results anticipated over the coming weeks.
The drill program has been designed to convert inferred resources to indicated resources for JORC-compliance, with the campaign continuing over the next 6-month period.
The program is primarily targeting the stratiform “apron zone” at the Abra deposit, which is the most laterally continuous mineralisation and will be the focus of early stage underground development.
The work underpins an ongoing PFS for the Abra base metal project, which is due for reporting to the wider market during the current quarter.
Galena Mining CEO Ed Turner said: “... these results ... continue to support our geological and resource model for the Abra deposit which drives our optimisations as well as add additional tonnes in areas closest to surface which can be exploited in the first year of production.”
“Results are pending for most of these holes. We look forward to releasing further results from this drilling program in the coming weeks and the results of the PFS in September.”
The scoping study for Abra released in June demonstrated the project was economically and technically robust, with the potential to become a significant, long-life, high margin lead and silver producer.
The Abra deposit is wholly owned by Galena Mining and is located north of Meekatharra in the Gascoyne region of W.A.
The grade and size of Abra, ranks it as one of the largest undeveloped lead-silver projects in the world.
The PFS will no doubt be interesting.
