THE DRILL SERGEANT: Galena Mining (ASX: G1A) claimed a new world-class Resource at the company’s 100 per cent-owned Abra lead-silver project located in the Gascoyne Region of Western Australia.
Galena Mining said the Resource grade and size confirms Abra to be one of the largest undeveloped lead-silver projects in the world.
The company indicated the high-grade resource would be integrated into a Pre-Feasibility study.
The company also noted that extensive copper and gold mineralisation at depth within the project was not included in this resource estimate.
The combined JORC 2012 resource estimate for the Abra project breaks down as follows:
Indicated Resource of 5.3 million tonnes at 10.6 per cent lead and 28 grams per tonne silver and an Inferred Resource of 5.9 million tonnes at 9.7 per cent lead and 29g/t silver (using a 7.5% lead cut-off)
For a combined:
11.2 million tonnes at 10.1 per cent lead and 28g/t silver.
Within an Indicated Resource of:
13.2 million tonnes at 7.9 per cent lead and 19g/t silver and an Inferred Resource of 23.5 million tonnes at 6.9 per cent lead and 17g/t silver (using a 5.0% Pb cut-off).
For a combined:
36.6 million tonnes at 7.3 per cent lead and 18g/t silver.
“These resource numbers have exceeded our expectations and confirm Abra as a truly world class asset with global significance in the lead market,” Galena Mining CEO Ed Turner said in the company’s announcement to the Australian Securities Exchange.
“What is even more exciting for the company and its shareholders is that this looks like just the beginning of a much bigger project and that potential upside exists in and around where we have drilled to date.
“We have a clear strategy to bringing Abra on line as one of Australia’s next base metals producers and our focus now is progressing a robust Pre-Feasibility Study over the coming months.”