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GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) announces that the Abra Base Metals Mine (“Abra” or the “Mine”) has updated its JORC Code 2012 Mineral Resource Estimate (“July 2023 Resource” or “MRE”). This update is the first MRE annual update including all underground diamond drilling up to 5 May 2023, and all underground geological mapping, and mining and processing up to 30 June 2023.
HIGHLIGHTS
- Revised total Abra MRE of 33.4Mt at 7.1% Pb and 17g/t Ag (5% Pb cut-off grade):
- Measured 0.3Mt at 7.3% Pb and 32g/t Ag,
- Indicated 16.2Mt at 7.3% Pb and 19g/t Ag,
- Inferred 16.9Mt at 6.9% Pb and 15g/t Ag.
- No material difference from the previous MRE (April 2021), supporting Abra’s long-term mining plans.
- Includes 26,277m (163 holes) of underground diamond drilling, geology mapping associated with 7,319m underground development, and includes mining depletion.
- Identification and understanding of potential new lead and silver mineralisation associated with Carbonatic Dome structures within the Apron Zone and strong conversion of Inferred Mineral Resources to Indicated Mineral Resources in the eastern end of the mine.
Managing Director, Tony James commented, “The updated Abra MRE reflects substantial work achieved at Abra over the last 12-months, greatly improving the understanding of the deposit. Importantly, it shows no material difference from the April 2021 MRE, and therefore continues to support our long-term mining plans. The Resource update work also confirms that mining and processing grades seen during Abra’s commissioning and ramp-up, which is dominated by mine development, are not representative of the total MRE at Abra. As mining areas open- up, grades through the mill continue to improve, particularly as we move away from the upper northern margin near the Abra Fault.”
SUMMARY
Since June 2022, 26,277m (163 holes) of underground diamond NQ drilling has been completed and during commissioning and ramp-up of the mine, 325,924 tonnes at 4.8% lead and 20g/t silver has been mined and processed (note the early stages of mining is development focussed with 244,332t (75%) associated with development which is subject to a mining cut-off grade of 3.3% lead). Material mined and processed also includes both high-grade and sub-grade material produced during commissioning and early stages of ramp-up. A total of 7,319m of underground development has also been completed to 30 June 2023 in the Apron Zone section of the ore body allowing access for detailed mapping and geological interpretation.
The 2023 Mineral Resource estimate (MRE) takes into account the ore losses seen on the upper- northern margin of the orebody, as outlined in April 2023 (see Galena ASX announcement of 20 April 2023).
To complete and update the 2023 MRE with the latest technical understanding and confidence, drilling data was cut-off on 5 May 2023 and mine production data cut-off on 30 June 2023. Table 1 (below) states the Abra July 2023 Resource at a 5.0% lead cut-off grade, as at 30 June 2023. The July 2023 Resource has been independently reviewed by Snowden Optiro Pty Ltd (“Snowden Optiro”).
Table 1: Abra JORCMineral Resource estimate at 5% Pb cut-off grade(July 2023 MRE)1
Notes: 1. Calculated using ordinary kriging method at a 5.0% lead cut-off grade. Tonnages are rounded to the nearest 100,000t, lead grades to one decimal place and silver to the nearest gram. Rounding errors may occur when using the above figures.
The previously published MRE is dated April 2021 (5% lead cut-off grade) based entirely on surface drilling and interpretation, and comprised a total of 34.5Mt at 7.2% lead and 16g/t silver (see Galena ASX announcement of 28 April 2021).
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
G1A:AU
Abra Construction At 97% Complete – First Ore Stockpiled For January Processing
Managing Director, Tony James commented, “Record underground development in November with delivery of the first 9,000t of ore to the ROM pad along with successful plant commissioning to date puts Abra on the verge of a quick transition into production. Recruitment and other operational readiness activities are well advanced in preparation for January production”.
Figure 1 – First material being tipped into the crusher during commissioning (Photo 26 November).
Figure 2 – Crushing and screening plant commissioning (Photo 26 November).
The following link will show a short video of the Abra crusher commissioning. https://youtube.com/shorts/iSG58MiW_3o
Update on Abra Project progress
Overall progress continues as planned, with first concentrate production expected in Q1 CY2023, following ore commissioning in January 2023. Practical completion of the processing plant is now expected ahead of schedule in December 2022. The processing plant engineering, procurement and construction has reached 99% complete. Piping and electrical works have made significant progress and at the end of November were 96% and 92% complete, respectively. Mechanical items installation is almost complete at 99%.
In November, the first material was crushed and screened as part of the staged commissioning process. The crushing plant ran at design capacity and all commissioning milestones were successfully achieved. Dry commissioning also progressed in most areas of the plant including water and air services, tailings and concentrate thickening, grinding and reagents. Dry commissioning of the remaining areas will be completed in December. Water commissioning commenced in the tailings and concentrate thickening areas of the plant and the remaining areas are expected to be wet commissioned by the end of December. The remaining commissioning schedule is unchanged from the last update and is shown below in Table 1.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Silver Price Surges to US$37, Highest Value Since May 2011
The central bank has held its benchmark rate at 4.25 to 4.5 percent since November 2024.
Silver price, June 10 to June 17, 2025.
Chart via the Investing News Network.
CME Group's (NASDAQ:CME) FedWatch tool shows more than half of market respondents predict a 0.25 percent cut at the Fed's September meeting, while just 8 percent are expecting the Fed to make a deeper 0.5 percent cut.
The central bank is widely expected to leave rates unchanged at its June and July meetings.
Silver's price surge also comes amid escalating tensions between Israel and Iran. The two countries have come closer to war in recent days, with Israel striking nuclear and military targets deep in Iran.
On Monday (June 16), US President Trump took to Truth Social to urge a complete evacuation of Tehran ahead of planned strikes on targets in the city. He also urged Iran to abandon its nuclear ambitions.
On the economic front, the US Bureau of Labor Statistics released its May consumer price index figures on June 11. The data shows inflationary growth, with the all-items index ticking up to 2.4 percent from 2.3 percent in June.
Growth was tempered mainly by falling prices at the pumps. Additionally, retail prices have yet to feel the full impact of US tariffs as retailers continue to work through stockpiles acquired earlier in the year.
Elsewhere, gold and equity markets weren’t faring as well on Tuesday.
Gold was flat, trading at US$3,385 per ounce. It has surged more than 25 percent this year, setting a slew of new price records, and has continued to trade in elevated territory, fueled by the same conditions as silver’s recent run. However, silver benefits from a lower entry point for investors looking for more affordable safe-haven investments.
The S&P 500 (INDEXSP: INX) was down on Tuesday, recording a 0.78 percent decline to 5,986. The Nasdaq-100 (INDEXNASDAQ: NDX) was also down, falling 0.89 percent to 21,744, and the Dow Jones Industrial Average (INDEXDJX: .DJI) slipped 0.68 percent to 42,222.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.