Galena Mining

Abra December Production Update

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to provide preliminary production numbers for the Abra Base Metals Mine (“Abra”) for the month of December 2023 and the December quarter (subject to final reconciliation). Production levels during December show further improvement with new record highs achieved in several production areas including concentrate production, processed ore tonnes and mine development.


Abra Mining Pty Ltd (“AMPL”) made the first debt repayment of US$4.5M on its Taurus Debt Facilities in December 2023. Based on the mine’s performance during the 2023 ramp-up year to the end of December and continuing technical evaluation work being undertaken on the production outlook for 2024, AMPL has commenced discussions with key stakeholders as part of a strategic review of operations with an initial focus on better matching the capital structure of AMPL to Abra’s expected performance. These discussions are ongoing and are anticipated to be concluded during 1H 2024. The market will be kept informed regarding the progress of these discussions.

DECEMBER HIGHLIGHTS

  • The following production metrics were achieved in December (subject to end of month reconciliations):
    • New monthly record ore processed of ~122kt (i.e., >1.45Mtpa implied annualised production rate compared to original design annualised throughput of 1.3Mtpa).
    • Ore mined of ~101kt at 5.6% Pb (~58kt at 5.5% Pb of Stope ore and ~43kt at 5.8% Pb of development ore. ~21kt at 2.1% Pb low-grade from mine development was also processed during the month). The grade improvement seen in development ore came from the addition of new core-vein headings. Processed ore grade will continue to improve with increased levels of stope production in the mill feed (targeting 80% of monthly ore production).
    • New monthly record for underground development of ~947m (compared to previous best month in September 2023 when 807m was achieved).
    • December lead concentrate shipment departed from Geraldton containing 9,622t on 15 December 2023. Next shipment is scheduled for 11 January 2024.
  • Expected December quarter mining and processing production estimates (subject to final end of month reconciliations):
    • Processing ~358kt at 4.7% Pb (Inclusive of low-grade top-up feed material).
    • ~25kt of lead concentrate produced.
    • Mining ~280kt at 5.6% Pb ore and ~2,440m of development.

Managing Director, Tony James commented, “In December, Abra has achieved the best production month year to date. Processing throughput continued to improve, and the processing plant consistently reached levels above the original design criteria of 1.3Mtpa. Mining and specifically stopping has not reached the levels required to match the plant which resulted in low-grade material being used as supplement feed lowering the overall processing grade.

Production schedules have been based on the monthly requirement of +800m lateral development being achieved. Not achieving this consistently in 2023 has had a detrimental affect with limited access to higher grade ore reserves.

The mining performance and grade is expected to continue to improve in 2024 with depth, additional work areas and higher stope production quantities. New technical evaluation work is currently underway which will form the basis of the 2024 outlook and ongoing discussions with key stakeholders based on the latest understanding of the orebody and other key performance indicators.

During December, underground development has accessed several high-grade core veins on the 1210mRL level which is confirming the latest geological information and understanding of that part of the orebody and its importance. During December the mined development grade was higher than the stopping grade for the first time”.


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
The Conversation (0)
Galena Mining

Abra Construction At 97% Complete – First Ore Stockpiled For January Processing

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 97% complete as of 30 November 2022. Processing plant commissioning is progressing quickly with practical completion now expected in December 2022. Ore currently being mined from underground is being stockpiled in readiness for processing to begin in January 2023. Concentrate production will commence January 2023.

Keep reading...Show less
Galena Mining

Abra Construction At 92% Complete – Reaches First Ore Underground

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 92% complete as of 31 October 2022. Underground mine has reached the first ore (see ASX announcement 14 November 2022) and plant commissioning continues in several key areas with the project focussed on achieving first concentrate production in Q1 2023.
Keep reading...Show less
Galena Mining

Abra Mine Reaches Ore

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the underground development at its Abra Base Metals Mine (“Abra” or the “Project”) has reached the Abra orebody. Commissioning has commenced in several key areas of the processing facility and the Power Station (Pacific Energy) completed full integration of the hybrid gas/solar/battery energy storage system (BESS) power station on 10 November. The project remains on track for first concentrate production in Q1 2023.
Keep reading...Show less
Galena Mining

Galena Mining Activities Report For Quarter Ended 30 September 2022

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 30 September 2022 (the “Quarter”), primarily focused on construction of its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.

Keep reading...Show less
First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates

First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates

Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the 2024 Mineral Reserve and Mineral Resource estimates for its four operating mines in Mexico and its Jerritt Canyon Gold Mine in the United States, with an effective date of December 31, 2024. The Company's four operating mines in Mexico are: the Cerro Los Gatos Silver Mine (following the Company's recent acquisition of Gatos Silver, Inc., the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine. The Jerritt Canyon Gold Mine is currently in temporary suspension with the Company focused on exploration, definition, and anticipated expansion of the Mineral Resources. Although the Company did not complete the acquisition of Gatos Silver until January 16, 2025, the Company has included the Cerro Los Gatos Mineral Reserves and Resources as of December 31, 2024, for the purposes of this news release and the Company's annual information form for the year ended December 31, 2024 (the "2024 AIF").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Silver bars.

Retail Investors Look to Trigger Silver Squeeze 2.0

Calls for mass purchases of silver on Monday (March 31) are gaining traction online, with proponents hoping to disrupt the dominance of major financial institutions in the precious metals market.

The movement appears to have originated from a March 22 post on X, formerly Twitter, made by user @TheSqueakyMouse, who urged their followers to band together to buy silver.

Keep reading...Show less
Silver bars on pile of $100 bills and green chart going up.

Could the Silver Price Really Hit $100 per Ounce?

Will the First Majestic Silver CEO’s silver price prediction of more than US$100 per ounce come true?

The silver spot price made waves in 2020 when it rose above US$20 per ounce for the first time in four years, and the precious metal has repeatedly tested US$30 per ounce since.

Since September 2024, silver has held above US$30, and on October 22 the silver price reached a 12 year high when it came close to breaking through the US$35 mark. While it fell back by November, the US$30 level has served as a floor.

Keep reading...Show less
David Morgan, silver bars.

David Morgan: Silver Squeeze 2.0 — Will Price Run on March 31?

Will a second iteration of the silver squeeze move the metal's price on Monday (March 31)?

David Morgan, publisher of the Morgan Report, shares his thoughts on what's to come.

Keep reading...Show less
Errawarra Resources

Transformational Acquisition of the High-Grade Elizabeth Hill Silver Project

A 180km2 tenement package located in Western Australia and completion of a $3M Placement

Errawarra Resources Ltd (ASX: ERW) (Errawarra or the Company) is delighted to announce that it has entered binding agreements (refer Acquisition Terms) pursuant to which the Company has acquired 70% of the historical Elizabeth Hill Silver Project (“Project” or “Elizabeth Hill”), 70% of the silver rights to the Pinderi Hills Project tenement package and 70% of the ownership of 3 tenements or tenement applications surrounding the silver project. This collective tenement package totalling 180km2 is in the Tier 1 mining jurisdiction of the Pilbara, Western Australia (Figure 2 – Project Location).

Keep reading...Show less

Latest Press Releases

Related News

×