Following a successful round of drilling last December, Galena Mining has confirmed high-grade lead-silver mineralisation at its 100 per cent-owned Abra project in Gascoyne, Western Australia; the announcement led to the company’s share price surging by over 30 per cent.
The Abra project has an overall JORC 2018-compliant indicated and inferred resource of 36.6 million tonnes (Mt) at 7.3 per cent lead and 28 grams of silver per tonne (g/t silver) silver, results that include a 11.2 Mt section at 10.1 per cent lead and and 28 g/t silver.
Ed Turner, chief executive officer of Galena, explained that the numbers had exceeded company expectations.
“[This] confirms Abra as a truly world-class asset with global significance in the lead market,” he said. “What is even more exciting 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.”
The company is now focusing on a pre-feasibility study (PFS) for the next stage of progression at Abra. Lead and silver sulphides are expected to be extracted via conventional flotation methods. Historical testing in 2008 showed float recovery of 95 per cent for lead, in addition to 55–65 per cent concentrate grades.