Galena Mining has announced the successful raising of an oversubscribed $9 million share placement that will be used to advance a pre-feasibility study (PFS) at its high-grade Abra lead-silver project in Gascoyne, Western Australia.
The company will issue roughly 58 million new shares at 15.5 cents each to help fund infill and expansion drilling in addition to the aforementioned PFS, with the eventual aim of completing a bankable feasibility study by mid-2019.
Galena’s pro-forma cash position now stands at $11 million, allowing funding over the next 12–18 months for the company’s PFS and development into full feasibility study.
According to Galena chairman Adrian Byass, the work will “enhance Abra and highlight the company’s potential as a new and upcoming base metals producer”.
“We are pleased by the significant interest levels for investment into Galena and we are delighted to have attracted institutions from around the world to the register,” he said.
“We believe this is an endorsement of the high-grade strategy and a great testament to the global significance of Abra.”
Galena recently reported JORC 2018-compliant indicated and inferred resources at the Abra project of 36.6Mt at 7.3 per cent lead and 28g/t of silver.