Lead intercepts support Galena remodel

THE significance of yesterday’s blinder – 31.4m at 14.5% lead and 2.7% zinc from 437m within 64m at 10.6% lead and 1.5% zinc – is less about the Abra deposit’s impressive grade from one hole, but apparent confirmation of Galena Mining’s new geological model.

Lead intercepts support Galena remodel Lead intercepts support Galena remodel Lead intercepts support Galena remodel Lead intercepts support Galena remodel Lead intercepts support Galena remodel

According to CEO Edward Turner at the company’s first annual general meeting since the company completed its oversubscribed A$6 million IPO in September, the mineralisation was hit exactly where it was predicted across both the overlying apron and in the high-grade core. 

Yesterday’s solid drilling result included 42.2m at 7.1% lead from 355m including 18.4m at 10.1% lead from 378.8m.

Chairman Adrian Byass said Galena had taken a different view of Abra from past owners, including its most recent owners, China’s HNC, who looked at the deposit as a giant 4% lead orebody and planned a low-medium grade, bulk tonnage project, because access to capital wasn’t an issue.

It’s estimated that around $20 million has been spent on Abra by previous owners since its discovery by ...