Galena Mining halted with Abra Base Metals Project debt facility announcement pending

Galena Mining halted with Abra Base Metals Project debt facility announcement pending

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Galena Mining Ltd (ASX:G1A) has been granted a trading halt with an announcement pending in relation to a project financing debt facility for the Abra Base Metals Project in Western Australia.

The halt will remain in place until the beginning of normal ASX trade on Thursday, November 12, or when an announcement is released to the market, whichever occurs earliest.

Galena has a market cap of approximately $106.2 million and shares last traded at 22.5 cents.

At the end of the September quarter, the company had around A$20.2 million in cash, comprised of cash at bank and term deposit balances.

Best-ever lead-silver result

In October, Galena hit the best-ever high-grade lead-silver drill result at the Abra project in hole AB147 based on combined cumulative thickness and grade.

The holes returned 17.5 metres at 9.6% lead and 34 g/t silver from 266.2 metres, 20.9 metres at 7.3% lead and 20 g/t silver from 288.1 metres, 35.5 metres at 15.1% lead and 22 g/t silver from 321.8etres and 8.9 metres at 17.1% lead and 26 g/t silver from 366.2 metres.

This was considered an outstanding success given the hole was planned to target a potential ‘metal-rich’ zone for life of mine plan optimisation.

Notably, the company has identified a potentially mineable domain around 30 metres closer to the surface than the shallowest currently planned mining zone, subject to additional drilling in its vicinity.

Quick facts: Galena Mining Ltd

Price: 0.225 AUDASX:G1A

Market: ASX
Market Cap: $103.92 m
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Jun ’20Jul ’20Aug ’20Sep ’20Oct ’20Nov ‘200.20.250.3010MZoom1m3m6m1yFromMay 9, 2020ToNov 9, 2020Highcharts.com

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