Galena Mining Ltd (ASX:G1A) (FRA:GM6) has been granted a trading halt by the ASX with an announcement pending relating to a final investment decision for the Abra Base Metals Project in Western Australia.
The halt will remain in place until the beginning of regular trade on Wednesday, June 16, or when an announcement is released to the market, whichever occurs earliest.
Securities last traded at 25 cents and the company’s market cap this morning was approximately $115.7 million.
Updated resource estimate
Galena has achieved key objectives from the 2020 Abra drilling program with an updated JORC 2012 resource estimate helping increase confidence in the project.
The April 2021 resource has been independently prepared by Optiro Pty Ltd based on assays from the completion of the 2020 drilling program, which consisted of 57 holes for a total of 24,834 cumulative metres of diamond core drilling.
Abra’s resource estimate now totals 34.5 million tonnes at 7.2% lead and 16% silver, comprising 16.9 million tonnes at 7.4% lead and 17% silver in the indicated resource category and 17.5 million tonnes at 7% lead and 15% silver in the inferred category.
At the time Galena managing director Alex Molyneux said the project now had more than 100 kilometres of drilling in its database and the geological confidence and understanding of the deposit continued to improve.
He said: “Almost all of the new holes were drilled within the previous mineral resource envelope and over 75% of those holes achieved expected or better results.”