Galena Mining (G1A.AX) recently released an updated resource estimate for its Abra lead mine, but has already published additional drill results subsequent to the actual resource calculation.
Some of the recently disclosed assay results are spectacular with for instance almost 19 meters containing in excess of 17% lead and almost 1 ounce of silver per tonne of rock, but as you can see below, there are multiple relatively thick intervals with double digit lead grades. 35.7 meters containing 11.7% lead and 38.9 meters containing 10% lead are excellent results.
Those grades compare very well to the average lead-silver grades from the recent resource update. As you can see below, the measured and indicated resources contain approximately 16.5 million tonnes at an average grade of 7.3% lead and around 20 g/t silver while there is an additional inferred resource with 16.9 million tonnes at 6.9% lead and just under half an ounce of silver per tonne.
While that resource update already included in excess of 26,000 meters of additional drilling, but the cutoff date for the calculation was May 5th. Since early may, the company has completed an additional 13,300 meters of drilling in 70 holes and the results of those holes will make the resource calculation at the very least more robust and will likely extend the mine life by multiple years.
Disclosure: The author has no position in Galena Mining. Please read our disclaimer.
