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Galena's updated Abra lead-silver project study ups grades, contained metal

An updated estimate outlined an increase in grades and contained metal at Galena Mining Ltd.'s Abra lead-silver project in Western Australia.

The property now hosts probable ore reserves of 10.3 million tonnes grading 8.8% lead and 24 g/t of silver, compared to maiden probable ore reserves of 10.5 million tonnes at 8.1% lead and 20 g/t of silver defined in the previous study.

The updated estimate represents a 7% rise in contained lead and an 18% climb in contained silver, the company said Dec. 18.

Total indicated and inferred resources stood at 37.4 million tonnes grading 7.5% lead and 18 g/t of silver, at a 5.0% lead cut-off grade

The new study also estimated a mine model containing indicated and inferred resources of 16.4 million tonnes grading 8.2% lead and 22g/t of silver, and an increased mine life of 15 years against the previous study's 14 years.

Galena said it will prepare an optimized prefeasibility study in early 2019.

The company in October said that it is spinning off its noncore assets to focus on advancing Abra. The property pegged a base case pretax net present value, discounted at 8%, of A$528 million and a 50% internal rate of return, according to a September prefeasibility study.