Acquisition:
2023 / 04 / 12
Agreement:
Royalty
Terms:
2.5% NSR until US$4M paid back; then
0.2% NSR thereafter
The Galena property is located in Idaho, USA, in the eastern part of the Coeur d’Alene Mining district, which is one of the pre-eminent silver, lead, and zinc producing areas in the world. The property consists of the Galena mine and facilities, the Coeur mine and processing plant (currently on care and maintenance), and the Caladay exploration property. Galena has been the focus of ongoing investment, with a multi-year Recapitalization Plan that was initiated in October 2019 and expected to conclude with commissioning of the Galena Hoist in 2023. Americas Gold and Silver owns 60% of the property and is the operator.
At Galena, silver-copper and silver-lead mineralization occur in steeply dipping fissure filling veins and in wide disseminated zones. The veins generally strike east-west and northeast-southwest, and range in thickness from a few inches (0.2 m) to more than 15 feet (4.5 m).
As of June 30, 2022, on an attributable basis estimated contained metal in the Proven and Probable Mineral Reserve category at Galena totalled 12.5 Moz of silver, 96.8 Mlbs of lead, and 5.4 Mlbs of copper contained in three blended reserve-types including 1.0 Mt at 397 g/t silver; 0.6 Mt at 7.0% lead, and 0.35 Mt at 0.70% copper. Estimated contained metal in the Measured and Indicated Mineral Resource category totalled 46.4 Moz of silver, 425.5 Mlbs of lead, and 11.6 Mlbs of copper, exclusive of Mineral Reserves contained in multiple resource types including 3.5 Mt at 413 g/t silver; 2.5 Mt at 7.8% lead, and 1.0 Mt at 0.52% copper (based on variable cut-off grades). For additional information, visit www.americas-gold.com.
March 2024
Drilling success at the Galena Complex is highlighted with the results from Hole 49-703 which returned 20,147 g/t silver (647.7 oz Ag/t) and 5.9% copper over 2.1 metres. The hole was drilled from underground and intersected the gap between the 4600 and 4900 levels. These are some of the highest grades sampled since work recommenced at Galena in 2019. The hole is near existing infrastructure and is in an area without previously known mineralization.
