Galan Lithium Announced New High-Grade Discovery At Candelas Lithium Brine Project

Galan lithium

A mineral exploration company, Galan Lithium Limited (ASX: GLN) announced the results from the first samples taken from its maiden drill hole (C-01-19) at the Candelas Lithium Brine Project, located close to the southeast of the Hombre Muerto salar in Argentina. The initial phase of the examined area had confirmed thick, and high grade lithium-bearing brines at Candelas.

Preliminary brine samples using a modified bailer method were taken and examined from three intervals; 0-215m, 235 – 267m and 235–300m by Alex Stewart Laboratories using Inductively Coupled Plasma Optical Emission Spectrometry. Additional brine samples from various horizons are deliberated to be gained using the slow pump technique and/or double packer equipment, to alleviate potential dilution from drilling fluids, with sub-samples collected for check assaying to be sent to a second laboratory. The exploration programme was being led by the Company’s Chief Geologist, Francisco Lopez, with onsite QA/QC control and technical support provided by Camilo de Los Hoyos from SRK Consulting (Argentina), a specialist in hydrogeology and the exploration of lithium brines.

The hole initially intersected 8m of fluvial sediments before intersecting a thick layer of ignimbrite (a lithified volcanic pyroclastic flow) to 165m. The hole then encountered a sequence of sands and clays coarsening with depth and hosting salty waters which, at about 235m, turned to brines. Field conductivity measurements from brine samples exceeded the 200 milli-siemens/cm limits of the recording instrument while field measurements of the specific gravity of the brine ranged up to a consistent ~1.21 g/cc. DDH core samples had been collected for porosity test work to determine specific yield (drainable porosity) and other petrophysical parameters

Also, the Mg/Li ratios, being less than 3, were comparable with high quality brines currently being mined elsewhere in Argentina and at the Fenix operation, Hombre Muerto by Livent Corporation. Besides, the lithium grades were potentially under-reporting as the early brine examples had circa 5-15% drilling fluids.

Sediment package hosting brines comprises of potentially permeable hosts, coarse sands/gravels and breccia-conglomerate. Besides, potassium contents in brine were found to be high enough for the metal to be considered a by product in the future if further exploration work confirmed that Candelas is an economic brine deposit. Though in a nascent stage, GLN received a boost and would wait for approval on the reports from future tests.

On 31 January 2019, GLN published its quarterly activities report ended 31 December 2018. The company stated that the approvals and permits were received for Candelas lithium brine project at Hombre Muerto. Maiden drilling campaign commenced at Candelas while International group Major Drilling was appointed to conduct the work. Landholding lied adjacent to Galaxy Resources’ and POSCO’s Sal de Vida project and Livent Corporation’s (formerly FMC) Fenix lithium operations. SRK Consulting was appointed to oversee the potential resource definition work. The Hombre Muerto project Pata Pila licence was granted.

Sponsored ad by Kalkine

The company stated that 99% of GLN quoted options were exercised by the closing date – balance was underwritten. The cash on hand at the end of the quarter was approximately $2.2m.

By the end of the trading session (as at 13 February 2019) the stock closed at A$0.375, up by 19.048% or 0.060 points.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here