Galan Lithium Limited today announced that the company has completed drilling, casing and sampling its third drillhole at the Candelas lithium brine project located in Catamarca province, Argentina.
ASX-listed metals and mining sector company, Galan Lithium Limited (ASX: GLN) is engaged in exploring for lithium brines within South America’s Lithium Triangle on the Hombre Muerto salar in Argentina. The company’s primary target is the adjoining Candelas channel target, a ~15km long by 3?5km structurally controlled pull-apart basin, infilled with sediments hosting the brines.
Galan has now completed the drilling of the third drillhole located approximately 2.5kms south of the maiden drillhole at the Candelas lithium brine project. Following initial termination of the drillhole, downhole geophysics was reportedly performed.
The results indicated that highly conductive and high Specific Gravity (SG) brine was still being encountered to the bottom of the hole. The company told that it was then decided to further deepen the hole to a final depth of 454m and several packer tests were performed using the downhole data as guidance which indicated a preferred section from 313m to 454m with conductivities in excess of 200mS/cm and SG readings ~1.19 g/cm3. Later, Galan cemented the hole cased to 315m and left open to the bottom of the hole within the brine section.
As per the company’s latest information, final samples have been undertaken and the results are expected in the next fortnight to allow for the Easter break.
The maiden drilling at Candelas was commenced after the company received the permits from the Secretaria de Estado de Minería – Gobierno de Catamarca, the authority that approves drilling permits in Catamarca, Argentina. The first samples from this maiden drillhole returned a significant intercept of brine from depths of circa 235 to 354 metres within fractured basement lithologies from 311 to 354 metres and coarse clastic sediments to 311 metres.
On 11 March 2019, the Company announced that downhole geophysical profiling into its maiden drillhole (C-01-19) at the Candelas Lithium Brine Project indicated that brine commenced at ~200m and extending to the bottom of the hole at 401m. These results increased the brine section from 166m, as previously announced, to 192m with the impurity levels remaining at a low value, i.e. Magnesium levels relative to lithium at ~2.70 and sulphate levels relative to lithium at ~8.40.
Further, the company has moved ahead with the further drilling as it told that Drillhole 4, located ~3km south of C?03?19 and 5.3km south of drill hole C?01?19 on CSMAT Line 3, has now commenced.
In today’s trading session, GLN stock price has declined by 3.226% to trade at $0.300 on 17 April 2019 (12:49 PM AEST). Over the past 12 months, the stock has witnessed a massive upside of 235% including a positive price change of 4.69% in the past 3 months.
The market capitalisation of the company stood at $39.62 million on the Australian Securities Exchange.
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