Galan Lithium Limited (ASX: GLN) operates as a mineral exploration company. The Company explores and develops lithium-based projects.
The company, today on 11 March 2019, has come up with an update on its Candelas Lithium Brine project. This project is located at Hombre Muerto, Argentina. The company stated that the downhole geophysical profiling into its first drill hole (C-01-19) at the abovementioned site showed that brine commenced at ~200m and extended to the bottom of the tunnel at 401m. Therefore, the drill hole was cement cased down to 205m and sampled over a 192m section to 397m.
This part was repetitively flushed before samples of clean brine were taken, and an exceptional intercept of 192m @ 802 mg/l Li was returned. Samples from drill hole C-01-19 were sent for check analysis to a second laboratory, SGS Argentina. This has returned values within satisfactory ranges and even somewhat higher than the original samples resulting in higher average grades in general.
This has augmented the brine section from 166m, as previously announced, to now 192m. Furthermore, impurity levels continue to return low values for Mg, with Mg: Li ~2.70, while sulphate levels relative to lithium also returned low levels at ~8.40. These values are similar to those observed nearby at Livent’s Fenix and Galaxy Resources’ (ASX: GXY) Sal de Vida operations.
Also, following its successful maiden drill hole (C-01-19) a second drill hole (C-02-19) successfully commenced and is currently at ~465m depth. This second drill hole is located on geophysical CSAMT line 4 approximately 9.5km south of the first drill hole.
The hole principally imitates the geology of the first drill hole, encountering a thick layer of ignimbrite to 167m below the shallow alluvial cover. The hole then met a very thick sequence of sands and clays before entering a breccia conglomerate similar in character to that observed in first drill hole C-01-19. The tectonic basin in this area is much deeper, perhaps up to ~750m than in the north as evidenced by the Company’s gravity survey. It is the technical team’s opinion that the augmented basin depth may be a consequence of horst?graben structures creating a downthrown block in this area and the target brine horizon commences at depth in a similar position above the basement as in drill hole C-01-19.
On the price-performance front, the stock has posted the YTD return of 127.78%. The company also posted returns of 156.25%, 132.08% & 105% over the past six & three & one-month period respectively. At the time of writing (11 March 2019, AEST 02:13 PM), the stock of the company is trading at a price of $0.50, down 18.699% during the day’s trade with a market capitalisation of ~$ 68.84 Mn. The stock opened the day at $ 0.640, reached the day’s high of $ 0.650 and touched the day’s low of $ 0.460, with an average daily volume of more than 3,870,289. It had a 52-week high price of $ 0.680 and a 52 weeks low price of $ 0.091, with an average volume of 237,771 approximately.
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