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Galan Lithium Limited (ASX:GLN), established in 2011, is a metals and mining industry player that acquires, explores and develops minerals including lithium, tin and tantalum deposits.
On 29 May 2019, Galan Lithium informed the market that it had received the initial assays results from the fifth drillhole (C-05-19) at the Candelas Lithium Brine Project (wholly owned) in Catamarca province, located in the northwest of Argentina. This marks the end of Stage 1 of the maiden diamond drilling campaign at Candelas.
The fifth drillhole is located approximately 2.5 kms south of the maiden drillhole (C-01-19) and around 1.8 kms west of C-03-19, as illustrated in the figure below.
Galan Lithiumâs tenure and location of drillholes at Salar Hombre Muerto (Source: ASX announcement 16 Mayâ19)
Following downhole geophysical logging at drillhole C-05-19, the company performed several packer tests and the samples collected were sent for analyses. As per the company, the currently prevailing extreme cold weather has led to the delay in operations and also the final sampling to be completed on project site. However, the lab results for C-05-19 demonstrate good lithium grades from the brine horizon from 220 to 380 m ranging between 491 -856 mg/l Li as briefed in the Table 1 below. Moreover, the recorded impurity levels have been consistently low (values returned with Mg:Li ~2.60).
Source: Companyâs announcement dated 29 May 2019
Meanwhile, the drillhole C-06-19 has also been completed under Stage 2 of the drilling campaign, as reported, to a depth of 422 m after encountering basement at 419 m. The field results from packer tests conducted before operations had to cease encountered brines with SG ranging from 1.09 to 1.13 for the last 42 m of the drillhole.
Currently, the company is on standby and preparing to kickstart operations as the weather settles. As the activities are resumed, Galan plans to complete the sampling on C-05-19 as well as new ascending packer tests on C-06-19 to trace the brine horizon and its thickness.
Candelas Lithium Brine Project
Within the highly abundant and world-renowned South American Lithium Triangle in Argentina, is located the highly-prospective Candelas Lithium Brine Project on the Salar del Hombre Muerto. Hombre Muerto basin is home to high-quality lithium brines. In addition, the presence of closed periphery, ground waters sourcing volcanic rocks, hydrothermal activity and arid climate, all contribute a favourable topography for lithium brine development.
Galan Lithium is actively advancing works at the Candelas Project, intending to begin commercial production in the future. The extensive five-hole maiden diamond drilling campaign (Stage 1) began in January 2019 upon the receipt of drilling permits from the Secretaria de Estado de Mineria â Gobierno de Catamarca (2018 year-end).
As the campaign took off, consistent and encouraging assays and analysis were obtained from the first four drillholes starting with an exceptional intercept of 192 m @ 802 mg/l Li at the C-01-19 in March 2019. Thereafter, the second (C-02-19), third (C-03-19) and fourth (C-04-19) drillholes were completed until early April 2019.
More on details of five holes drilling can be READ here.
Stage 2 of the drilling campaign has recently started with C-06-19 drilling as permits were received in mid-May 2019. With crucial milestones achieved so far, Galan Lithium expects to define a Maiden Resource estimate in the foreseeable future, most likely by Q3 CY2019.
Today, on 29th May 2019, GLN settled the dayâs trading at a price of AU$ 0.225.
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