Galan Lithium's (ASX:GLN) shares are up 20% today; here’s why

October 24, 2022 11:56 AM AEDT | By Bhawna Gupta

Galan Lithium's (ASX:GLN) shares are up 20% today; here’s why — Image source: © Bwylezich | Megapixl.com

HMW Project Mineral Resource Estimate

The first HMW Project Mineral Resource Estimate was created by SRK and was updated on 17 November 2020. Then, SRK considered fresh information obtained from exploration operations finished in 2021–2022, and they also thought about buying the Casa del Inca I tenement.

Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 24 October

Concerning the Pata Pila, Rana de Sal, Casa del Inca, and Del Condor tenements, fifteen (15) drillholes totalling 4,384 metres were used to gather geological and geochemical data for the revised Mineral Resource estimate. The estimation was built on a total of 236 brine assays, all of which were examined at the Alex Stewart International laboratory (Jujuy).

Backgrounder

The Pata Pila, Rana de Sal, and Casa del Inca tenement holdings at Hombre Muerto West served as the basis for the initial Mineral Resource Estimate (MRE), which was performed by SRK Consulting in March 2020. The interpretation of Controlled Source Audio-Frequency Magnetotellurics (CSMAT) and Transient Electromagnetic (TEM) geophysical profiles was used to confine the hydrogeologic domains to logged units inside the drillholes. Lithium (reported as Li2CO3 equivalent) and potassium (KCl equivalent) mineral resource estimates were finished by SRK.

The HMW Project DFS is now anticipated to be released in Q1 2023. In response to the improved HMW Resource Estimate, prospective increases to the initially anticipated production parameters have been explored.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.