Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Galan Lithium’s drilling confirms thick lithium-bearing brines at Candelas, shares jump

Proactive Investors Tuesday, 12 February 2019
Galan Lithium Ltd (ASX:GLN) has confirmed thick, high-grade lithium-bearing brines from its maiden drill hole at the Candelas Lithium Brine Project in Hombre Muerto, Argentina. The drill hole is currently at 354 metres and encountered a substantial 119-metre intercept of brine from a depth of 235 metres. Investors responded positively to the results with shares jumping almost 37% in early trading to a new 12-month high of 43 cents. Preliminary results include 65 metres at an average of 862ppm lithium from 235 metres. Visual estimations of porosity suggest medium to high porosity for the sand and conglomerate beds whilst the fractured basement is reporting good brine flows from airlift testing. Furthermore, the magnesium/lithium ratio, being less than 3, is comparable with high-quality brines being mined elsewhere in Argentina and in particular by Livent Corp (NYSE:LTHM) at its nearby Fenix operation on the Hombre Muerto salar. Also, the lithium grades are potentially under-reporting as these initial brine samples contain a proportion of drilling fluids (injected fresh water) of about 5-15%. Future sampling will involve low-flow pump and/or packer testing to alleviate this. Whilst it is early days, Galan is greatly encouraged by this initial success and now awaits confirmation of these results from further samples and testing. The company will aim to fast-track the exploration at Candelas with the goal of targeting a resource as soon as practicable. This maiden drill program is planned to comprise five holes drilled along the 15-kilometre extent of the Candelas channel. Galan’s tenure at salar Hombre Muerto. Galan managing director Juan Pablo Vargas de la Vega said: “To encounter lithium grades of this tenor with low impurities in our very first hole is remarkable and has given us further encouragement that the Candelas project has the potential to host a significant resource of lithium-bearing brines. “The team is working full steam ahead to advance the program and we intend to fast-track exploration along the 15-kilometre extent of the project as much as we can.” Furthermore, the company’s independent technical consultants, SRK Consulting, stated: “Preliminary field measurements and laboratory analyses on brine suggests that the Candelas project has the potential to become a world-class soluble lithium deposit hosted in a unique geological setting.”
0
shares
ShareTweetSavePostSend
 

You Might Like


Recent related news from verified sources

Lepidico’s drilling indicate larger lithium resource in Portugal

Lepidico Ltd (ASX:LPD) has revealed assay results from its late 2018 resource drill program at the Alvarrões Lepidolite Mine near the city of Guarda in...
Proactive Investors

Anson Resources intersects lithium brines 91% higher than previous assays at US project

Anson Resources Ltd (ASX:ASN) has intersected high-grade lithium brines in recent drilling at the Skyline Unit 1 well at its Paradox Brine Project in the US...
Proactive Investors

European Metals confident about drilling upgrade at Cinovec

Lithium explorer European Metals Holdings Limited (LON:EMH) remains confident that drilling underway at Cinovec in the Czech Republic will move significant...
Proactive Investors

Atrum Coal raises $20 million in new equity funds to progress Canadian Elan Hard Coking Coal Project

Atrum Coal Ltd (ASX:ATU) has raised around $20 million new equity funds through the issue of 114.3 million ordinary shares in a two-tranche placement at the...
Proactive Investors


Tweets about this


Other recent news in Business

'I'll walk with you': Outpouring of interfaith solidarity in wake of CHRISTCHURCH terror attackAUSTRALIA-NZ 'still close' after attacks
PM says Fraser ANNING must face 'full force of law' for 'appalling' anti-Muslim commentsEmpty coffins as funerals begin for Ethiopian Airlines CRASH VICTIMS
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.