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 videos from verified sources

'Basic Training for Everyday Grilling' [Video]"Basic Training for Everyday Grilling"

Most people save their grilling for summer weekends. Well, Matthew Eads is on a mission to prove that gourmet grilling doesn’t have to be just a weekend activity! His book, "Grill Seeker", features..

Credit: Rumble     Duration: 07:34Published


Recent related news from verified sources

Galan Lithium managing director purchases another 84,000 shares on-market

Galan Lithium Ltd (ASX:GLN) managing director Juan Pablo Vargas de la Vega has acquired a further 84,000 shares in on-market trades on July 9 and 10 valued at...
Proactive Investors

St George Mining to target EM conductors in major drilling program at Mt Alexander

St George Mining Ltd (ASX:SGQ) has generated a large number of priority EM nickel-copper sulphide targets for a major drilling program to begin later this month...
Proactive Investors

Cardinal Resources drilling confirms high-grade gold from proposed starter pit area in Ghana

Cardinal Resources Ltd (ASX:CDV) (TSE:CDV) has revealed positive drilling results from an area within the proposed starter pit that encompasses the first two to...
Proactive Investors

Lithium Australia appoints global resources specialist as it steps up battery materials push

Lithium Australia NL (ASX:LIT) has appointed resources industry specialist Mark Strizek as manager of Raw Materials to enhance its integrated battery materials...
Proactive Investors


Other recent news in Business

MASTERCHEF judge George Calombaris fined for underpaying workers $7.8 million'Ridiculous': DICK SMITH calls for franking credit reform after revealing $500k rebate
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.