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GALAN LITHIUM LIMITED - Corporate Spotlight

Galan Lithium Limited is an ASX listed (ASX: GLN) lithium exploration company with the... Galan Lithium Limited is an ASX listed (ASX: GLN) lithium exploration company with the rights to earn 100% interest in projects located within the South American Lithium Triangle in Argentina.More

Corporate Spotlight

Galan Lithium Limited is an ASX listed (ASX: GLN) lithium exploration company with the rights to earn 100% interest in projects located within the South American Lithium Triangle in Argentina.
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Capital Raising - Update with JP Vargas de la Vega

VIDEOS & MEDIA

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Galan Lithium - Capital Raising Update 









Investor Updates with JP - Galan Lithium - Battery Day, September 2020





New World Metals Conference - 2019



Galan Lithium Announce Cap Raise

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  • Galan Lithium (GLN) has entered a trading halt as it gets ready to announce a new capital raising ventur
  • The company will release the details of the raise no later than Monday, October 12, the last day the trading halt is in effect
  • Galan ended the 2020 financial year with a $3.6 million comprehensive loss
  • It also had around $1.6 million in the bank at the end of FY20, slightly down on the $2.6 million it had at the end of FY19
  • Shares in Galan Lithium last traded for 15 cents each


Mineral exploration company Galan Lithium (GLN) has entered a trading halt as it gets ready to announce a new capital raising venture.


In a statement to the ASX, the company said it will release the details of the raise no later than Monday, October 12, the last day the trading halt remains in effect.


Galan recently released its annual report for the 2020 financial year, showing the company ended the year with an almost $3.6 million comprehensive loss.


The exploration stock burnt through $1.7 million on operating expenses over the same period and $4.2 million on investing activities, such as exploration work.


At the end of FY20, Galan had around $1.6 million in the bank, slightly down on the $2.6 million it had at the end of FY19.


The company is primarily focused on its lithium brine assets located within the South American Lithium Triangle in Argentina, including the Candelas and Hombre Muerto West projects.


Shares in Galan Lithium last traded for 15 cents each on October 7.

HOMBRE PROJECT GROWS 65 PER CENT

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Galan Acquires new land parcel for Hombre Muerto West Project, Boosts lithium resource 65 per cent 




  • Galan Lithium (GLN) has seen a 65 per cent jump in the lithium resource at its Hombre Muerto West project in Argentina
  • The estimate now stands at over 2.3 million tonnes (Mt) lithium carbonate equivalent (LCE) at 946 milligrams per litre (mg/l) lithium
  • The Hombre Muerto West (HMW) project now has the third-largest publicly disclosed lithium resource in the Hombre Muerto salt flat basin
  • The company is working on a scoping study and preliminary economic assessment, which are both on track for release before the end of the year
  • Further geophysical surveys are planned for early 2021 to seek out possible exploration upside
  • Galan Lithium is trading 20 per cent higher for 15 cents


A new acquisition has seen the resource estimate at Galan Lithium's (GLN) Hombre Muerto West lithium project in Argentina substantially increase.

The estimate has jumped 65 per cent, now standing at over 2.3 million tonnes (Mt) lithium carbonate equivalent (LCE) at 946 milligrams per litre (mg/l) lithium.

New zone

The initial resource estimate had been updated in June with the acquisition of the Deceo III concession, adjacent to the Pata Pila licence area, and the resource estimate was re-classified from inferred to indicated.

The recent acquisition of the Del Condor concession and a review of specific yield
values used in the resource calculations has seen the resource estimate climb even higher.

The Hombre Muerto West (HMW) project now has the third-largest publicly disclosed lithium resource in the Hombre Muerto salt flat basin.

Galan Managing Director Juan Pablo (JP) Vargas de la Vega said the project is taking on a scope even larger than the company had envisioned.

"Being the third-largest publicly disclosed resource in the Hombre Muerto and overtaking POSCO, is an amazing milestone," JP began.

"This is something we were not even dreaming about when we first started drilling late last year." 

Galan Lithium Managing Director, JP Vargas de la Vega


"The increase from 1.4 million tonnes to 2.3 million tonnes of LCE at HMW is a huge step up for the project’s economic and technical potential," he added.


The HMW project is made up of six exploration areas, though only four are included in the mineral resource. 


The project spans 7.5 kilometres in strike, up to 2.5 kilometres in width and up to 718 metres in depth.


Next steps


The Hombre Muerto Basin is a well-known area of brine lithium with existing infrastructure and nearby mills available for processing.


The company is working on a scoping study and preliminary economic assessment for the project, which are both on track for release before the end of the year.


Further geophysical surveys are planned for early 2021 to seek out possible exploration upside.


Galan now holds combined total resources in the Hombre Muerto basin of around 3 million tonnes at 858mg/l lithium, with the possibility of a further increase.


Korean industrial giant POSCO recently acquired Hombre Muerto tenements containing 2.5 million tonnes at 732mg/l lithium from Galaxy Resources (GXY) for US$280 million (around A$382.5 million).


Galan Lithium is trading 20 per cent higher for 15 cents at 10:50 am AEDT.


SEE MORE HERE


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