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- Galan Lithium (GLN) has purchased all of the Deceo III lithium brine tenement for US$30,000 (around A$46,566)
- The tenement is located in the Hombre Muerto Salar in Argentina, which is home to world-class lithium producing projects
- Additionally, this new purchase increases Galan’s holding at its Homebre Muerto West (HMW) project
- According to Galan, this acquisition is significant, as Deceo III includes a highly prospective area for high-grade lithium brine
- It’s also just 100 metres from a drill hole used in the project’s maiden resource estimate back in mid-March
- Following the news, Galan is up 10 per cent on the market today, selling shares for 16.5¢ each
Galan Lithium (GLN) has now fully purchased the Deceo III tenement for US$30,000 (around A$46,566).
The tenement is located in the Hombre Muerto Salar in Argentina, which is home to world-class lithium producing projects.
Additionally, the new purchase increases Galan’s holding at its Homebre Muerto West (HMW) project.
According to Galan, this acquisition is significant, as Deceo III includes a highly prospective area for high-grade lithium brine across 163.5 hectares. It’s also just 100 metres from a drill hole used in the HMW project’s maiden resource estimate back in mid-March
Managing Director JP Vargas de la Vega said Deceo III is a strategic purchase for the company.
“We are of the conviction that Candelas and HMW could become low-cost, profitable lithium producing projects, even at today’s lithium prices,” he said.
“Both of these 100 per cent owned Galan projects have a solid resource base of high-grade lithium and low impurity levels in the best-known lithium producing region in Argentina,” he added.
For now, Galan is confident that Deceo II will increase its lithium inventory. The tenement is expected to increases the company’s total combined indicated and inferred mineral resource beyond 1.77 million tonnes of lithium carbonate equivalent (LCE) at 837mg/l of lithium.
“Despite the constraints of the current COVID-19 pandemic, we continue to advance all the conceptual models of our Scoping and Pre-Feasibility Studies,” JP told the market.
“We have commenced preparations to undertake additional laboratory test work to process our brine into battery-grade lithium carbonate once the restrictions are lifted in Argentina and Chile,” he added.
Galan is up 10 per cent on the market today, selling shares for 16.5¢ each at 11:24 am AEST.
