- Galan Lithium (GLN) has completed its purchase of the Del Condor and Pucara lithium brine salar projects in Argentina
- Under the agreement, the company will pay the landholder a total of CDN$100,000 (around A$106,000) and 650,000 shares
- The projects are located at the world-class Salar del Hombre Muerto and border Galan’s Hombre Muerto West (HMW) tenements
- HMW is now expected to be a continuous polygon of 7.5 kilometres strike
- Galan has now engaged with SRK Consulting to commence an updated resource estimate on the HMW region
- Galan is in the grey on the market this afternoon and is trading for 12 cents per share
Galan Lithium (GLN) has completed its purchase of the Del Condor and Pucara lithium brine projects in Argentina.
Under the agreement, the company will pay the concession holder a total of CDN$100,000 (around A$106,000) in cash and issue 650,000 shares.
The projects are located at the world-class Salar del Hombre Muerto and border Galan’s Hombre Muerto West (HMW) tenements. Del Condor and Pucara include two claim blocks which total 1804 hectares.
With the purchase, HMW is now expected to be a continuous polygon of 7.5 kilometres strike, with up to 2.5 kilometres in width and up to 718 metres in depth.
Galan has now engaged with SRK Consulting to commence an updated resource estimate on the HMW region. Additionally, the company is also expected to undertake a geophysical survey for the first quarter of 2021.
Managing Director, JP Vargas de la Vega, is pleased to see the deal finalised.
“Once again this a great team effort, and despite COVID-19 constraints, the team in Argentina has delivered on our original vision from 2017. HMW is now a significant polygon, the acquisition and the annex of these new tenements consolidates the project as a genuine lithium development in Argentina,” he said.
“We look forward to receiving the resource update from SRK and including the new data into our PEA/scoping study due in the fourth quarter of 2020,” he added.
Galan is in the grey on the market this afternoon and is trading for 12 cents per share at 1:07 pm AEDT.