- Galan Lithium (GLN) has seen a 65 per cent jump in the lithium resource at its Hombre Muerto West (HMW) 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
- Galan’s holdings including HMW and Candelas North now have 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.
Galan’s holdings in the area including Hombre Muerto West (HMW) and Candelas North now have 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 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 three 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.