Lithium brine play Galan Lithium (ASX:GLN) has been granted the Pata Pila licence at its Humberto Muerto lithium brine project in Argentina with investors welcoming the news.
Shares in the company climbed 3.5c to an intraday high of 33c today before closing at 32c, up 8.5%.
Pata Pila covers a large area of alluvial fan interpreted to overlie the western margin of the Hombre Muerto salar in Argentina.
Recent geophysical work undertaken by the Company via a CSAMT survey along the extent of the fan, highlighted a highly conductive horizontal layer compatible with geological units that may contain brines.
The maiden drilling campaign aimed to test the geophysical model developed by the Company and its consultants has now commenced at the northern end of the Candelas project.
The results from the initial hole will test the CSAMT modelling and give important information on the stratigraphy of the area.
The maiden drill programme is planned to comprise five holes to be drilled along the ~12‐15 km extent of the Candelas channel. According to Galan, the initial drillhole is progressing well and is at approximately 130 metres depth and is ongoing.