Emerging lithium brine play Galan Lithium (ASX: GLN) gained in today’s trade on news that it has intercepted the highest ever recorded brine hit in Argentina at its Western Basin projects on the Hombre Muertos salar.
The stock climbed over 8% to close at 19.5c today after a preliminary assay from a second hole drilled at its Rana de Sal tenement indicated a lithium grade section 39m grading over 1,000mg/l Li, with low impurity levels. The heavy brine was encountered from 83m with the drill hole currently at 309m.
We are delighted with the interim grades in excess of 1,000 mg/l Li with low impurities at Rana de Sal, being the highest-grade samples returned by Galan to date,” Galan Lithium Managing Director, Juan Pablo Vargas de la Vega said.
“This augurs well for potential new, very high-grade resources for the Western Tenements which would greatly complement our recently reported maiden resource from Candelas. These high-grade, low impurity results are the key outstanding factors that differentiate Galan and strengthens our view that the Company’s projects have excellent development potential at Hombre Muerto.”
In addition, Galan also confirmed the high-grade nature of its Pata Pila tenement in Western Basin with all samples returning lithium grades of greater than 900mg/l Li with low impurity levels.
The Rana de Sal and Pata Pila licences both cover large alluvial fan areas lying adjacent to Livent Corporation’s (NYSE: LVHM) tenure, covering the western margin of the Hombre Muerto salar.
The drilling targeted highly conductive CSAMT (Controlled Source Audio-frequency Magnetotellurics) anomalies recorded from surveys previously completed in September last year which are believed to represent the extension of Livent’s brine producing aquifer for their Fenix operation.
Earlier this month, Galan announced the maiden resource estimate for its Candelas lithium brine project of 684,850 tonnes of contained lithium carbonate equivalent (LCE) @ 672mg/l Li (500mg/l Li cut off) for the project’s higher-grade north zone.