The Board of Galan Lithium Limited (ASX:GLN) (Galan or the Company) is thrilled to announce that it now possesses 100% full ownership of the Catalina tenement located on the border of the Catamarca and Salta Provinces in Argentina. This significant acquisition ushers in a new era of secure tenure and opens new opportunities for Galan's growth and expansion.
Speaking on this significant milestone, Galan’s Managing Director, JP Vargas de la Vega, shared: “This acquisition represents a highly significant value accretive transaction for the Company. It resolves the security of tenure in this highly prospective area favourably for the exclusive benefit of Galan and its shareholders. As there are now no competing interests, our team can advance exploration and evaluation activities at Catalina with the objective of delineating a maiden resource. Furthermore, we plan to accelerate such work and look forward to keeping our shareholders informed of our progress.”
The Company has successfully registered its full ownership of the Catalina tenure, as issued by the Catamarca and Salta authorities. This achievement mirrors POSCO's similar tenure in the Hombre Muerto salt flat. Despite the longstanding border dispute (over 100 years) between Salta and Catamarca, Galan's Catalina tenure covers Catalina, Rana de Sal II, Rana de Sal III, Pucara del Salar and Deceo I.
Though the area of Catalina falls within the disputed region between Salta and Catamarca, Galan has successfully negotiated with the Salta private owner to attain a definitive agreement. Consequently, the Company will own 100% of the Catalina project, both in Salta and Catamarca, with the issue of 9,756,098 fully paid ordinary shares in the capital of Galan. This significant step resolves the uncertainty around the private ownership and potential mine development of the tenure.
Galan is excited to capitalize on this full ownership to advance its exploration and evaluation activities at the Catalina tenement. Stay tuned for more updates as we accelerate our operations and look forward to the maiden resource delineation.