Highlights:
- Galan Lithium Limited's total Mineral Resources surge to 8.6Mt of lithium carbonate equivalent (LCE) at 859mg/L Li, up from 7.3Mt at 852mg/L Li.
- This upgrade positions Galan among the highest-grade lithium resource holders in Argentina.
- The addition of the Catalina tenure contributes approximately 1.3Mt LCE to the HMW Resource.
- HMW Project's Measured Resource now stands at 4.7Mt contained LCE at 866mg/L Li.
- Marks the fourth significant resource upgrade since March 2020, reinforcing Galan's robust resource base.
- Supports Galan’s strategic long-term production target of 60ktpa LCE, enhancing flexibility and leverage against lithium price fluctuations.
Buenos Aires, Argentina – Galan Lithium Limited (ASX: GLN), anASX-listed lithium exploration and development business is thrilled to announce a substantial increase in its 100% owned Mineral Resources, now totaling 8.6Mt of lithium carbonate equivalent (LCE) at an average grade of 859mg/L Li. This 18% increase from the previous estimate of 7.3Mt LCE at 852mg/L Li underscores Galan's position as a leading lithium resource company in Argentina.
The updated JORC (2012) compliant Mineral Resource estimate for the Hombre Muerto West Project (HMW Project) in Catamarca Province, Argentina, was meticulously completed by WSP Chile, a team of premier independent geological consultants. This revision is a testament to Galan's diligent exploration and development efforts, marking the fourth significant upgrade since the maiden estimate in March 2020.
The inclusion of the Catalina tenure into the HMW Resource has added approximately 1.3Mt LCE, significantly bolstering the project's resource base. Furthermore, the HMW Project's Measured Resource category has been updated to 4.7Mt contained LCE at 866mg/L Li, reflecting a high level of confidence in the project's viability and robustness.
Galan Lithium's consistent progress and strategic resource upgrades have solidified its fully owned resource base, providing increased flexibility, optionality, and leverage to capitalize on any lithium price upswing. These developments are crucial as Galan advances towards achieving its ambitious four-stage lithium production target, which includes reaching up to 60ktpa LCE (including contributions from Candelas).
This latest resource upgrade not only enhances Galan's project confidence but also aligns with the company's objective to achieve the necessary production conditions for Stage 3 (40Ktpa LCE), moving steadily towards the ultimate goal of 60ktpa LCE.
Commenting on the significant Resource upgrade, Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, said:
“This latest significant upgrade in the high grade, low impurity HMW Resource highlights the potential enormity of the brine resource that sits within Galan’s 100% owned tenements in Argentina. The initial HMW resource in March 2020 was 1.08Mt LCE @ 946mg/L Li, upgraded in May 2023 to 6.6MT LCE @ 880mg/L Li. This has now been increased a further ~20% to a tier one size of 8.6Mt LCE at 859mg/L Li, with the inclusion of our Catalina tenements. Coupled with our Candelas resource, Galan has a very solid foundation, and more importantly has delivered a further validation that its Hombre Muerto Salar resources fully support our four-stage lithium production target of up to 60ktpa LCE.
The HMW Project is robust and underpinned by strong financial metrics as illustrated in its Stage 1 and Stage 2 DFS results. We constantly evaluate opportunities to increase the value of the HMW Project in parallel with continuing to construct Stage 1 as we look forward to first commercial production in 1H 2025.”
About us:
Galan Lithium Limited (ASX:GLN) is an ASX-listed lithium exploration and development business. Galan’s flagship assets comprise two world-class lithium brine projects, HMW and Candelas, located on the Hombre Muerto Salar in Argentina, within South America’s ‘lithium triangle’. Hombre Muerto is proven to host lithium brine deposition of the highest grade and lowest impurity levels within Argentina. It is home to the established El Fenix lithium operation (Arcadium Lithium, formerly Livent Corporation), Sal de Vida (Arcadium Lithium, formerly Allkem) and Sal de Oro (POSCO) lithium projects. Galan is also exploring at Greenbushes South in Western Australia, just south of the Tier 1 Greenbushes Lithium Mine.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
