Galan Lithium Share Price Up Confirms High-Grade Lithium

By ,

The latest report from Galan Lithium Ltd [ASX:GLN] has revealed a major success with assays from the first round of brine tests confirming the presence of high-grade lithium. The result was a relief to investors, spurring a 19% rise in the share price.

At time of writing, the current price is sitting at 37 cents per share, still a 17.4% increase from yesterday’s close.

This follows the substantial discovery of brine deposits in the company’s maiden drill at the Candelas lithium-brine project in Argentina last week.

Free investor report reveals how to get started investing in lithium. Download now to find out more.

Good initial results but still in early stages

The lithium explorer is hailing the result as ‘exceptional’ — not only because of success so early in the project, but because other in-demand resources like potassium have been found, indicating that other high quality by-products are available for exploration.

Leading geologist Camilo de los Hoyos was equally ebullient about the result, saying:

Preliminary field measurements and laboratory analyses on brine suggests that the Candelas Project has the potential to become a world-class soluble lithium deposit hosted in a unique geological setting.’

And while they remain optimistic, Galan acknowledges that further sampling and testing will need to be done in order to make it a solid lithium resource. The drilling programme is set to continue along the Candelas channel, which extends 15km.

Making their mark in the Lithium Triangle

Despite such a quick success in such a short amount of time, it is still early stages as far as the drilling programme is concerned — drilling at the maiden hole (the first of five) is still continuing with no end date in sight.

With this in mind, Galan’s Managing Director today made it clear that they will ‘fast-track’ the process and work ‘full steam ahead’ throughout the channel.

Given its potential as a ‘world-class lithium deposit’, it seems Galan Lithium are hoping to live up to this and make their mark in Argentina’s lithium triangle.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

PS: Are you interested in lithium stocks like Galan Lithium Ltd [ASX:GLN] but don’t know how to start? Our free investor report can help. Don’t buy a single lithium stock until you’ve read it. Download our free guide to learn more.

About Ryan Clarkson-Ledward

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

Ryan is also the Editor…

UBS Upgrades Lithium Outlook: ASX Lithium Stocks Rise

Investment bank UBS has upgraded its lithium price forecast as supply remains tight, with ASX lithium stocks rising on Friday.

ASX Lithium Shares: Galan, Novonix, Talga, Hannans

Today Galan Lithium [ASX:GLN] released results from a preliminary economic assessment for its wholly-owned Candelas Project in Argentina.

Galan Lithium Share Price Drops 6% on $50m Placement (ASX:GLN)

The Galan Lithium [ASX: GLN] share price fell by 6% in early morning trade after completing a $50 million institutional placement.

Galan Lithium Grabs an 80% Stake in New Project, Shares Rise 10.5%

Galan confirmed this morning that it has acquired an 80% stake in the Greenbushes South project. Securing the deal via an agreement with their new partner Lithium Australia NL [ASX:LIT].

Galan’s Share Price Loses Over 11% after Final Drilling Results

Today, Galan Lithium Ltd [ASX:GLN] confirmed high grade lithium brine at its Candelas lithium brine project, in Catamarca province, Argentina.At time of writing, Galan’s share price is trading at 26 cents, down 11.86%.

Galan Lithium’s Share Price Dips on Drilling Update

At time of writing, Galan Lithium’s share price is trading 4.84% lower, to $0.30 a share. Today, Galan Lithium Ltd [ASX:GLN] has completed the drilling of its third drill hole (C-03-19) at its Candelas lithium brine project located in the Catamarca province, Argentina.