Galan Lithium’s Share Price Dips on Drilling Update
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.
Brine is confirmed over a 2.5km strike extent south of the maiden drill hole in the Candelas lithium plant.
At time of writing, Galan Lithium’s share price is trading 4.84% lower, to $0.30 a share.
Further drill hole testing underway for Galan lithium
Galan’s third drill hole has presented significant results, with an intercept of 192 metres showing high grade lithium brine and low impurities.
Downhole geophysics were performed following the completion of the drill hole, indicating a high conductive and high Specific Gravity (SG) brine were still found at the bottom of the site.
Galan is planning to expand the hole to a final depth of 454 metres, after many packer tests using downhole data revealed a preferred section from 313m to 454 metres.
The results of final samples are expected next fortnight on account of the Easter long weekend.
Galan has started its fourth drill hole (C-04-19) which is 3km south of the third drill hole.
Galan Lithium’s share price outlook
The exact movements of Galan Lithium’s share price isn’t as easy as seeing whether there is high grade lithium brine intercepted at a particular drill hole. Today’s dragging share price is a testament to that.
However, overall these generally positive results can add momentum to a company’s share price.
And this is why investors should keep watch of stocks like this as global economies scramble to produce energies in faster, easier and more sustainable ways.
Investors should keep an eye on Galan Lithium.
Over the last five years of trading, it has been slowly edging higher. Granted, it’s had some times of volatility, but with an emerging energy market like lithium, shareholders should expect as much.
More to come.
For Money Morning
PS: Are you interested in lithium stocks, but don’t know where to start? Our free investor’s report can help. Don’t buy a single lithium stock until you’ve read it. Download our free guide to learn more.