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 has now received its final assays from its third drillhole (C-03-19), delivering high grades paired with low impurities, as well as brine returns at 143 metres.
Drillhole three is approximately 2.5kms south of Galan’s maiden drillhole.
Galan’s final drilling results
Following sampling conducted at the fourth drillhole, drilling will focus on resource definition in the northern Candelas channel area. Meaning the rig will be moved north, this movement could have something to do with why we are we are seeing a loss of confidence in the share price.
The absence of bad news in an announcement doesn’t automatically mean there will be an increase to the share price.
Field results for the fourth drillhole point to 117 metres of moderately conductive brine horizon.
Elsewhere, Galan has been given the green light for ongoing drilling focused on resource definition outside the initial five sites approved, and in the northern area.
Galan’s 2019 share price outlook
In 2019, Galan Lithium Ltd seems to be focused on its growth development, with results confirming potential for a significant volume of high quality and low impurity lithium supporting brine.
Moving further into 2019, the Lithium exploration company remains on track to ‘define a resource in Q3 this year’.
Galan will have to continue its growth strategy and see further positive brine results in order to see a rise in share price. But it seems the lithium explorer has lost a bit of momentum.
So far, investors might not be seeing enough upside potential.
More to come.
For Money Morning
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