THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) increased its land tenure at the company’s Hombre Muerto West (HMW) project in Catamarca, Argentina.
Galan Lithium has acquired a 100 per cent interest in the Deceo III tenement, located at the Hombre Muerto salar, under a new re-negotiated agreement, under which it will pay US$30,000 to the vendors.
“This strategic 100 per cent project acquisition by Galan evidences our intentions to consolidate a significant continuous ground holding (currently ~14km) at HMW,” Galan Lithium managing director JP Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.
“Moreover, we are of the conviction that Candelas and HMW could become low-cost, profitable lithium producing projects, even at today’s lithium prices.
“Both of these 100 per cent-owned Galan projects have a solid resource base of high-grade lithium and low impurity levels in the best-known lithium producing region in Argentina.
“We are confident Deceo III will increase our lithium inventory given our previous work and the short distance to the drill hole Galan completed at Pata Pila.
‘Despite the constrains of the current COVID-19 pandemic, we continue to advance all the conceptual models of our Scoping and Pre-Feasibility Studies.
“We have commenced preparations to undertake additional laboratory test work to process our brine into battery grade lithium carbonate once the restrictions are lifted in Argentina and Chile.”