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Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to announce that it has executed a binding Option Agreement (Agreement) with a private Argentinian individual for the purchase of the right to earn a 100% interest in the Casa Del Inca III lithium brine tenement. The acquisition increases and consolidates our Hombre Muerto West (HMW) project footprint located in the South American Lithium Triangle in Catamarca, Argentina (Figure 1).
- Option to purchase strategic new tenement executed
- Right to acquisition increases flexibility and more area for pond location and infrastructure such as camp and processing plant for HMW
- Potential to increase lithium resource to be assessed with geophysics work to follow
Galan has agreed to initially acquire 300ha for a total of US$150,000 with the initial deposit of US$80,000 being paid.
Figure 1 shows that the project abuts the east side of the Pata Pila tenement and highlights the initial 300ha to be purchased under the Agreement plus the total 900ha, if required.
Casa del Inca III is located within the world-class, Salar del Hombre Muerto, where Livent Corporation (NYSE:LTHM) is currently producing lithium carbonate and Galaxy Resources Limited (ASX:GXY) is developing its Sal de Vida project. More importantly, it abuts Galan's Pata Pila interest, which shares the same geology setting forming part of the suite of tenements that comprise the HMW project. The HMW project currently houses a high-grade, low impurity lithium brine resource of ~2.3Mt LCE @ 946mg/l Li.
JP Vargas de la Vega, the Galan Managing Director said, 'This strategic project acquisition by Galan consolidates its Hombre Muerto West project with an extension of the concessions from Catalina to Pata Pila and onwards to Casa del Inca III. This provides Galan with the opportunity to quickly build additional scale to its already significant brine resource and tenure in the region.
Figure 1: Location of Casa del Inca III concession (300ha in blue; 900ha dotted) and GLN's concessions (in red)