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Galan Lithium Ltd

Galan Lithium managing director buys shares on-market

Juan Pablo Vargas de la Vega is the second director this week to demonstrate confidence in the company’s lithium strategy.

Australian bank notes
The company is focused on a prolific lithium area of northern Argentina

Galan Lithium Ltd (ASX:GLN) managing director Juan Pablo Vargas de la Vega is the second director this week to show confidence in the company’s Argentina-focused lithium strategy through on-market share purchases.

JP Vargas de la Vega acquired 17,000 shares and now holds more than 6.823 million shares in a direct interest and in excess of 140,000 in an indirect interest.

READ: Galan Lithium director shows confidence in lithium strategy with on-market purchase

Earlier this week, non-executive director Terry Gardiner also purchased 100,000 shares on-market.

He now holds almost 1.431 million shares in direct interest with a further 3.765 million in two indirect interests.

READ: Galan Lithium’s maiden drill hole hits 166 metres of lithium-bearing brines at Candelas in Argentina

Last month, Galan’s share price surged after it hit 166 metres of lithium-bearing brines at its Candelas Lithium Brine Project in Hombre Muerto, Argentina.

The hole was completed to a depth of 401 metres and intersected a substantial amount of brine from depths of around 235 metres to the end of the hole.

Coarse clastic sediments were found between 235 and 311 metres before encountering fractured basement lithologies from 311 metres.

JP Vargas de la Vega said at the time: “These initial results are exceptional, confirming the presence of high-grade lithium-bearing brines within a geological setting unique to the Hombre Muerto Salar.

“We have encountered exceptionally good grades with low impurities which are comparable to the rest of Hombre Muerto Basin where Livent, POSCO and Galaxy have their operations.

“We believe we have a potential world-class lithium project on our hands which we are keen to further demonstrate in our ongoing drilling.”

Quick facts: Galan Lithium Ltd

Price: $0.21

Market: ASX
Market Cap: $28.79 m
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