viewGalan Lithium Ltd

Galan Lithium in trading halt ahead of capital raising news

The company's securities will remain in halt until Monday, August 5, 2019, or until an announcement is released.

A maiden resource estimate is expected at Candelas Lithium Brine Project this quarter

Galan Lithium Ltd (ASX:GLN) has been granted a trading halt by the ASX ahead of a capital raising announcement.

The trading halt will remain in place until Monday, August 5, 2019, or until an announcement is made to the market, whichever occurs earliest.

Shares in Galan last traded at 19 cents, up from 16 cents on July 19.

READ: Galan Lithium gains permits for maiden drilling of Western Basin in Argentina

Last month the company received permits to conduct a maiden drilling program over its Western Basin projects within Argentina’s Hombre Muerto Salar.

The permits were granted by the Secretaria de Estado de Mineria – Gobierno de Catamarca, the authority that approves drilling permits Catamarca, Argentina.

Galan has been granted the permits to drill a total of 14 holes in addition to five water bores within a period of 18 months.

READ: Galan Lithium hits more high-grade brine at Candelas project in Argentina

The drilling is set to target highly conductive anomalies recorded from controlled-source-audio-frequency-magnetotellurics (CSMAT) surveys completed in late September last year.

These were the first surveys conducted over these targets and cover alluvial fans interpreted by the company to overlie prospective salar.

The company also returned a further broad high-grade lithium intersection of up to 744 mg/l lithium from hole eight, which confirmed a lateral brine extension and high-grade continuity in July.

Quick facts: Galan Lithium Ltd

Price: 0.2275 AUD

Market: ASX
Market Cap: $36.25 m

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