logo-loader
Mining
Galan 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.

1564630057_GALAGALA.jpg
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: $0.19

Market: ASX
Market Cap: $25.98 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galan Lithium Ltd named herein, including the promotion by the Company of Galan Lithium Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Galan Lithium making its mark on 'one of the best places in Argentina's...

Galan Lithium Ltd (ASX:GLN) managing director JP Vargas speaks to Proactive Investors about the explorer’s potentially large scale Salar de Hombre Muerto Lithium Project in Argentina’s Catamarca Province, also known as the ‘lithium triangle.’ “The Hombre Muerto basin is one of the best...

on 08/28/2018

2 min read