JP Vargas de la Vega, Managing Director of Galan Lithium (ASX:GLN), spoke to Sonia Madigan from The Market Herald about a brand new pegmatite discovery at the Greenbushes South Project.
While at the PDAC, the company announced its discovery at its lithium hotspot project in Western Australia, roughly five kilometres south from the largest lithium mine in world. The company generated 12 targets and found pegmatite discovery on the first one.
The Greenbushes South Project is a joint venture with Lithium Australia, 80 per cent of which is owned by Galan Lithium. The deposit appears to be 200 metres by 40 metres in size and the samples taken from it are currently being tested at a laboratory to determine if it contains lithium.
The company stated it is not dealing with any pressing challenges at this time as it is well financed with approximately AU$60 million banked, despite market turmoil.
Galan Lithium also has two projects in Argentina where drilling is occurring as a part of a definitive feasibility study which estimates 3 million tonnes of lithium carbonate equivalent. Drilling is ongoing at both projects to put towards a reserve estimate. The projects
combined net present value is held at US$3.4 billion.
The company is anticipating being a lithium producer sometime in 2025. With lithium prices at an all-time high and interest going strong Vargas de la Vega stated he is confident in continuous price strength moving forward.