The Board of Galan Lithium Limited announced that it has moved to 100% full ownership of the Candelas Project in the Catamarca Province, Argentina. The Candelas Project is supported by a full Preliminary Economic Assessment and a JORC 2012 Resource and lies approximately 40 km ESE of the HMW Project. It is hosted within a 15 km by 3-4 km wide structurally controlled basin infilled with sediments that host the Li-bearing brines. The mineral resource estimation was undertaken by SRK Consulting (Australasia) (SRK) and was based upon results from a total of eight (8) holes drilled in the North and Central Zones at Candelas for a total of 3,537 metres. On 30 November 2021, the Company announced the results of a PEA study for its 100% owned Candelas Project in Catamarca Province, Argentina. The study, at a minimum, complies with the Canadian NI 43- 101 regulation known as a PEA and is equivalent to a JORC Scoping Study. For further PEA information, including Cautionary Statement, refer to the Galan ASX Announcement dated 30 November 2021 entitled "Excellent Preliminary Economic Assessment Results for Candelas Project in Catamarca, Argentina". The Study estimated a production profile of 14,000 tonnes per annum of battery grade lithium carbonate product including some technical grade product for the first three (3) years.
The preparation of the Project's PEA was managed by Ad Infinitum and Galan's Project Manager for the engineering inputs including the recovery method, project layout and infrastructure, capital cost and operating cost estimates and overall economic evaluation. The other sections of the study were managed by consultants and employees of Galan Lithium Limited. Once the Hombre Muerto West DFS is complete, Galan's geological team will undertake a thorough review of all Candelas data. Reverse osmosis studies have shown that the Candelas project has a reliable water source. The results from these studies indicate there will be minimal to no need to access water from the Los Patos river.