Greenbushes South Exploration Update

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to provide an update on its ongoing exploration activities at the Greenbushes South Lithium Project (a joint venture between Galan (80%) and Lithium Australia Limited (ASX: LIT) (20%)) (Greenbushes South).

Highlights:

• Discovery of new outcropping pegmatite with 500m+ strike length; remains open along strike with geological mapping ongoing
• New soil assays spatially associated with prior pegmatite discovery reveal up to 215 ppm Li; further soil and rock chip assay results pending
• UltraFine+ assay method also confirms presence of anomalous pathfinder element concentrations (As, Cs)
• Pilot ground geophysics program in process, consisting of passive seismic (HSVR), gravity and resistivity methods
• Processed HSVR and gravity data outcomes expected in next few weeks

Geological mapping continues within Exploration Licence E70/4790. Recent new field discoveries include a pegmatite in three main outcrops spanning an area approximately 500m x 400m (see Figure 1). There are also strong indications that this pegmatite remains open and continues along strike. This builds on the previous pegmatite discovery (200m x 40m) announced in June (see ASX release dated 15 June 2022, First Pegmatite Lens Discovered at Greenbushes South). Detailed mapping and geochemical sampling are ongoing.

Initial geochemical results; anomalous lithium concentrations up to 215 ppm

The Company has received the first batch (65 in total) of geochemical assays from the soil sampling grids traversing the initial pegmatite discovery. The results confirm anomalous concentrations of lithium up to 215 ppm (see Figure 2), as well as for pathfinder elements such as As and Cs (see Figures 3 and 4). A further 170 assays from this soil sampling program are pending, as well as the assays for 15 rock chip samples taken from the earlier mapped pegmatite outcrops (see Figure 2).

The returned soil results were assayed using the UltraFine+ assay technique that delivers high fidelity multi-element analysis derived from the ultrafine (< 2 μm) fraction of soil samples. The UltraFine+ method is an analytical process flow developed by CSIRO and LabWest which often returns stronger signals well above instrumental detection limits, usefully increasing signal-to-background ratios. Galan has now submitted all historical soil samples from Greenbushes South to be re-assayed utilising this method.

Ground geophysical initiatives; HSVR and gravity results pending

A pilot study utilising ground-based geophysical techniques to explore blind (buried) pegmatite targets has been completed in the Greenbushes South project areas. The survey consists of passive seismic (HSVR) and gravity surveys conducted by Atlas Geophysics. Data processing is underway and results are expected to be available in the coming weeks. Additionally, a resistivity study is also planned to be completed by GBG in the next few weeks to further aid in defining the orientation of pegmatite at depth.

Figure 1: Outcrops of quartz, feldspar, mica and tourmaline pegmatite dykes.

Galan Managing Director, JP Vargas de la Vega, commented:

“Initial exploration outcomes at Greenbushes South have been excellent. The team is understandably excited about the fact that airborne geophysical targeting has successfully driven our field mapping and sampling focus, and already led to multiple new sizeable pegmatite outcrops being discovered. It is also important to note that the discovered pegmatites have similar macroscopic mineralogy to those pegmatites described at the Greenbushes Lithium Mine to the north.

Today’s results take us a step further. We now have confirmation of anomalous lithium concentration levels in the soil samples that were taken over the initial pegmatite discovery at the GS11 target zone.

Geological mapping and geochemical sampling activities are ongoing. There are further soil and rock sample assays pending, including those to be submitted from our newest pegmatite discovery. We have also launched a pilot ground geophysics program to overlay our exploration targeting efforts at Greenbushes South. All of this work is driving us towards the key outcome of premium target locations for our initial drilling program.”

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