Galan Lithium Limited

Key Canadian Lithium Project Acquisitions James Bay Province, Québec And Northwest Ontario

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce it has entered into an exclusive binding agreement to acquire 100% of the Camaro-Taiga-Hellcat property blocks collectively covering 5,187 hectares located in the world-class James Bay Lithium Province, host to several advanced lithium projects and new lithium discoveries in Quebec, Canada. The Joint venture also includes an option to acquire 1,415 hectares in Ontario’s Electric Avenue near the Frontier Lithium’s PAK Lithium Project.


  • Galan has entered into a binding JV agreement with Redstone Resources Limited (as JV manager) to acquire 100% of the Taiga, Camaro, and Hellcat Lithium Projects in the heart of the James Bay lithium province.
  • Initial exploration in the James Bay Projects completed by Axiom Exploration Group Ltd identified 28 prospective pegmatite dykes.
  • James Bay Projects cover 5,187 hectares adjacent to Patriot Battery Metals Inc (TSX.V:PMET) discovery – Taiga and Camaro both share tenement boundaries with PMET.
  • PMET’s CV8 pegmatite, with samples averaging 4.6% Li2O, is located 1.4 km north of the Taiga Project and PMET’s newly-discovered CV13 pegmatite cluster is located 1.5 km north of the Camaro Project.
  • Galan and Redstone Resources Limited have also entered into a JV agreement to secure an option to acquire 100% of the PAK East and PAK Southeast Lithium Project in Ontario’s Electric Avenue.
  • PAK Projects cover agreements over 1,415 hectares in Ontario and are adjacent to Frontier Lithium Inc’s (TSX.V:FL) PAK Lithium Project
  • Frontier Lithium Inc’s PAK Lithium project contains North America’s highest- grade lithium resource and is the second largest in North America by size
  • With these acquisitions Galan continues to build a quality exploration portfolio including in world class lithium provinces, renowned for Tier 1 lithium discoveries.

All projects (see Figure 1) will be housed within a 50/50 unincorporated joint venture with ASX-listed Redstone Resources Ltd (ASX:RDS) (Redstone).

Commenting on the lithium acquisitions and joint venture with Redstone, Galan’s Managing Director Jian Pablo (JP) Vargas de la Vega said:

“Galan is very pleased to invest in the world renowned James Bay Lithium district in Québec, Canada. In Joint Venture with Redstone, who will be the manager. Galan is very experienced in lithium exploration and looks forward to the Joint Venture initiating exploration in the region. Securing an option in a premier lithium district of North-West Ontario also pleasing to Galan. Both projects are low entry cost ventures into Canada.

The JV projects are of quality and situated nearby excellent lithium discoveries, with the James Bay Lithium Projects being adjacent to the Patriot Battery Metals high-grade CV8 pegmatite discovery, and the PAK Lithium Projects situated in Ontario's Electric Avenue area.

Securing a prospective position in two premier lithium exploration global hotspots is value accretive and complements our exploration efforts in Greenbushes South in Western Australia to create further value for shareholders in parallel with our development and production lithium brine assets in Argentina.”

Figure 1 - Location of the joint JV Projects between Redstone Resources and Galan Lithium Limited. The PAK projects are located in Northwest Ontario, while the Taiga-Hellcat-Camaro projects are located in James Bay, Quebec, Canada

James Bay Lithium Projects - Taiga, Camaro and Hellcat

The 5,187-hectare James Bay Lithium Projects are located adjacent to Patriot Battery Metals’ Corvette Property in the James Bay Region of Quebec, approximately 235 kilometres east of Radisson, Quebec and 245 kilometres northeast of the Cree village municipality of Nemaska. The James Bay Lithium Projects contain three property blocks: Taiga, Camaro, and Hellcat. These projects cover 3,850 hectares and are adjacent to Patriot Battery Metals’ (TSX.V:PMET) Corvette Lithium discovery in James Bay. PMET’s CV8 pegmatite is one of the finest new hard rock lithium discoveries, with grab samples averaging 4.6% Li2O, and is located only 1.4 km north of the Taiga Project, and PMET’s newly-discovered CV13 pegmatite cluster is located 1.5 km north of the Camaro Project (See Figure 2).


Three primary ingredients have been identified in the industry as necessary for spodumene-bearing pegmatite emplacement: 1) Nearby granites, providing a source for melts; 2) Greenstone belts, acting as host rocks; and 3) large-scale structural features acting as conduits for the melts. The Taiga, Camaro and Hellcat properties in James Bay contain all three ingredients and multiple high-value exploration targets.

Figure 2 - Location of the Taiga-Camaro-Hellcat properties in James Bay. Figure highlights PMET’s recently reported LCT Pegmatite Occurrences. Blue, Pink and Purple stars indicate samples collected by Axiom Exploration within the TCH tenements.

Taiga and Camaro Projects

These properties are situated in the Meso-Archean to Paleoproterozoic La Grande Subprovince of the Superior Provence. The Corvette Pegmatite series is hosted in the Mesoarchean Guyer Grupe, which is dominantly a meta-basalt (greenstone). The Taiga and Camaro projects are underlain by the Poste Le Moyne and Langelier plutons, respectively. The Camaro project is hosted in the Semonville Pluton with local windows of the Rouget Formation metabasalt. Properties are hosted in hornblende biotite diorite, quartz-rich diorite, biotite hornblende tonalite, granodiorite, granite, conglomerate, wacke, and amphibolite. Pegmatite dykes range from cm-scale irregular anatectic sweats to locally 5m wide dykes traced up to 200 m in length. The dykes are comprised of plagioclase feldspar, potassium feldspar, quartz, and minor biotite with local tourmaline and muscovite.

Click here for the full ASX Release

This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Galan Lithium

Galan Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects


The Conversation (0)
Galan Lithium

Galan Lithium

Keep reading...Show less
European Lithium Limited

European Lithium Limited (ASX: EUR) – Reinstatement to Quotation


The suspension of trading in the securities of European Lithium Limited (‘EUR’) will be lifted immediately following the release by EUR of an announcement.

Keep reading...Show less
European Lithium Limited

Critical Metals Corp. Completes Business Combination

Critical Metals Corp. commences Trading on Nasdaq under the Symbol “CRML”

European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce completion of the business combination between the Company and Sizzle Acquisition Corp., (NASDAQ: SZZL) (Sizzle) to form Critical Metals Corp. (Critical Metals) (Transaction). Critical Metals commenced trading on the Nasdaq on 28 February 2024 under the symbol CRML.

Keep reading...Show less
Chariot Corporation

Black Mountain Project Land Position Expanded

Chariot Corporation Limited (“Chariot”, “CC9” or the “Company”) is pleased to announce that it has significantly expanded the footprint of the Black Mountain project (“Black Mountain“) by staking and filing with the Bureau of Land Management (”BLM”) 218 unpatented lode mining claims (“Claims”) totalling 1,807 ha of tenure (“BMX Claims”).

Keep reading...Show less
CleanTech Lithium (OTCQB:CTLHF)

Laguna Verde Project PFS Update

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF, Frankfurt:T2N), an exploration and development company advancing lithium projects in Chile, announces that it now expects to publish the Pre-Feasibility Study (the "PFS") for the Laguna Verde Project in Q3 2024. In order to produce a more robust PFS, which will further support strategic partner discussions, the Board has decided to include data from the Company's DLE pilot plant as well as from the current drilling and field programme at Laguna Verde.


Keep reading...Show less




Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the twelve months ended December 31, 2023 , of US$2,012.7 million ( US$7.05 per ADR), a decrease of approximately 48.5% from US$3,906.3 million ( US$13.68 per ADR) for the twelve months ended December 31, 2022 .

Gross profit reached US$3,075.1 million (41.2% of revenues) for the twelve months ended December 31, 2023 , lower than US$5,736.6 million (53.6% of revenues) recorded for the twelve months ended December 31, 2022 . Revenues totaled US$7,467.5 million for the twelve months ended December 31, 2023 , representing a decrease of approximately 30.3% compared to US$10,710.6 million reported for the twelve months ended December 31, 2022 .

The Company also announced earnings for the fourth quarter of 2023 of US$203.2 million ( US$0.71 per share), a decrease of approximately 82.3% compared to US$1,151.0 million ( US$4.03 per share) for the fourth quarter of 2022. Gross profit for the fourth quarter of 2023 reached US$400.7 million , approximately 75.6% lower than the US$1,641.9 million reported for the fourth quarter 2022. Revenues totaled US$1,311.6 million for the fourth quarter of 2023, a decrease of approximately 58.1% compared to US$3,133.6 million for the fourth quarter of 2022.

SQM's Chief Executive Officer, Ricardo Ramos , stated: "Our fourth quarter 2023 results reflected record-high sales volumes in lithium business and increased sales volumes in iodine and potassium business lines when compared to the previous quarter and the same period last year. Despite a downturn in lithium market prices when compared to the previous year, our focus on operational efficiency and ability to successfully execute capacity expansion projects have facilitated notable production growth in lithium and iodine businesses over the past year. While we continue with our expansions in Chile and expect our lithium carbonate capacity to reach 210,000 metric tons during the first quarter of this year, we also celebrated first production of spodumene concentrate at our Mt. Holland operation site during the fourth quarter of 2023. In the iodine business, as a result of successful start-up of Pampa Blanca operation, record-high production volumes were achieved during the year, reconfirming SQM´s position as industry leader with ability to deliver growth ahead of competition."

He continued by saying: "As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials. However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance."

He finished by saying: "In December last year, we signed a Memorandum of Understanding with Codelco to jointly develop the Salar Futuro project and sustainably operate in the Salar de Atacama beyond 2030. Together with the communities, we are working on the definitive documentation in the upcoming months and will inform the market once this process is concluded. Last year, SQM was included into both DJSI World and Emerging Markets indices, several years ahead of our internal goal. This is the result of ongoing work and our commitments to increase the transparency and sustainability of our operations."

Total capital expenditure in 2023 was close to US$1.1 billion . For the period 2024-2025, total capex is expected to be approximately US$2.4 billion , including:

  • US$1.4 billion related to lithium capacity expansion projects in Chile , including US$130 million of maintenance.
  • US$700 million related to nitrates and iodine capacity expansion project in Chile , including US$160 million of maintenance.
  • US$340 million related to Mt. Holland lithium project in Australia and exploration projects.

The capex for 2024 is expected to be approximately US$1.3 billion , including maintenance.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes /
Irina Axenova  /
Isabel Bendeck /

For media inquiries, contact:

Maria Ignacia Lopez /
Pablo Pisani /

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the implementation of the MoU and potential partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

Cision View original content:

SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Lancaster Resources (CSE:LCR)

Lancaster Resources Increases Offering

Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) (the "Company") is pleased to announce that it is increasing the total amount of its offering of a non-brokered private placement that was previously announced on January 19, 2024 from $200,000 to $400,000 (the "Offering").

The proceeds from the private placement will be used for exploration at the Alkali Flat Lithium Brine Project in New Mexico, marketing publicity, additional property acquisitions and exploration, renewable energy and DLE testing and development, salaries, consulting fees, travel expenses and debt settlement.

Keep reading...Show less
Galan Lithium

Galan Lithium Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects


Latest Press Releases

Related News