The Galan Lithium Ltd (ASX: GLN) share price is frozen after the company requested a trading halt today.
The ASX lithium share is sitting at $1.27 while the explorer prepares a “significant resource update”.
Here’s what we know.
Why is this ASX lithium share in a trading halt?
Galan requested an immediate trading halt pre-open this morning. It asked the ASX to keep it in place until it makes its announcement, or until the commencement of trading next Monday 24 October.
The statement refers to the pending announcement as a “significant resource update”. There are no other details.
What’s been happening with Galan Lithium lately?
Among Galan’s major projects is the 100%-owned Hombre Muerto West Project (HMW) in Argentina.
This is a lithium project. Last month, Galan advised the ASX that it has applied for a permit to build a permanent 200-person operational camp at the site in the Catamarca Province.
It said the facility would “house all required personnel to execute construction activities expected to commence during CY2023 and into targeted commercial production in CY2025”.
The company said it was “a key further step towards accelerating the development of the HMW Project”.
It currently has an exploration camp set up for exploration and piloting activities.
In August, Galan provided an update on its well-pumping tests and exploration programs at HMW.
It said the long-term pumping test at the Pata Pila site within HMW had been successfully completed. The test extracted lithium grades of between 821 mg/L and 927 mg/L.
Galan said in a statement: “These strong outcomes support potential higher production capacity parameters for Definitive Feasibility Study (DFS) inputs.”
It reported first-pump well results at another site within HMW, Rana de Sal, that produced average lithium grades above 945 mg/L.
Price snapshot for this ASX lithium share
The Galan Lithium share price is down 35% in 2022 so far.
However, the shares are up 7.6% over the past 12 months.
Over the past five years, Galan shares have lifted by almost 1,500%. Yep, no kidding.
The post Guess which ASX lithium share is on ice with a ‘significant resource update’ incoming appeared first on The Motley Fool Australia.
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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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