Mt Cattlin Project
Perth, Mar 18, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) today announced that RC drilling at its Mt Cattlin Lithium -Tantalum Project, 2 kms north of Ravensthorpe has returned significant tantalum results. The drilling program, which was completed during August-September 2008, was designed to test strike extensions of the known resource, infill portions of the Dowling pit area, and test the potential for repetitions of the lithium and tantalum bearing pegmatite horizons at depth.
Lithium results returned from this work were reported in ASX releases on 4/12/08 and 24/12/08. Tantalum results have only recently been received due to extended laboratory turnaround time for tantalum assays in 2008, although current turnaround times have significantly improved.
The tantalum results show excellent grades with the best intercepts being:
GX875 - 5m @ 673ppm Ta2O5, from 1m below surface
GX868 - 14m @ 462ppm Ta2O5 from 18m below surface
Managing Director, Mr Iggy Tan said that tantalum results returned from the drilling program had returned grades significantly higher than the average grade assumed in the Company's DFS.
"With very positive lithium results from the RC drilling program received in December 2008, we're pleased to learn that the tantalum results are equally encouraging," said Mr Tan.
"The final results show the potential for further strike extensions to the south west of the deposit and below the known resource which is consistent with the lithium results."
"These positive results indicate that the deposit has the potential to be significantly larger than the known resource, adding further value to the Mt Cattlin project," he said.
South West Extensions
Several holes on the south western margin of the prospect were previously reported to have intersected significant Li2O grades (Galaxy ASX release, 24/12/08): Tantalum results for these intercepts have now been received by Galaxy which show high grade tantalum pentoxide intercepts.
Results show that significant tantalum pentoxide grades occur in drill holes on the south western margin of the current resources, with potential for further strike extensions.
Dowling Pit Infill Program
Tantalum results from the Dowling pit infill program (for which lithium results were previously reported on 24/12/08) confirm previous high grade lithium and tantalum intercepts in this area.
Depth Extensions
Final tantalum results have been received from all deeper holes drilled in 2008, and as is the case with the lithium results (reported 4/12/08), confirm the potential for repetitions of lithium and tantalum bearing pegmatite horizons at depth below known mineralisation.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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