Galaxy Resources Limited (ASX:GXY) Submits Environmental, Geological Reports For Ponton Rare Earth Project
Perth, June 1, 2011 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce it has submitted the Environmental and Geological Reports to the WA Government's Department of Mines and Petroleum (DMP) as part of the application process for the grant of the Ponton Rare Earth Project (Ponton Project) tenement.
Galaxy wholly owns the Ponton Project, which is located 200km east of Kalgoorlie in the eastern Goldfields region of Western Australia and comprises a single Exploration Licence Application (E28/1317) covering 206 km2.
The Environmental Report was compiled by consultants Keith Lindbeck and Associates and reflects similar environmental management programs undertaken by Galaxy in the Fitzgerald River Biosphere Reserve south of Ravensthorpe.
The Report addresses environmental management practices in sensitive areas due to the Ponton Project ELA being situated on a Class A nature reserve.
The Company is continuing its discussions with the WA Government for the grant of the Ponton Project tenement. There is no guarantee that the tenement application will be granted by the government.
The Geological Report submitted to the DMP details the prospective nature of the Ponton Project as well as previous exploration work in the area.
Analysis of historical drill results from Ponton's previous owner Herald Resources (reported 11/01/11), showed intersections including 16m @ 14.48% rare earth oxides (REO), 28m @ 10.50% REO (including 6m @ 20.57% REO) and 26m @ 6.99% REO from surface (including 8m @ 13.12% REO).
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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