Galan Lithium has acquired the title to the Catalina Tenure, which is located in the provinces of Catamarca and Salta in Argentina.
Galan Lithium Limited (ASX: GLN) is happy to report that the company now possesses full ownership of the Catalina tenement in Argentina, which is located on the boundary between the Catamarca and Salta Provinces.
Galan Lithium has successfully registered its entire ownership of the Catalina tenure (as issued by the authorities in Catamarca and Salta) by executing the appropriate agreement and submitting it to the authorities in Catamarca and Salta. It’s worth noting that POSCO had an experience comparable during their time at the Hombre Muerto salt flat.
The northern portion of the Salar del Hombre Muerto has been at the centre of an unresolved political border dispute between Salta and Catamarca for well over a century. Both of the respective provincial mining agencies have, throughout the course of time, asserted their ownership of the right to mine in the contested territory and have been granting mining rights that cover the same territory in overlapping fashion. Catalina, Rana de Sal II and Rana de Sal III, Pucara del Salar, and Deceo I are all included in Galan’s term at Catalina. This information is provided for clarification.
Due to the fact that Catalina is found in a region that is being contested between Salta and Catamarca but has not yet been definitively defined, Salta’s claim to possession of the area will continue to be contested up until the Federal Congress makes a decision. It’s not likely that something like that will happen anytime soon.
Subsequently, as a result of continuing discussions with the private investor of Salta, a settlement has been achieved under which the Company would control 100% of the Catalina project, both in Salta and Catamarca, after the issuance of 9,756,098 fully paid ordinary shares in the capital of Galan Lithium. With the completion of this significant acquisition, questions regarding the private ownership of the tenure and the prospect of a mine being developed have been satisfactorily answered.
The Managing Director of Galan, JP Vargas de la Vega, made the following statement:
This acquisition represents a highly significant value accretive transaction for the Company. It resolves the security of tenure in this highly prospective area favourably for the exclusive benefit of Galan and its shareholders. As there are now no competing interests, our team can advance exploration and evaluation activities at Catalina with the objective of delineating a maiden resource. Furthermore, we plan to accelerate such work and look forward to keeping our shareholders informed of our progress.
