Perth, July 1, 2009 (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) today announced it has signed a 100% purchase agreement for a block of tenements north of Mt Cattlin resource from Vistarise Limited for A$100,000. The tenement block, which includes E74/400, P74/307 and P74/308 is contiguous with Galaxy's Mt Cattlin tenements as well as Galaxy's Mining Lease application M74/197.
Managing Director, Iggy Tan said that the ground covers a similar geological sequence to that of Mt Cattlin and that the occurrence of scattered pegmatites at surface suggests there is potential for more substantial and continuous pegmatite bodies at depth.
"We're pleased to be able to increase our tenement holding in the region," said Mr Tan. "The occurrence of spodumene at surface indicates the area has potential for complex, lithium tantalum-bearing pegmatites."
Much of the tenement block is covered by cleared farmland including ploughed paddocks with limited outcrop. The mapping by Geological Survey of Western Australia (GSWA) shows scattered outcrops of pegmatites near the eastern edge of the tenement package, and extending onto the purchased ground. Spodumene has been reported in an outcropping pegmatite in the area.
About Galaxy Resources Limited
Galaxy Resources (ASX: GXY) is an emerging mining and chemical company focusing on lithium and tantalum production. Galaxy is at an advanced stage of developing its Mt Cattlin Lithium Project (hard rock spodumene) in Ravensthorpe, Western Australia. The Project encompasses a mine and minerals plant which will produce 137,000 tpa of 6% Li2O spodumene concentrate. Galaxy intends to add value to the Mt Cattlin Project by establishing its own downstream lithium processing facilities in China.
The Company is finalising plans to establish a lithium carbonate chemical facility in Jiangsu Province, producing 17,000 tpa of lithium carbonate.
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