Perth, Aug 2, 2017 AEST (ABN Newswire) - Galaxy Resources Limited ("Galaxy" or the "Company") (ASX:GXY) (OTCMKTS:GALXF) is pleased to announce further assays from its 2017 drilling campaign at the James Bay Project in Quebec, Canada.

In late March, the Galaxy James Bay team commenced a ~31,000m diamond drilling campaign to extend and develop the existing resource at the James Bay Project in Quebec, Canada. 29,300m of drilling to date has been completed with the entire program now expected to be completed by the end of August 2017.

Highlights from the most recent stage of drilling (all intercept data reported downhole) and assay are as follows:

- Drill hole JBL-18 from 55.45m to 87.55m for 32.10m at 1.83 %Li2O and from 177.90m to 213.30m for 35.40m at 1.43 %Li2O;

- JBL17-19 from 0.00m to 98.75m for 98.80m at 1.62 %Li2O;

- JBL17-20 from 16.15m to 85.00m for 68.90m at 1.55% Li2O;

- JBL17-22 from 127.00m to 175.20m for 48.20m at 1.91% Li2O;

- JBL17-53 from 162.84m to 246.03m for 83.19m at 1.56% Li2O (new pegmatite);

- JBL17-54 from 142.34m to 183.92m for 41.58m at 1.87% Li2O;

- JBL17-55 from 214.60m to 256.20m for 41.60m at 1.71 % Li2O (new pegmatite);

- JBL17-56 from 29.51m to 83.27m for 53.76m at 1.55 % Li2O;

- JBL17-57 from 0.70m to 74.56m for 73.90m at 1.50 % Li2O.

Assays (see Table 1 in the link below) have been received for a further 32 diamond holes for 6,450m of 47.6mm (NQ) core diameter drilling. Drill hole collars are presented in Table 2 (see the link below).

Both resource infill and resource extension diamond ( core ) drilling has been conducted. Pegmatites outcrop at surface as seen in Figure 1 (see link below) and the drill program as outlined in Figure 2 (see link below), has been targeting approximately 1,850m of pegmatite to the west of the James Bay Highway. Resource infill type drilling can be seen within known pegmatites, as shown in Figures 3 and 4 (see link below). The objective of this drilling is to improve and upgrade the resource classification of the existing resource to "measured" and "indicated" classifications.

The resource extension drilling is aiming to test the extent of known pegmatites in areas where there are gaps and where there has been limited or no drilling, below the existing drilling sections. This drilling has now delineated two new large pegmatites in the gap between known pegmatites in the western part of the mineralized zone, shown in Figures 3 and 4 (see link below), with drill holes JBL17-19 (98.80m at 1.62 %Li2O); JBL17-53 (83.19m at 1.56% Li2O) and JBL17-57 (73.90m at 1.50 % Li2O) returning exceptional results. Intersections outside the current resource at its eastern extremity outlined in Figures 3 and 4 (see link below), returned more typical widths. Mineralization remains open at depth throughout and to the east of the highway.

Galaxy's Managing Director and CEO, Anthony Tse, commented "The ongoing successful drilling at James Bay has demonstrated the significant scale of the project. The results of the campaign will provide the essential inputs to the James Bay resource upgrade, as well as the feasibility studies to be completed. The project will look to leverage off the existing infrastructure in Quebec, which we believe is a premier location for an integrated upstream and downstream operation to be developed".

ABOUT THE JAMES BAY PROJECT

The James Bay Project is located 2 kilometers south of the Eastmain River and 100 kilometers east of James Bay. The property is accessible by paved road from the James Bay Road which cuts through the property close to the 381km road marker on the highway Route/109 from Val d'Or, Quebec, Canada. Val d'Or is approximately 526km westward from Montreal, Quebec. A large, multi-service truck stop is located at marker 381.

Discovered in the 1960's and then known as the Cyr property the site consists of a swarm of 33 pegmatite dykes that belong to the rare-element 'class', the LCT (Li-Cs- Ta) 'family' and the albite-spodumene 'type' according to the classification by Cerny (1991). Two new major pegmatite dykes have been discovered in this current drill campaign as well as smaller swarms eastward of the known extents. The mineralized pegmatite is open at depth and to the east. The lithium bearing mineral contained in the pegmatites is spodumene LiAl(Si2O6), a member of the pyroxene group of minerals. A classified resource was reported at cut-off grade of 0.75% Li2O of 11.75Mt @1.30% Li2O (Indicated) and 10.47Mt@1.20% Li2O (Inferred) within a conceptual pit shell using a lithium carbonate price of USD 6,000/t, metallurgical and process recovery of 70%, mining and process costs of USD 64 per tonne and overall pit slope of 45 degrees. The current resource is based on 14,457m of diamond drilling and 201.3m of horizontal channel sampling. The pegmatite swarms have dip direction ~N 103 degrees E., dip steeply at ~60 degrees westward and forms a corridor of discontinuous dykes about ~4km in length and ~300m wide. This outcrop is about 15-20m above the surrounding muskeg/swamp. This phase of drilling should be completed by the end of August, 2017.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/Y184MW9I


About Galaxy Resources Limited

Galaxy Resources ASX:GXYGalaxy 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.

    


Contact

Corporate
Nick Rowley
Director - Corporate Development
M: +61-455-466-476
T: +61-8-9215-1700
E: nick.rowley@galaxylithium.com

Media Enquiries (Australia)
John Gardner
Citadel-MAGNUS
M: +61-413-355-997 or
T: +61-8-6160-4901
E: jgardner@citadelmagnus.com

Media Enquiries (International)
Heidi So
Strategic Financial Relations Ltd
T: +85-2-2864-4826
E: heidi.so@sprg.com.hk



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