Reports High Lithium Oxide Grades at James Bay
Perth, April 24, 2012 AEST (ABN Newswire) - Galaxy Resources Limited (
ASX:GXY) Galaxy Resources Ltd (ASX: GXY, "Galaxy" or "the Company") is pleased to announce that geochemical analysis from channel samples taken at its 20% owned James Bay Pegmatite Project ("James Bay") in Quebec has revealed high lithium oxide grades (Li2O) with low impurity levels.
The highest grade was 1.77% Li2O from channel sample 8.32.
The analysis was taken from 83 samples submitted from a recent 160 metre infill channel sampling program at James Bay.
James Bay is an extensive high-grade spodumene pegmatite deposit that occurs at surface and the latest channel samples were taken across four separate pegmatites.
The breakdown of samples comprised 67 from pegmatites, 8 from country rock and 8 quality control standards and check samples. All samples were analysed for Li2O and 14 other oxides, 39 trace elements and LOI (Loss on Ignition). See summary of the sample analysis (Table 1) and the location of the channel samples (Figure 1).
Significantly, the channel sampling data revealed that the spodumene-bearing pegmatite samples were similar to the ore at Galaxy's wholly-owned Mt Cattlin mine in Western Australia.
Table 1 - Summary of the Li2O intercept results------------------------------------------------------------------------Channel ID Li2O(%) Length(m) From(E) From(N) To(E) To(N)------------------------------------------------------------------------CS-12.11 1.59 17.2 358,117 5,789,462 358,098 5,789,467CS-10.30 1.18 1.5 358,418 5,789,416 358,414 5,789,415CS-10.31 1.12 5.5 358,426 5,789,432 358,421 5,789,433CS-10.40 1.44 4.5 358,398 5,789,437 358,394 5,789,436CS-9.12 1.39 8.05 358,522 5,789,401 358,515 5,789,409CS-8.61 1.73 34.5 358,630 5,789,309 358,607 5,789,334CS-8.32 1.77 8.9 358,701 5,789,377 358,687 5,789,287CS-8.10 1.49 5.9 358,720 5,789,228 358,712 5,789,232------------------------------------------------------------------------
Galaxy currently owns 20% of James Bay under a farm-in agreement with Lithium One Inc. (CVE:LI). The completion of a Definitive Feasibility Study (DFS) - currently underway - would increase Galaxy's stake in the project to 70%.
Galaxy announced on 30 March 2012, that it had entered into an agreement to effect a proposed merger between Galaxy and Lithium One Inc. Lithium One also owns (70%) the highly prospective Sal de Vida lithium and potash brine project in Argentina ("Sal de Vida"). If the merger is successful, Galaxy will own 100% of James Bay and 70% of Sal de Vida.
The channel sampling data will be incorporated into an updated Mineral Resource Estimate for James Bay and will be utilised in a current metallurgical testwork program on bulk samples previously collected from James Bay (being undertaken at Lakefield SGS).
To view the complete Galaxy Resources announcement including Figure 1, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-GXY-586658.pdf
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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