Stocks of the Hour: Galan Lithium, Gascoyne Resources, Highfield Resources

Galan Lithium Limited (ASX: GLN) announced a substantial increase in its JORC (2012) reported Mineral Resource estimate for the Hombre Muerto West Project located in Catamarca Province, Argentina. The revised Mineral Resource estimate was completed by the Australian based team of leading independent geological consultants, SRK Consulting. The Mineral Resource increases 2.5 times to 5.8Mt contained lithium carbonate equivalent (LCE) @ 866 mg/l Li. In response, Galan’s Managing Director, Juan Pablo Vargas de la Vega stated, “This is a function not only of the size of the increase in resource, but also the big step-up in confidence classification that has been achieved. This potential is now set to be incorporated into our ongoing Definitive Feasibility Study (DFS) work, which is on track for completion during Q1 2023.” Shares are trading 16.1 per cent higher at $1.48.

Gascoyne Resources Limited (ASX:GCY) advised this morning that it has received spectacular new assay results which confirm the scale and importance of the new high-grade Never Never gold discovery, located immediately north of its main operating pit at the Dalgaranga Gold Project in WA. Gascoyne Resources Managing Director Simon Lawson said: “Never Never is one of the most remarkable gold deposits I have ever seen. It’s very rare to see such a combination of high-tenor and high grade mineralisation over widths of this magnitude. Our geologists are super excited as we drill each hole and, with such amazing intercepts being delivered with each successive step-out, it is becoming increasingly clear that this is one of the most significant new gold discoveries anywhere in Australia.” Shares are trading 12.2 per cent higher at 23 cents.

Highfield Resources Limited (ASX:HFR) announced this morning that it has received credit approvals from a syndicate of four international financial institutions acting as Mandated Lead Arrangers for senior secured project financing facilities of up to €321 million to fund the construction and development of its 100% owned Muga Potash Project located in Spain. Ignacio Salazar, CEO, commented: "We are delighted to announce the credit approval of €321 million Debt facilities from BNP Paribas, ING, Natixis CIB and Societe Generale. This milestone represents the conclusion of an intensive and extensive due diligence process which included site visits by the MLAs and independent experts conducting environmental, social, technical, marketing and legal evaluations of the Project. With the preliminary works around the mine-gate getting finalised, securing project finance was an essential step to move the construction of the Project forward.”Shares are trading 7.3 per cent higher at 81 cents.
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