The Galan Lithium Ltd (ASX: GLN) share price is marching higher today, up 2.16%.
Shares in the ASX lithium explorer closed yesterday at $1.86 and are currently trading for $1.90.
So, what's boosting the Galan Lithium share price today?
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Strong progress at lithium project
This morning Galan provided an update to ASX investors on the site and study activities at its 100%-owned Hombre Muerto West Lithium Project (HMW), located in Argentina.
Galan reported that its Definitive Feasibility Study (DFS) – led by engineering consulting group Hatch – is on budget and on track. It is expected to be completed by the end of December. The construction of its pilot plant is also progressing well.
Investors may also be bidding up the Galan Lithium share price after the company reported a diamond drill hole was underway at the Pata Pila site. Galan expects the exploratory drilling to provide key geological data for a potential extension to the existing mineral resource.
In other highlights from this morning's release, Galan said its recently completed Transient Electromagnetic (TEM) geophysical survey had identified potential new mineral resource zones.
It plans to begin exploration drilling in the newly-identified zones in the second quarter of 2022.
Commenting on the progress, Galan Lithium's CEO, JP Vargas de la Vega said:
I am very pleased to say that our world-class lithium HMW Project is progressing strongly, on all fronts. My meetings with local Catamarca authorities saw evidence of excellent governmental and community support for the HMW and Candelas Projects.
We are proud to be rapidly advancing projects that offer such economic and social benefits to the broader regions in which they are located.
Galan Lithium share price snapshot
The Galan Lithium share price is up 205.6% over the past 12 months. It has raced beyond the 11.6% gains of the All Ordinaries Index (ASX: XAO) over the same period.
Over the past month, Galan Lithium shares have gained 39.3%.
