The Global Lithium Resources Ltd (ASX: GL1) share price finished in the green today.
The company's shares climbed 2.55% to finish the day at $1.61. In contrast, the S&P/ASX 200 Index (ASX: XJO) fell 0.69% today, while the S&P/ASX 200 Materials Index (ASX: XMJ) slipped 0.96%.
Let's take a look at why Global Lithium had such a good day.
Image source: Getty Images
Drilling on schedule
The Global Lithium share price took off after the company announced drilling has commenced at the Manna lithium project. The project is located 100km east of Kalgoorlie in Western Australia. The company acquired an 80% stake in the project in late 2021.
Profile Drilling Services has been engaged to conduct the reverse circulation (RC) drilling program to 20,000m depths.
Global Lithium aims to provide a mineral resource update at the project after the drilling program.
The company said it will update the market further when initial drilling results are at hand.
Commenting on the news, head of Geology Stuart Peterson said:
We are pleased to announce that the company has commenced active exploration activities at the Manna Lithium Project, marking an important milestone for GL1.
We are excited to now be engaged in large scale exploration programs at both of our key projects in the tier 1 lithium and mining jurisdiction of Western Australia.
Global Lithium plans to conduct metallurgical test work, earmarked for completion in the fourth quarter of this year.
The lithium exploration company is also exploring the Marble Bar lithium project in the Pilbara.
Global Lithium share price snapshot
The Global Lithium share price has exploded by 531% in the past 12 months, while it is surging 69% year to date.
In the past month, it has fallen 23%, while it is down 8.5% in the past week.
For perspective, the ASX 200 has returned 0.19% over the past year.
The company has a market capitalisation of about $255.5 million based on its current share price.
