Shares in Global Lithium Resources Ltd (ASX: GL1) are on the move today following the company's latest drilling results.
At the time of writing, the lithium explorer's share price is travelling 5.94% higher to $1.16 apiece.
Let's take a closer look at what the Western Australia-based lithium company announced.
Image source: Getty Images
Global Lithium strikes 'significant lithium bearing pegmatites'
In its release, Global Lithium advised it has received encouraging results from the current drilling program at the Manna Lithium Project.
The site is located 100 kilometres east of Kalgoorlie in the infrastructure rich Goldfields region of Western Australia. Global Lithium holds an 80% interest in the project.
The diamond drilling campaign confirmed that lithium bearing pegmatites extend up to 150 metres down dip past the current resource.
Notably, a hole drilled from the reverse circulation (RC) campaign returned multiple wide lithium-cesium-tantalum (LCT) pegmatite intercepts of more than 10 metres.
The RC program is tasked with drilling the diamond pre-collar holes before moving on to targeting the pegmatite.
Some of the assay results included the following:
- 10 metres at 1.21% lithium oxide (Li2O) from 50 metres
- 12 metres at 1.71% Li2O from 75 metres
- 11 metres at 1.31% Li2O from 225 metres
- 6 metres at 1.26% Li2O from 251 metres
Global Lithium stated that the Manna Lithium Project hosts a maiden Inferred Mineral Resource of 9.9Mt at 1.14% Li2O.
Once the drilling campaign is wrapped up, the company will incorporate the results into an updated Mineral Resource later this year.
What did management say?
Head of geology for Global Lithium, Stuart Peterson commented:
It's very encouraging to see these great results at such an early stage of the drilling program and they further cement the Company's decision to acquire an 80% interest in the Manna Lithium Project.
The addition of the double shift for the Mt Magnet diamond drilling crew will speed up the flow of results from this program and enable early planning for the upcoming metallurgical test work. Further deeper diamond drilling will allow the Lithium bearing pegmatites to be targeted to a depth that has never been reached before at Manna, and potentially add critical mass to the size of the deposit which is due to be updated later this year.
Global Lithium share price snapshot
The Global Lithium share price has fallen almost 60% since reaching its all-time high of $2.79 in April.
However, despite being down in the short term, the share is up 340% since its listing in May 2021.
Global Lithium presides a market capitalisation of roughly $173.77 million.
