- Global Lithium Resources (GL1) reports its highest grade lithium results to date at the Marble Bar Lithium project in Western Australia
- Best results include three metres at 2.5 per cent lithium oxide and 32 parts per million (ppm) tantalum pentoxide from 67 metres
- GL1 says the results indicate potential for future growth, and provides further evidence the project is continuing to emerge as a significant spodumene lithium deposit
- The company says it’s well funded to continue exploration, with $36 million in the bank
- GL1 shares were up 6.93 per cent, trading at $2.16 at 11:30 am AEST
Growing lithium explorer Global Lithium Resources (GL1) has unearthed its highest grade lithium assay results to date at the Marble Bar Lithium project.
The project is located 150 kilometres south-east of Port Hedland and 15 kilometres north-west of Marble Bar, in the Pilbara region of Western Australia.
Recent drilling campaign results included three metres at 2.5 per cent lithium oxide and 32 parts per million (ppm) tantalum pentoxide from 67 metres, including one metre at 4.1 per cent lithium oxide.
Head of Geology, Stuart Peterson, said that the results “continue to highlight the prospectivity of the area, particularly towards the southern and eastern areas of GL1’s tenement package.”
“The successful program vindicates the targeting effort by the Global Lithium and CSA Global teams and provides a strong platform for future growth from the ongoing exploration.”
“Our immediate focus will be the ongoing CY2022 program at MBLP, including the highly prospective targets that remain untested, as well as our exploration campaign due to commence at the Manna Lithium Project in the Goldfields region in CY2022 Q2.”
The majority of Marble Bar drilling has been designed to test geochemical trends and mapped pegmatite targets, particularly along the greenstone belt and also several granite hosted pegmatite targets between the Archer deposit and the Brockman Zone.
Drilling of pegmatite targets in granite between the Archer deposit and the Brockman Zone continues to show promise, with anomalous lithium intersected in a number of drill holes, including several significant intercepts in the area extending south-east from Archer towards the Moolyella tin field.
The success of the program indicates strong potential for future growth and provides further evidence that the project is continuing to emerge as a significant spodumene lithium deposit, in a premier hard rock lithium mining jurisdiction.
The company has confirmed it’s well funded to continue exploration, with a cash balance of $36 million.
GL1 shares were up 6.93 per cent, trading at $2.16 at 11:30 am AEST.