It seems the lithium boom is still kicking for some miners.
Case in point: Global Lithium Resources Ltd [ASX:GL1] is up 14.77% at the time of writing, seeing their share price fly higher thanks to a fresh announcement from management.
Let’s take a look at the details…
Bigger resource, bigger opportunity
As Global Lithium reports, one of their maiden projects — Manna — has nearly doubled its total lithium resource, adding a further 9.9Mt of 1.14% grade ore to its potential lithium haul.
Plus, with further drilling already planned, management hopes to expand this resource estimate, meaning there may yet be more upside to come in the future.
Needless to say, it’s a big win for the company. Particularly when considered in tandem with their ongoing plans for their other maiden project: Marble Bar.
As Global Lithium’s Exploration Manager Bryan Bourke comments:
‘This result builds further momentum for GL1 as we rapidly advance our first asset – the highly prospective Marble Bar Lithium Project in the Pilbara. We will carry out significant exploration programs at both sites in 2022 in parallel with a surging global lithium market that we plan to supply in the coming years.
‘Across our two project areas, whilst early days, this result from Manna nearly doubles GL1’s overall position in terms of its mineral resources — a huge achievement for a company that only listed on the ASX in May last year.’
It’s not just the fact that this company listed in May that is impressive either.
Global Lithium only acquired a stake (80%) in Manna in December. It’s a decision that has clearly proved to be the right one.
As for investors, they should expect that from here on out, the sky is the limit. And if lithium continues to draw market interest like it has, this stock may just be getting started in terms of the returns it could deliver.
What’s next for Global Lithium?
As already mentioned, the next focus for this junior explorer is expanding their drilling program. It’s a venture that will hopefully uncover even more lithium at this new project.
This will entail not only the necessary paperwork, but also the usual processes and procedures.
So it may take a little time before we get a follow-up update.
In the meantime, if you’re interested in lithium stocks — whether you know the sector well or not — we can help you get the most out of your investments. Our comprehensive guide will walk you through everything you need to know and more.
To get your free copy of this full report right now, click here.
Regards,
Ryan Clarkson-Ledward,
For Money Morning
