Global Lithium Resources Confirms Southwest Extension of Manna Lithium Deposit
GL1 (GL1) Share Update July 2024 Wednesday 31st
Global Lithium Confirms Extension of Manna Lithium Deposit
Global Lithium Resources Limited (ASX: GL1) has announced the confirmation of a 600-meter southwest extension to the Manna Lithium Deposit, following the completion of a 6,261-meter Reverse Circulation (RC) drilling program.
Instant Summary:
- Completion of a 6,261m RC drilling program at Manna Lithium Project.
- Confirmation of a 600m southwest extension to the Manna Lithium Deposit.
- Significant drill results include 13m @ 0.96% Li2O, 8m @ 0.81% Li2O, and 7m @ 1.03% Li2O.
- Potential to build on the current Mineral Resource estimate of 51.6Mt @ 1.0% Li2O.
- Focus on permitting and completion of the Definitive Feasibility Study (DFS) expected in H2 CY24.
Drill Program Results
Global Lithium Resources Limited has successfully completed a 6,261-meter Reverse Circulation (RC) drilling program at its 100% owned Manna Lithium Project, located 100km east of Kalgoorlie in Western Australia. The company has confirmed a 600-meter long, low-grade southwest extension to the Manna Lithium Deposit.
Significant drill results from this extension include:
- 13m @ 0.96% Li2O from 187m in MRC0468
- 8m @ 0.81% Li2O from 86m in MRC0481
- 7m @ 1.03% Li2O from 78m in MRC0467
- 17m @ 0.64% Li2O from 83m in MRC0469
- 16m @ 0.78% Li2O from 148m in MRC0482
- 21m @ 0.99% Li2O from 91m in MRC0312
Resource Estimate and Future Plans
While the grades are lower compared to the central area of the Manna Deposit, the drilling highlights the potential to expand the current Mineral Resource estimate of 51.6Mt @ 1.0% Li2O. This extension could delineate further open pit mineable mineral inventory.
Global Lithium is now focusing on the permitting of the Manna Lithium Project and the completion of the Definitive Feasibility Study (DFS), which is expected to be released in the second half of CY24.
Company Statement
Logan Barber, General Manager of Geology at Global Lithium, commented, 'The 2024 exploration drill program at Manna has confirmed a new zone of spodumene-hosting pegmatites and increased our geological understanding of the project area. The extension expands the footprint of the mineralized pegmatites at Manna and highlights the discovery upside that still exists following more than 100,000 meters of drilling completed to date.'
The Manna Lithium Project currently hosts a Mineral Resource of 51.6Mt @ 1.0% Li2O, reinforcing Global Lithium's position as a significant player in the global lithium market.
The confirmation of the southwest extension to the Manna Lithium Deposit is a positive development for Global Lithium Resources. This extension could lead to an increase in the company's mineral resource estimate, which may positively impact its stock price. The focus on permitting and the upcoming DFS will be crucial for future developments.
Investor Reaction:
Analysts are likely to view this announcement positively, as it indicates potential for resource expansion. However, the lower grades compared to the central area may temper some enthusiasm. Investors will be closely watching the progress on permitting and the release of the DFS.
Conclusion:
Investors should keep an eye on Global Lithium Resources as the company progresses with permitting and prepares to release the Definitive Feasibility Study in H2 CY24. The confirmed extension of the Manna Lithium Deposit presents a promising opportunity for resource expansion and potential stock price appreciation.