- Global Lithium Resources (GL1) granted tenements located east of the Marble Bar Lithium project in Western Australia
- The tenements increase the land position of the project by more than 91 square kilometres to over 360 square kilometres
- GL1’s geological model shows potential for lithium-bearing pegmatites in the new area and the company says its looking forward to starting exploration
- Today’s announcement follows a recent $13.6 million capital raise to accelerate activities at the project
- Shares have been trading 5.4 per cent lower at 70 cents
Global Lithium Resources (GL1) has been granted tenements located east of the Marble Bar lithium project in Western Australia.
The tenements are located to the north and east of the Archer deposit and increase the land position of the project by more than 91 square kilometres to over 360 square kilometres.
With the new area granted, Global Lithium said it will continue to investigate the potential size of the project as its current geological model reportedly indicates potential for lithium-bearing pegmatites in the area.
Today’s announcement follows the company undertaking a $13.6 million capital raise to deliver on its growth strategy for the project, with funds going towards extending the lithium resource beyond the Archer deposit.
GL1 said it is looking forward to commencing exploration in this area as activities accelerate at the project following the capital raise.
The company ended September with $7.3 million cash and in conjunction with capital raise said it’s well funded to carry out planned work at the Marble Bar project.
Shares were trading 5.4 per cent lower at 70 cents at 1:41 pm AEDT.