Join our daily newsletter At The Bell to receive exclusive market insights
- Global Lithium Resources (GL1) extends lithium mineralisation to over six kilometres at the Archer deposit
- This deposit is part of the company’s Marble Bar Lithium Project (MBLP) in Western Australia
- The latest results returned the widest mineralised interval to date including 28 metres at 1.51 per cent lithium and 46 ppm tantalum from 69 metres
- Mineralisation remains open and the GL1 plans to conduct a follow up reverse circulation drilling program
- Company shares are down 10 per cent to trade at 27 cents at 3:51 pm AEST
Global Lithium Resources (GL1) has now received all lithium results from a recent drilling program at its Marble Bar Lithium Project (MBLP) in Western Australia.
The reverse circulation (RC) drilling program included 34 holes, for 5208 metres, at the Archer deposit and drilled another two holes at a different area.
This drilling aimed to identify the potential to grow the Archer deposit’s existing inferred mineral resource of 10.5 million tonnes at one per cent lithium dioxide. It also aimed to commence exploration in the surrounding target areas.
Positively for the company, drilling extended lithium mineralisation to a strike length of over six kilometres in a north-south direction.
The latest results include the widest mineralised interval intersected date including 28 metres at 1.51 per cent lithium and 46 parts per million (ppm) tantalum from 69 metres, nine metres at 1.11 per cent lithium and 42ppm tantalum from 108 metres.
Other significant results include eight metres at 1.47 per cent lithium and 49ppm tantalum from 61 metres and five metres at 1.26 per cent lithium and 91ppm tantalum from 139 metres.
Managing Director Jamie Wright commented on these results.
“Our strategy of stepping out from Archer to test the broader area has given us confidence that mineralisation at the MBLP continues to extend beyond Archer and has now been traced for over six kilometres in a north-to-south strike direction, and remains open, including to the east and potentially into our newly acquired tenements.”
The company believes there’s potential that mineralisation extends further south as well as to the east and north. Due to this, GL1 is planning a follow up RC drilling program and is undertaking targeting work and field mapping to identify additional opportunities.
Company shares were down 10 per cent to trade at 27 cents at 3:51 pm AEST.
