- Global Lithium Resources (GL1) gets encouraging new results from drilling at its Marble Bar Lithium Project in WA
- The drilling program is following up on results from a previous program as well as testing extensions to the Archer deposit
- Highest grades from this batch of results include up to 1.14 per cent lithium dioxide and 53 parts per million tantalum pentoxide
- Drilling will continue through to next month and results will be incorporated into an updated mineral resource
- Company shares are down 10.9 per cent to trade at 57.5 cents
Global Lithium Resources (GL1) has received assays from an ongoing exploration program at its Marble Bar Lithium Project (MBLP) in Western Australia.
The fourth quarter drilling program initially focused on the Marble Bar Road reserve, where a previous reverse circulation (RC) hole returned 28 metres at 1.51 per cent lithium dioxide and 46 parts per million (ppm) tantalum pentoxide.
The RC program was also designed to test extensions to the Archer deposit and follow up on multiple targets identified during drilling earlier this year.
Best assays include 14 metres at 1.14 per cent lithium dioxide and 44 ppm tantalum pentoxide, 8 metres at 0.97 per cent lithium dioxide and 53 ppm tantalum pentoxide, and 12 metres at 0.64 per cent lithium dioxide and 50 ppm tantalum pentoxide.
Notably, the results have highlighted multiple lithium intersections that show potential to grow the MBLP and extend the Archer deposit.
“We have been excited by what we have been seeing in this area and these initial assays clearly demonstrate the growth potential of the MBLP,” Managing Director Jamie Wright said.
“Whilst only a small portion of assays have been received to date, the results we are seeing are very encouraging. The initial assay results, combined with the discovery of a new pegmatite zone within the road reserve so close to Archer, certainly highlights the underexplored nature of the MBLP.”
The company has received assays from 14 holes, covering 1770 metres, and drilling is expected to continue through to next month with the last assays expected in the first quarter of next year.
Global Lithium Resources plans to incorporate the results into an updated mineral resource next year.
Company shares were down 10.9 per cent to trade at 57.5 cents at 11:22 am AEDT.