Global Lithium (ASX:GL1) is a rapidly growing lithium exploration company with a focus on two highly prospective 100%-owned Western Australian projects – the Marble Bar Lithium Project (MBLP) in the Pilbara region and the Manna Lithium Project in the Goldfields region.
The Company is fast tracking exploration at both assets in a surging global lithium market, with significant drilling programs undertaken at MBLP and Manna in 2022.
MBLP is located 150km south-east of Port Hedland and 15km north-west of Marble Bar in the Pilbara. The project has a maiden JORC 2012 Inferred Mineral Resource Estimate (MRE) of 10.5 million tonnes at 1.0% Li2O following three reverse circulation (RC) drill programs. In early 2022, GL1 commenced a 60,000m RC drilling campaign at MBLP, its largest program to date.
Manna is an outcropping pegmatite exploration project located approximately 100km east of Kalgoorlie. In October 2022, GL1 consolidated ownership of Manna by agreeing to acquire the 20% interest it did not already own from Breaker Resources NL (ASX:BRB) for $60m in cash plus a royalty. In December 2021, GL1 initially acquired an 80% interest in Manna from Breaker for up to $33m.
Since the initial acquisition, GL1 has delivered a maiden Inferred JORC MRE for Manna of 9.9Mt @ 1.14% Li2O and 49 Ta2O5 ppm (100% basis). The Company has also commenced 20,000m RC and 4,000m diamond drilling programs.
GL1 is on track to complete the drilling programs at both projects in 2022 and they will be followed by the release of updated MREs.
The Company is well funded following the announcement of a $121.5 million equity raising in October 2022 which will contribute significantly to delivering its strategy for 2023. The raising not only allowed GL1 to consolidate ownership of Manna but will also fund activities at the project through to the completion of its Feasibility Study next year.
GL1’s success has attracted the support of cornerstone investors Suzhou TA&A Ultra Clean Technology Co (9.9%) and Mineral Resources Limited (ASX:MIN – 9.9%).
The Company shares important asset location synergies with Mineral Resources, which has an unrivalled track record of quickly bringing operations into production, processing of hard rock lithium ores and downstream processing.
GL1 has also signed a Non-Binding Memorandum of Understanding (MOU) with Korean battery manufacturer SK On Co., Ltd to explore a range of future business opportunities, including the potential development of downstream lithium assets.