Here’s why the Global Lithium (ASX:GL1) share price leapt today

Two excited mining workers in yellow high vis vests and hardhats shake hands to congratulate each other on a mineral discovery at the mine

The Global Lithium Resources Ltd (ASX: GL1) share price climbed today amid positive lithium results.

Shares in the company were trading at 63 cents apiece at market close today, up 3.3%.

Let’s take a closer look at what the mining company announced.

What did Global Lithium discover?

The Global Lithium share price finished the day higher on Tuesday after the company revealed significant lithium assay results from its exploration program at the Marble Bar lithium project.

Global Lithium is an emerging lithium company exploring the Pilbara region of Western Australia.

Drill holes at the project site intersected a large amount of lithium mineralisation at previously unexplored areas.

The company said these intercepts show the ongoing success of the exploration program and the growth potential of the project.

The company said the significance of spodumene found between the Archer deposit and the Brockman zone “demonstrates that the system is larger than originally thought and the company intends to follow up on these targets in CY2022”.

Speaking on the strong results which likely boosted the Global Lithium share price today, managing director Jamie Wright said:

The high success rate of the program vindicates the targeting effort by the Global Lithium and Resource Potentials’ teams and provides a strong platform for the 2022 exploration campaign.

The lithium market remains strong and we expect this momentum to continue into 2022 and beyond.

In 2022, the company will focus on new lithium targets at the mining site that are yet to be tested.

Global Lithium share price snap shot

The Global Lithium share price has rocketed 213% in the past 12 months after the company joined the ASX in May.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 9% in the past year.

In the past month, the company’s shares have gained 6%. They are also up 6% in the past week.

The miner has a market capitalisation of nearly $69 million based on its current share price.

The post Here’s why the Global Lithium (ASX:GL1) share price leapt today appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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