The Global Lithium Resources Ltd (ASX: GL1) share price is surging after the company released news of its Manna Lithium Project.
The project’s maiden inferred JORC mineral resource estimate has nearly doubled the company’s overall lithium mineral resource base.
At the time of writing, the Global Lithium share price is $1.51, 14.77% higher than its previous close.
However, earlier today Global Lithium shares soared to $1.56 – representing an 18% gain.
Let’s take a closer look at the news that’s sending the lithium explorer’s shares rocketing.
Global Lithium stock surges as resources nearly double
Global Lithium acquired 80% of the Manna Lithium Project in December for $33 million. Now, the Manna Project has received its maiden resource estimate.
It has been inferred to contain 9.9 million tonnes at 1.14% lithium oxide and 49 tantalum pentoxide parts per million.
That brings the company’s overall lithium estimates across both the Manna Project and its 100% owned Marble Bar Project to 18.4 million tonnes.
Global Lithium exploration manager Bryan Bourke said the company’s new mineral resource position is “a huge achievement for a company that only listed on the ASX in May last year.”
“We will carry out significant exploration programs at both sites in 2022 in parallel with a surging global lithium market that we plan to supply in the coming years,” Bourke continued.
Global Lithium is working to get approvals and plan logistics for a drilling program at the Manna Project.
Global Lithium share price snapshot
As Bourke noted, the company debuted on the ASX in 2021. Global Lithium launched with a share offer of 20 cents apiece during its initial public offering (IPO).
That leaves shareholders who got on board with the company prior to its listing boasting a 657% gain on their investment.
Additionally, since the start of 2021, the company’s share price has gained 32%.
The post Global Lithium (ASX:GL1) share price rockets 18% on ‘huge achievement’ appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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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