Why is the Global Lithium share price rocketing 13% on Wednesday?

The Global Lithium Resources Ltd (ASX: GL1) share price is taking off on the back of a record find at the company’s Manna Lithium Project.

Drilling at the project has uncovered the largest single intercept of lithium bearing pegmatite in its history.

The Global Lithium share price is leaping to trade at $1.93 following the company’s announcement. That’s 13.2% higher than it was at Tuesday’s close.

Let’s take a closer look at the news that’s got the market bidding the lithium share higher.

What’s driving the Global Lithium share price today?

The Global Lithium share price is surging on news of the company’s Manna Project.

Reverse circulation drilling at the project returned a major lithium find while further assays have extended the project’s northern strike by 220 metres.

On top of that, ground mapping has identified more large outcropping pegmatites.

The drill program is now focusing on drilling out the extended area so to include results in an updated mineral resources estimate. That estimate is expected to hit the market in the December quarter.

Global Lithium general manager of exploration Stuart Peterson commented on the findings driving the company’s share price higher today, saying:

The Manna Project is continuing to impress with these exceptional results. The north/eastern extension of the deposit is proving to be very encouraging.

It’s been a busy year or so for the company. After floating on the ASX in May 2021, Global Lithium snapped up its 80% hold in the Manna Project for $33 million in December.

Investors who jumped on board the company during its initial public offering (IPO) will be laughing. The stock is currently trading 865% higher than its IPO offer price of 20 cents per share.

It has also gained 69% since the start of 2022 and 408% over the last 12 months.

The post Why is the Global Lithium share price rocketing 13% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Why are ASX lithium shares having such a top run on Wednesday?
• 2 ASX lithium shares lifting on new discoveries today
• ‘Great results’: Here’s why the Global Lithium share price is leaping 6% today

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 Scott Phillips.

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