Here’s why the Global Lithium share price is soaring 7% today

The global lithium market is expected to remain strong in 2022 and beyond.

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Key points

  • Global Lithium share price surges on positive assay results
  • Exploratory drilling at its Western Australia project will continue through the year
  • Recently identified lithium targets have yet to be tested

The Global Lithium Resources Ltd (ASX: GL1) share price is on a tear today, up 7.4% in morning trade.

Shares in the ASX lithium explorer are shunning the wider market sell-off today following positive assay results.

Let’s look at the highlights.

What results did Global Lithium report?

The Global Lithium share price is surging after the company reported it has received the highest-grade lithium assays to date at its 100%-owned Marble Bar Lithium Project, located in Western Australia.

The results from recent drilling campaigns at the project included:

  • 3 metres at 2.5% Li2O and 32 parts per million Ta2O5 from 67 metres, including 1m @ 4.1% Li2O
  • 4m @ 1.55% Li2O and 69ppm Ta2O5 from 37m
  • 4m @ 2.18% Li2O and 33ppm Ta2O5 from 13m

Additionally, the explorer said the potential for lithium was demonstrated in the east of the project where several drill holes intercepted wide zones of lithium mineralisation.

Global Lithium head of geology Stuart Peterson commented on the results:

Our Q4 2021/Q1 2022 exploration drilling program continues to build momentum at the MBLP, with lithium intercepts continuing along the 6-kilometre strike of the mineralisation already identified within the project area.

These results continue to highlight the prospectivity of the area, particularly towards the southern and eastern areas of GL1’s tenement package. The successful program vindicates the targeting effort by the Global Lithium and CSA Global teams and provides a strong platform for future growth from the ongoing exploration.

Further, the company said that both existing and recently identified lithium targets have yet to be tested. These will remain the focus of its drilling campaign, which kicked off in February, for the remainder of the year.

“The lithium market remains very strong and we expect this momentum to continue throughout 2022 and beyond,” Peterson added.

Global Lithium share price snapshot

The Global Lithium share price has gained an eye-popping 678% over the past 12 months. For perspective, the All Ordinaries Index (ASX: XAO) is up 4% over the past full year.

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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