The Global Lithium Resources Ltd (ASX: GL1) share price edged higher on Friday.
During the day, the lithium explorer's shares rose to an intraday high of $1.93 before pulling back before market close. Its shares finished 1.87% higher at $1.905 apiece.
Let's take a look at what news surrounded the company today.
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What did Global Lithium announce?
Investors drove up the Global Lithium share price after the company provided the ASX with a positive update this afternoon.
In its release, Global Lithium announced it received positive initial metallurgical test work results at the Marble Bar Lithium Project (MBLP).
The site is located around 150km southeast of Port Hedland in the Pilbara region of Western Australia. MBLP is situated close to major roads, with direct links into Port Hedland for shipping bulk commodities, including spodumene concentrate.
Global Lithium has a 100% controlling interest in MBLP.
The company rendered the services of GR Engineering Services Ltd (ASX: GNG) specialists to oversee the test work program.
The results included 5.9% of lithium oxide (Li 2O) spodumene concentrates with a very high recovery rate of 76%.
Global Lithium advised it was currently working towards completion of the current 60,000 metre reverse drilling programme at the MBLP.
Management plans to conduct further metallurgical test work, focusing on optimising flowsheet options to improve concentrate grade and Li 2O recovery.
Management commentary
Global Lithium managing director Ron Mitchell had this to say:
These initial results from the ongoing metallurgical test work from our MBLP are very promising for the future of this project. The grades and recoveries produced from this test work from diamond core can meet industry expectations and will further support the prospect of MBLP becoming a standalone lithium operation in the years ahead.
Ongoing project development and test work at MBLP will focus on tailoring the flow sheet to match the evolving lithium market and customer expectations.
… Global Lithium notes that the results of this test work are very positive in that they indicate that samples from the Marble Bar Lithium deposit can be used to generate quality spodumene concentrates.
Global Lithium share price snapshot
Over the last 12 months, the Global Lithium share price has rocketed by more than 430%.
Its shares reached an all-time high of $2.79 in April before market volatility saw a strong retracement across the sector.
Based on today's price, Global Lithium presides a market capitalisation of around $296 million.
