The Global Lithium Resources Ltd (ASX: GL1) share price is on the slide on Friday morning.
At the time of writing, the lithium developer's shares are down 9% to $2.65.
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Why is the Global Lithium share price charging higher?
Investors have been selling down the Global Lithium share price today after weakness in the lithium industry offset the release of an update on its Marble Bar Lithium Project (MBLP) in the Pilbara region of Western Australia.
The former has seen the likes of Core Lithium Ltd (ASX: CXO) and Pilbara Minerals Ltd (ASX: PLS) fall 3% in early trade.
As for the latter, according to the release, the company has received a second round of preliminary whole floatation metallurgical test work results of lithium diamond core samples from MBLP.
The results include 5.76% Li2O spodumene concentrates at very high lithium recoveries of up to 85%. These results were independently reviewed by SRK Consulting China, which has significant experience in spodumene processing, metallurgy, and plant design.
The company is now working with SRK to process the spodumene concentrate into a battery grade lithium hydroxide.
In addition, further metallurgical test work will be carried out at MBLP to focus on optimising the flowsheet to improve concentrate grades.
Global Lithium's managing director, Ron Mitchell, was pleased with the results of the metallurgical test work. He commented:
This second round of preliminary results from the ongoing metallurgical test work for our MBLP continue to impress with grades and recoveries produced meeting industry expectations. Achieving lithium recoveries of 85% is certainly something we are excited about.
These results, as did the initial results released in August, fully support the prospect of MBLP becoming a standalone lithium operation in the years to come.
The Global Lithium share price is still up a remarkable ~140% in 2022 despite this decline.
