It's a good day to be invested in Global Lithium Resources Ltd (ASX: GL1) as the company's share price rockets 8% on what management describes as "game-changing" news.
The lithium developer has revealed an enormous increase to the resource base of its two wholly-owned Western Australian projects.
The Global Lithium share price opened 11.4% higher at $2.25 today before rocketing to a high of $2.28 – marking a 12.9% gain.
At the time of writing, the stock is swapping hands for $2.19. That's 8.42% higher than it was before it entered a trading halt yesterday.
Let's take a closer look at the news driving the ASX lithium share sky-high on Thursday.
Image source: Getty Images
Global Lithium reveals major resource increase
The Global Lithium share price is soaring on news of a 148.5% resource base increase.
The company's Manna and Marble Bar lithium projects have been found to house 50.7 million tonnes at 1% lithium oxide – up from 20.4 million tonnes.
The Manna project saw its mineral resource jump a whopping 230% to 32.7 million tonnes at 1% lithium oxide. While the Marble Bar project's mineral resource was lifted 71% to 18 million tonnes at 1% lithium oxide.
And that's not all. The ASX lithium share could be in for a boost next year with the company expecting to announce the results of a 20,000-metre drilling project at Manna.
Further drilling programs are also in the works for the new year while the company continues commercial discussions.
Global Lithium managing director Ron Mitchell commented on the increases announced today:
These game-changing Mineral Resource upgrades… are a great outcome for [Global Lithium] following the nearly 85,000m exploration programs we have undertaken safely during 2022.
As we look forward, 2023 is shaping up as another step-change year for [Global Lithium].
Global Lithium share price snapshot
Today's gains see the Global Lithium share price nearly double where it was at the start of 2022.
The stock has gained 94% since the start of the year. It has also lifted 245% since this time last year.
For comparison, the benchmark All Ordinaries Index (ASX: XAO) has fallen 6% year to date and 3% over the last 12 months.
