Global Lithium moves "full-steam ahead" with drilling at two key lithium projects

Global Lithium (ASX: GL1) is moving “full-steam ahead” at two key WA assets, the Marble Bar Lithium Project (MBLP) in Pilbara and Manna Project in east Kalgoorlie.

Global Lithium exploration timeline (Source: RIU Explorers Conference - Company Presentation)

Drilling underway at Marble Bar

Global Lithium advised that drilling at MBLP commenced in early February 2022.

The drilling program has faced some delays due to seasonal weather conditions including higher temperature and intermittent rainfall.

The company said that a total of 7,789m of RC drilling has been completed to date, which represents approximately 12% of the overall program.

A consignment of 1,400 drill samples have been sent for lab testing and results are expected to emerge from the second-quarter of 2022.

A diamond drilling program aimed at testing and expanding the MBLP’s deposit is planned to commence in the third-quarter of 2022. 

Source: Global Lithium

Upcoming drilling for Manna

Global Lithium is undergoing a detailed study including a field reconnaissance trip in the lead up to a drilling program at Manna.

An RC drilling program is planned to commence in early April and a diamond drilling program is targeted for mid-May.

Recent capital raising

Global Lithium received firm commitments for $29.9m last Monday, 14 March.

The capital raising was conducted at $1.35 per share, representing a 15% discount to its last close.

The discount and dilution from a capital raising typically weighs on the near-term performance of a stock.

Surprisingly, Global Lithium shares hardly flinched from the raising, rallying 55% just six days later.

The company's stock is down -7.7% in early-trade on Tuesday, likely due to profit taking.

Global Lithium 12-month price chart