Global Lithium (ASX:GL1) share price sets new high on ASX

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Global Lithium (ASX:GL1) share price sets new high on ASX

global lithium resources limited, ASX:GL1 shares, Lithium stocks, ASX   
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Highlights

  • ASX:GL1 share price has hit a new 52-week high on ASX, price has risen over 9% today.
  • Global Lithium Resources has declared a new lithium project acquisition.
  • Global Lithium has acquired 80% interest in Manna lithium project.

Small cap lithium explorer, Global Lithium Resources Limited (ASX:GL1) announced completion of the acquisition of 80% interest in the Manna Lithium Project. The stake has been acquired from Breaker Resources NL (ASX:BRB). The acquisition is funded by cash of AU$7.3 million with Global Lithium, as of 30 September 2021, alongside a recently completed AU$13.6 million capital raising.

How will Global Lithium benefit from the acquisition?

  • Global Lithium believes the Manna Lithium Project is aligned to its skills and strategy.
  • The Manna Lithium Project is a pegmatite exploration project located east of Kalgoorlie, in Western Australia.
  • The Project has a main outcrop area holding individual pegmatite dykes that are up to 18 meters wide.
  • In addition, the recent drilling has confirmed discovery of a new zone of spodumene-rich pegmatite.
  • Global Lithium is now owner of two premier lithium exploration projects in Western Australia.

More about Global Lithium Resources Limited-

Global Lithium Resources Limited is one of the emerging lithium explorers in Western Australia. Its projects are the Marble Bar Lithium Project in Pilbara region and the Manna Lithium Project in Goldfields region.

GL1 shares have risen over 9.8% on ASX today to close at their all-time high of AU$0.95. On the other hand, BRB shares are also closed in green at AU$0.29 each share.

Bottom line -

The acquisition of interest in a new lithium project has taken GL1 shares on an upward stroll on ASX. Global Lithium Resources Limited is therefore ending its 2021 on a good note with new exploration activities in line for 2022.  

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