Why did Global Lithium (ASX:GL1) shares close in green today?

Highlights

• The S&P/ASX200 closed in green on Friday, gaining 1.93% to 7,075.10 after setting a new 50-day low.
• The ASX 200 Materials Index closed 1.56% higher at 16,677.50 points.
• Mining firm Global Lithium also performed well today.

The shares of ASX-listed mining firm Global Lithium Resources Limited (ASX:GL1) closed at AU$1.59 apiece today (13 May 2022), gaining 2.58% on ASX.

Image Source: © 2022 Kalkine Media ®

Data Source- ASX

While Global Lithium did not provide investors with any price-sensitive information today, the share price hike is most likely because of today's broader materials sector improvement.

The S&P/ASX200 closed sharply on Friday, gaining 134.10 points or 1.93% to 7,075.10 after setting a new 50-day low. Most sectors were in green today, with the IT sector drawing the most attention.

Meanwhile, the ASX 200 Materials Index also closed 1.56% higher at 16,677.50 points.

Also Read: Global Lithium (ASX:GL1) races 18% higher on Suzhou TA&A agreement

Global Lithium's stock performance

In the last one year, Global Lithium's shares traded highest on 4 April 2022. In fact, this was the record price of the shares in the previous five years. That day, the company's shares closed at AU$2.73 each, and the highest range was AU$2.79 apiece. This might be because of the ASX 200 Materials Index, which was 13% up at that time from its current value.

Global Lithium has provided around 67% growth year-to-date to its investors.

Source: © Jasonbennee | Megapixl.com

Global Lithium: Recent development

Early this month (on 2 May 2022), Global Lithium announced that it had delivered the highest-grade lithium assays at its Marble Bar Lithium Project (MBLP).

MBLP is located 150km southeast of Port Hedland in the Pilbara region of Western Australia. 

In the recent drilling campaign, three metres of 2.5% lithium oxide and 32 parts per million (ppm) tantalum pentoxide were found at a depth of 67 metres, including one metre of 4.1% lithium oxide.

Image Source: © 2022 Kalkine Media ®

Data Source- Company announcement dated 2 May 2022

About Global Lithium

Global Lithium Resources Limited (ASX:GL1, Global Lithium) is a diversified West Australian mining  company with multiple assets in key lithium-branded jurisdictions, with a primary focus on the fully owned Marble Bar Lithium Project (MBLP) in the Pilbara region and the 80% owned Manna Lithium Project in Western Australia's Goldfields.

Global Lithium has identified a total Inferred Mineral Resource of 18.4 million tonnes at 1.06% Li2O at its MBLP and Manna Lithium properties in Western Australia, confirming the company as a new lithium contender in the region, and the exploration will begin in 2022.

Also Read: MinRes (ASX:MIN) snaps 5% stake in Global Lithium (ASX:GL1)