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Global Lithium announce 43% increase to MRE at Manna Lithium Deposit

12 June 2024 11:14
ASX:GL1

Global Lithium Resources Limited (ASX:GL1) has announced a major update to the Mineral Resource Estimate (MRE) for its Manna Lithium Deposit. This marks a significant milestone for the project, located 100km east of Kalgoorlie, Western Australia.

MRE increase

The Manna Lithium Deposit has seen a 43% increase in total resource tonnes, now standing at 51.6 million tonnes (Mt) at a grade of 1.0% lithium oxide (Li2O). The project is now the second-largest lithium resource in the Eastern Goldfields region, situated in an infrastructure-rich corridor.

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Table 1: Manna grade and tonnage reporting above a range of cut-off grades.

The increase in MRE is primarily due to the 2023 Manna exploration drilling program, which included over 60,000m of Reverse Circulation (RC) and Diamond Drilling (DD).

63% increase in indicated JORC classification

This extensive drilling effort has enhanced the geological understanding of the resource, increasing confidence with a 63% rise in indicated material. The indicated resource is now 32.9 Mt at 1.04% Li2O.

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Figure 1: Manna Lithium Deposit resource growth and classification breakdown.

The total contained Li2O has increased from 406,000 tonnes to 515,000 tonnes, while the total Lithium Carbonate Equivalent (LCE) is now 1,276 Kt.

Despite a slight decrease in grade due to more blocks containing mixed pegmatite and host rock, the overall Li2O content has increased significantly.

Management comments

Ron Mitchell, Managing Director of Global Lithium, expressed his satisfaction with the results. “The Company is pleased with this significant Mineral Resource upgrade at our 100%-owned Manna Lithium Project, a great outcome following the extensive and safely executed exploration program our team undertook during 2023.

The 63% increase in the indicated resource classification is particularly important as we continue to advance our geological understanding of the deposit.”

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Figure 2: Manna Lithium Deposit block model on a southwest trend, coloured by Li2O% grade.

He has an eye on what’s to come, stating “The Global Lithium team is now heavily focussed on executing several parallel project related activities including the near-term completion of all material project approvals, our CY24 exploration campaign and the conclusion of the Manna DFS.”

The new MRE model will be instrumental in the ongoing DFS, which is expected to be released in CY2024, setting the stage for further development and planning.

GL1’s Australian Security Exchange-listed share price is currently trading at $0.30 (11:00 am UTC+ 8 hours)

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