DRILLING CONTRACTOR APPOINTED FOR 2022 DRILLING PROGRAM AT THE MBLP
ORLANDO DRILLING TO CARRY OUT 60,000M PROGRAM DUE TO COMMENCE IN Q1 2022
Growing lithium explorer, Global Lithium Resources Limited (ASX: GL1, Global Lithium or the Company) is pleased to advise that following a competitive tender process, it has selected Orlando Drilling (“Orlando” ) to carry out the Company’s planned RC drilling program in Q1 2022 at the wholly owned Marble Bar Lithium Project (“MBLP” ) in the Pilbara.
Orlando is a leading West Australian based drilling contractor and part of Dynamic Group Holdings Limited (ASX DDB, Dynamic Group) which provides drilling services throughout Australia.
Global Lithium Managing Director Jamie Wright said, “We were impressed with Orlando’s capabilities, track record of safety and community and their deep experience in lithium. We are very pleased to be teaming with them to carry out our planned drilling program commencing Q1 2022. The program is aimed at extending the lithium mineralisation by targeting the greenstones to the South of our Archer Deposit, down to our southernmost tenements.
This will be the largest drilling program Global Lithium has undertaken, funded by our recently successful capital raise of $13.6m, which saw the introduction of our cornerstone investor, Yibin Tianyi, the lithium chemical arm of the world’s largest EV battery producer, CATL.
Whilst we are still carrying out our 2021 program on site, we are pleased to have in place the appointment of Orlando so we can kick start our 2022 program. It is truly a very exciting time for Global Lithium.”
Global Lithium’s Q1 2022 drilling program is planned to comprise approximately 60,000m of Reverse Circulation (RC) drilling. This broader program will build the success of recent programs and thoroughly test the extent of the mineralisation contained within the greenstones to the south of the Company’s Archer Deposit, which contains an Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O.
The 2022 program will follow up many existing and newly identified lithium targets from the Company’s 2021 programs.
The MBLP is situated close to major road infrastructure, with direct links into Port Hedland, where bulk commodities, including spodumene concentrate, are currently being exported (Figure 2).
The MBLP is also located approximately 15km from the town of Marble Bar, which provides ready access to services and skills.
Global Lithium is well funded with a cash balance of $7.3 million as at 30 September 2021 and has recently announced a heavily overbid $13.6 million capital raising.
