Global Lithium (ASX:GL1) has been granted two new tenements at its Marble Bar Lithium Deposit, growing the total landholding at the project by more than 91km².
The news comes just two days after announcing that major Chinese battery-material supplier Yibin Tianyi had joined its share register as a cornerstone investor as part of a $13.6 million equity raise.
The E45/5843 and E45/5812 tenements sit directly adjacent to the project’s Archer deposit, and are described by the company as prospective for lithium-bearing pegmatites.
“The grant of these tenements is an important step for the Company to continue to investigate the size potential for the MBLP,“
Speaking on the news, Global Lithium Managing Director Jamie Wright said: “Global Lithium continues to deliver on the strategy set out when we listed on the ASX earlier this year. The grant of these tenements is an important step for the Company to continue to investigate the size potential for the MBLP, particularly given our current geological model which indicates potential for lithium bearing pegmatites in this new area.”
The company has thanked the local Nyamal Aboriginal Corporation for its assistance in securing the tenements, allowing for exploration to move forward.
The Marble Bar Lithium Deposit, located 150km from Port Hedland, sits within one of the world’s largest hard-rock lithium jurisdictions which includes Pilbara Minerals’ (ASX:PLS) Pilgangoora deposit and the Tier-1 Wodgina deposit, owned by a JV between Albemarle (NYSE:ALB) and Mineral Resources (ASX:MIN).
The project is well-served by local infrastructure including a sealed highway to Port Hedland, which is a major export point for spodumene concentrate.