Strategic Acquisition Consolidates Large Scale Gold and Base Metal Target Area

Established multi-asset Western Australian lithium company, Global Lithium Resources Limited (ASX: GL1, Global Lithium or the Company) is pleased to announce the acquisition of seven strategic tenements adjacent to the Company’s Marble Bar Gold Project to complete coverage of a large gold in soil geochemistry anomaly that is spatially associated with a highly altered granite (Figure 1).

Key Highlights

• Strategic, low-cost acquisition of the Talga Project from Octava Minerals (ASX: OCT) for $200,000 cash and $200,000 in Global Lithium Resources (ASX: GL1) ordinary shares based on the 5-day VWAP prior to completion.
• Aligns with GL1’s prudent cost management and value-accretive strategy to assess non-lithium mineral prospectivity across its largely unexplored portfolio of tenements.
• Consolidation of a 12km trend of gold in soil geochemical anomalies on the northwestern margin of the Mt Edgar Batholith.
• Identification of a potential porphyry/Intrusion related Cu-Au mineralised system associated with a finger of the Coppin Gap Granodiorite, which is the interpreted source of the Archean Spinifex Ridge Mo-Cu-Ag Porphyry Deposit, located 20km away.
• Increased recent corporate activity relating to Pilbara gold project development with Creasy Group acquiring nearby Calidus Resources (ASX: CAI) and Northern Star’s (ASX: NST) announced intention to acquire De Grey Mining (ASX: DEG).
• Process commenced seeking partners to accelerate and fund further exploration, along with previously announced Exploration Incentive Scheme (EIS) grant funding.

Global Lithium Executive Chairman, Ron Mitchell, said the Talga Project acquisition provided a low-risk, cost efficient opportunity for the Company to expand its exposure to gold and base metals within a highly prospective region.

“There is no better time for Global Lithium to consolidate and investigate the prospectivity of Talga alongside our existing Marble Bar tenements. Interest in the region is high and market conditions for gold and base metals are very favourable.

The Manna Lithium Project remains our number one priority; however, we look forward to leveraging our in-house capabilities and external partners to unlock value from these additional tenements while the lithium market is facing near term challenges. Any future upside from the exploration work at Marble Bar will, inevitably, benefit our Manna Project and all Global Lithium shareholders.”

Since listing on the ASX in 2021, GL1 has held the Twin Veins gold prospect area at the northern end of its Marble Bar tenement package which currently comprises land area of 537km². Several small-scale exploration campaigns have previously tested vein-hosted gold trends near the margin of granite and have returned positive gold results, warranting further exploration.

These previously reported results include;

• MBRC0619, 4m @ 4.85g/t Au from 86m¹
• MBRC0621, 5m @ 3.94g/t Au from 118m¹
• MBRC0623, 3m @ 8.9g/t Au from 49m¹
• MBRC0159, 7m @ 4.78g/t Au from 11m²
• MBRC0157, 12m @ 2.95g/t Au from 37m₃
• MBRC0006, 3m @ 5g/t Au from 25m³

Review of the prospect area by the Company’s geologists led to the identification of a sericite altered core to the granite with iron oxide pitting and minor quartz veins. A Dipole-Dipole Induced Polarisation (DDIP) survey was executed over the granite identifying a large chargeable anomaly within resistive granite, and several RC holes were drilled targeting this. Disseminated pyrite (~1%) within intensely sericite altered granite was intersected with the only significant gold result being reported in a 4m composite sample from MBRC0608 (4m @ 0.53g/t Au, 16.9g/t Ag from 220-224m)1.

GL1 has re-assayed the 1m samples from and around this intersection with a result of 5m @ 1.1g/t Au, 15g/t Ag, 0.3% Pb, 0.23% Zn from 219-224m. MBRC0608 also intersected elevated copper with an intercept of 40m @ 137ppm Cu from 156-196m against a background value of 10ppm Cu in other less altered areas of the granite. This zone also returned 36m @ 4.8g/t Ag from 164-200m.

To better understand the system two diamond drill holes, MWDD001 and MWDD002, were completed with the aim of better visualising the alteration, any mineralisation, and provide samples for petrological study. Hole MWDD001 was drilled underneath the altered core of the granite while MWDD002 was successful in intersecting the altered core as well as minor mineralisation.

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