Morella Corporation (ASX:1MC) is set to begin an infill survey at the Fish Lake Valley Project in the US, to highlight the most electrically conductive lithium brine target zones.
The $30.89 million market capitalisation company also plans to conduct drone-based magnetic surveying to provide more definition and detail on buried rift fault structures and volcanic features between 2D seismic lines and across the entire project area.
In conjunction with this work, Morella will drill a single deep hole to 1,150m in the southern project area based on results reported today (12 January 2024) from a completed 2D seismic reflection survey.
The company says the drillhole will be in a similar position to the preliminary deep drillhole planned along seismic survey line 3.
Through the completed seismic survey, Morella defined the deep rift basin geology sitting below the playa, which is a classical half-graben structure, with over 2km of sediment fill defined.
Morella Corporation Managing Director James Brown previously conducting work paired with the recent seismic survey results has given the company a ‘greater’ understanding of the basin architecture and allows Morella to generate ‘high priority’ lithium brine targets for drill testing.
Meanwhile, the company reports the first drillhole in the northern area of Fish Lake Valley was completed to test the geology in an area of easy drilling access.
The hole encountered sediment and volcanic deposits, which are a good source for lithium brine and a high geothermal gradient.
Brown says: “The completion of the drillhole in the northern area of the Fish Lake Valley project marks a pivotal milestone for the company and its key partner Lithium Corporation.
It is the first step towards understanding the subsurface geology of the playa, where high temperatures and key lithium bearing volcanic ash source rocks were encountered, indicating strong potential for lithium brines to accumulate in the central and southern part of the basin, similar to Abemarle’s Silver Peak Lithium Brine Project.”
The Fish Lake Valley project lies in Esmeralda County, west-central Nevada.
Morella Corporation is an explorer and resource developer focused on lithium and battery metals.
As of 30 September 2023, the company had $4.439 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Morella Corporation
