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Highlights
- At Mt. Edon in Western Australia's central region, Morella has discovered lithium prospects.
- Morella is a resource development and exploration firm concentrating on lithium and battery minerals.
On Thursday (23 June 2022), Sayona Mining Limited (ASX:SYA) shared an update on its Western Australian lithium projects.
The company said potential subsurface prospects for lithium had been found through exploration efforts at the Mt. Edon project.
Despite the positive news, Sayona's shares nosedived 11.54% on ASX on Thursday and closed trading at AU$0.115 each. However, the shares were skyrocketing today (24 June 2022), trading at AU$0.127 each, up 10.869% on ASX at 12.32 PM AEST.
Meanwhile, ASX 200 index was 0.29% up at 6,547.10 points at 12.32 PM AEST while ASX 200 Materials index was 0.14% down at 15,642.00 points at 12.33 PM AEST.
Materials is one of the worst-performing sectors among the three today.
More about the Mt. Edon project
At Mt. Edon in Western Australia's central region, Morella Corporation (ASX:1MC) has discovered lithium prospects.
A total of 53 pegmatite outcrops were mapped over five days as part of the company's surface mapping and sampling programme at Mt. Edon and Mt. Edon West.
Two tenements are part of Mt. Edon: Mt. Edon West (E59/2055), which is fully owned by Sayona Mining (SYA), and E59/2092, which is 80% controlled by Sayona Mining (SYA) and 20% owned by Bruce Legendre.
The company noticed from the surface mapping that a pegmatite with a bigger surface area seemed to be a sill, unlike the other mapped pegmatites, which were thought to be dykes.
Source: © Petovarga | Megapixl.com
A thoroughly worn, friable surface was seen on the mapped pegmatites, and some of them showed signs of lithium mineralisation.
A total of 32 samples were collected from the mapped pegmatites. To account for zonation and offer a representative sample, each sample is made up of rock chips that were obtained throughout each outcrop.
Lithium concentrations up to 315.4 and 321.8 parts per million were present in the samples.
Also Read: Sayona Mining (ASX:SYA) shares are trading in red today, here’s why
Overall, the field programme's findings indicate that the project region contains several potential sites for pegmatites containing lithium.
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 23 June 2022
Future work
According to the field programme results, there are several potential sites for pegmatites containing lithium in the Project area. Some of the pegmatites were mapped as being narrow and discontinuous. Still, others were mapped as having a significant apparent thickness and continuity, which might develop into a commercially viable mining prospect if sufficiently endowed with minerals.
What does Morella do?
Morella is a resource development and exploration firm concentrating on lithium and battery minerals. With prospects geographically positioned in Tier 1 mining jurisdictions in Australia and the United States, Morella is now engaged in exploration and development activities.
Shares of Morella were zooming today at AU$0.016 apiece, up 10% on ASX at 12.36 PM AEST.
Also Read: SYA, PLS, AKE: How have these lithium stocks fared so far in 2022?
