- Morella Corporation (1MC) meets its first year expenditure earn-in requirement for the Fish Lake Valley lithium project in Nevada, USA, with Lithium Corporation
- In 2021, Morella entered an agreement to earn 60 per cent interest in Fish Lake, with additional further rights for up to 100 per cent interest
- Under the agreement, Morella was required to undertake exploration and development work to a total value of US$200,000 (A$296,000) by no later than August 17
- Additionally, the company is making progress with a formal agreement for another earn in at Lithium Corporation’s North Big Smoky project
- 1MC shares are up 5.8 per cent on the market today, trading at 1.8 cents each at 2:25 pm AEST
Morella Corporation (1MC) has met its first year expenditure earn-in requirement for the Fish Lake Valley lithium project in Nevada, USA, with Lithium Corporation.
In 2021, Morella entered an agreement to earn 60 per cent interest in Fish Lake, with additional further rights for up to 100 per cent interest. The interest will be earned though exploration and development work over a number of years.
The company has now completed the first year of the agreement.
Under the terms of the agreement, Morella was required to undertake exploration and development work to a total value of US$200,000 (A$296,000) by no later than August 17.
Over the past year, Morella has been focusing on geophysical survey and data analysis which has led to a number of drilling targets.
Fish Lake is located in the Esmeralda County, west-central Nevada, and covers the entire Fish Lake Valley salt playa area.
Earlier this year, the company announced plans to expand its Nevada lithium assets by signing a letter of intent (LOI) with Lithium Corporation for an earn-in to the North Big Smoky brine and sediment lithium project.
The company has now said that the due diligence has been met for the earn in and a formal agreement is currently advancing.
1MC shares were up 5.88 per cent on the market today, trading at 1.8 cents each at 2:25 pm AEST.