Morella Identifies New Lithium, Rubidium Targets at Western Australia JV; Shares Jump 8%
MT Newswires Live
Yesterday
Morella (ASX:1MC) said rock chip sampling at its Mac Well Project in Western Australia, a joint venture with Elevra Lithium (ASX:ELV), returned widespread rubidium mineralization, with 21 of 27 samples exceeding 0.1% rubidium oxide, according to a Wednesday Australian bourse filing.
The company said the peak rock chip result was 0.8% rubidium oxide and 0.7% lithium oxide, with soil sampling defining multiple lithium and rubidium anomalies for follow-up exploration.
The results support further mapping and sampling ahead of the design of a maiden drilling program, the filing added.
Elevra Lithium's shares fell past 2% in recent Wednesday trade, while Morella's shares jumped almost 8%.
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