{kanada_flagge]Chile-based explorer First Lithium Minerals Corp (CSE: FLM; FRA: X28) has identified two priority targets with highly conductive zones indicative of saline aquifers and potentially mineralized lithium brines at depth on its OCA lithium project in the Antofagasta region of northern Chile just before the turn of the year. The company now plans to further delineate these targets for the first time using specialized geophysical surveys (magneto-telluric surveys; MT) to determine the potential depth of bedrock. The new measurements are expected to improve geological and hydrological understanding and help determine drill targets. First Lithium Minerals CEO and Director Rob Saltsman announced that work will begin immediately. The MT survey is expected to be completed by the end of February.
{kanada_flagge]Chile-based explorer First Lithium Minerals Corp (CSE: FLM; FRA: X28) has identified two priority targets with highly conductive zones indicative of saline aquifers and potentially mineralized lithium brines at depth on its OCA lithium project in the Antofagasta region of northern Chile just before the turn of the year. The company now plans to further delineate these targets for the first time using specialized geophysical surveys (magneto-telluric surveys; MT) to determine the potential depth of bedrock. The new measurements are expected to improve geological and hydrological understanding and help determine drill targets. First Lithium Minerals CEO and Director Rob Saltsman announced that work will begin immediately. The MT survey is expected to be completed by the end of February.
Industry-renowned service provider SouthernRock Geophysics S.A. has been contracted to conduct the MT survey. MT is an electromagnetic technique that uses naturally occurring passive telluric sources to define subsurface resistivity structure as a proxy for mapping geologic contacts and structures at depths up to several kilometers.
The main objective of the MT geophysical survey is to further define the distribution of highly conductive horizontal zones of less than 1.0 ohm-meter at depths below 400 m in two identified sectors in the northeastern prospect areas of Salar de Ascotan (approximately 1,775 ha) and Salar de Carcote (approximately 1,275 ha), including the southern prospect area of Salar de Ollague (approximately 300 ha). The proposal includes a total of 60 Tensor MT sites spaced 600 m apart along 3 lines in Ascotan and another 5 lines in the Ollague-Carcote area (Figure 1 and Figure 2).
Figure 1: OCA lithium project on the Chilean-Bolivian border. Outlined in yellow are prospecting areas on the Salar de Carcote and Salar de Ollague exploration concessions where magneto-telluric (MT) surveys are planned.
Figure 2. OCA Lithium Project. Prospect area of the northeastern Salar de Ascotan exploration concession. Proposed magneto-telluric (MT) surveys.
Summary: Despite the obvious geological potential for economic lithium salars, few junior explorers are active in Chile. In addition to Lithium Chile (TSXV:LITH), Wealth Minerals (TSXV:WML) is notable in this regard. Wealth Minerals is located in close proximity to First Lithium with its Ollague project. Last fall, Wealth Minerals drilled there. In anticipation of the results, Wealth Minerals’ share price has nearly tripled since late September. Wealth Minerals is currently valued on the stock market at about CAD 135 million. This compares to First Lithium’s current valuation of around CAD 11 million. However, First Lithium has only been on the stock exchange since August last year and is therefore still little known. Good results from both Wealth Minerals, but also from the new MT tests could boost First Lithium’s stock. The company still had about CAD 4.4 million in cash at the end of September 2022.
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