North American Lithium Resource Increases 51% to 88Mt
Brisbane, Aug 27, 2024 AEST (ABN Newswire) - North American lithium producer Sayona Mining Limited (
ASX:SYA) (DML:FRA) (SYAXF:OTCMKTS) announced today results from an updated Mineral Resource Estimate (2024 MRE) at its North American Lithium operation (Sayona 75%; Piedmont Lithium 25%), demonstrating the potential of this highly strategic asset.
Sayona has significantly expanded its Quebec lithium resource base, with this updated JORC Mineral Resource Estimate (MRE) for its North American Lithium (NAL) Project. Results from the updated MRE reinforce the project's status as the centrepiece of Sayona's Abitibi-Temiscamingue hub in western Quebec and highlights the potential to further develop the operation.
NAL has now a total estimated JORC Measured, Indicated and Inferred Mineral Resource of 87.9 million tonnes @ 1.13% Li2O (0.60% Li2O cut-off grade) which represents one of North America's single largest lithium resources. Around 82% of the tonnage is in the higher confidence Measured and Indicated categories with 72.1 million tonnes @ 1.14% Li2O.
The increase in mineral resources at North American Lithium reflects the addition and integration of the drilling results from the 2023 program and the 2024 drilling results received by 28 June 2024 (addition of 198 drillholes for 56,790 m).
This increase in North American Lithium's mineral resources is likely to have a significant influence on any future update of economic and technical studies of the operation.
Sayona has commenced further testing the extent of mineralisation through 30,000 m of additional drilling to be completed by the end of 2024. This drilling will utilise Flow Through Shares funding that was raised in March 2023 specifically for exploration and resource definition drilling as allowed under the Income Tax Act (Canada) (refer ASX release 7 March 2023).
Sayona's Managing Director and CEO, Lucas Dow commented: "Today's announcement of the updated Mineral Resource Estimate at our North American Lithium operation underscores the immense potential of this strategically significant asset.
The expansion of our Quebec lithium resource base, with 87.9 million tonnes @ 1.13% Li2O, firmly establishes this project as a cornerstone of Sayona's Abitibi-Temiscamingue hub in western Quebec.
"This achievement builds on the successful restart and ramp-up of NAL operations over the last 17 months and is a testament to the hard work and dedication of the NAL team. Their relentless effort has revitalised the NAL operation and positioned Sayona as a leader in the North American lithium market.
"We look forward to further developing this asset and delivering exceptional value to our stakeholders." North American Lithium JORC Mineral Resource Estimate Statement
The MRE was prepared in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code") and this report complies with the JORC Code disclosure. The breakdown of 2024 MRE results by category is shown in Table 1*.
North American Lithium's pegmatite dykes have been delineated over a strike length of approximately 3,500 m and to a depth of approximately 700 m vertical. Dykes have variable widths up to 50 m. The model comprises 109 mineralised dykes which are generally more than 2 m in thickness (Figure 1*). The North American Lithium MRE includes all available data on the Project including additional drilling coverage up to 28th June 2024 from the 2023 and 2024 drilling programs. The MRE database includes assay data from 441 surface drill holes (totalling 112,988m), drilled between 2009 and June 2024.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/64W60SCV
About Sayona Mining Limited
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is a North American lithium producer with projects in Quebec, Canada and Western Australia. In Quebec, Sayona's assets comprise North American Lithium together with the Authier Lithium Project and its emerging Tansim Lithium Project, supported by a strategic partnership with American lithium developer Piedmont Lithium Inc. (ASX:PLL). Sayona also holds a 60% stake in the Moblan Lithium Project in northern Quebec.
In Western Australia, the Company holds a large tenement portfolio in the Pilbara region
prospective for gold and lithium. Sayona is exploring for Hemi-style gold targets in the world-class Pilbara region, while its lithium projects include Company-owned leases and those subject to a joint venture with Morella Corporation (ASX:1MC).
| ||
|
