Sayona Mining (ASX:SYA) has expanded its Moblan Lithium Project’s resource estimate, totalling 93.1 million tonnes at 1.21% lithium oxide at a cut-off grade of 0.55% lithium oxide.
The Moblan Project lies in northern Québec, Canada, and comprises 20 claims covering 433 hectares.
Sayona Mining, which has a market capitalisation of $277.91 million, reports 70% of the total tonnage is in the higher confidence measured and indicated categories.
The company says the increase in Moblan’s resource reflects the addition and inclusion of all drilling results from the 2023 program, and from a major revision of the geological model.
CEO Lucas Dow says the expansion of the Moblan Project’s resource base is a testament to the company’s commitment to unlocking the full potential of its assets.
“Increasing the total resource to 93.1 million tonnes at 1.21% lithium oxide represents a substantial enhancement of our strategic position in the North American lithium industry,” Dow says.
“The 59% increase in measured and indicated categories, now totalling 65.1 million tonnes at 1.25% lithium oxide, provides a strong foundation for the future conversion of these mineral resources into ore reserves.”
Sayona Mining has begun further testing the extent of mineralisation via additional drilling, comprising 70,000m. This drilling program is expected to be completed by the end of this year.
Drilling will continue to use flow through shares funding that was raised in March 2023, specifically for exploration and resource definition drilling.
Meanwhile, Sayona Mining has also increased its North American Lithium (NAL) Project’s resource estimate by 51%, totalling 87.9 million tonnes at 1.13% lithium oxide.
This latest resource increase reinforces the project’s status as the centrepiece of the company’s Abitibi-Temiscamingue hub in western Québec.
Sayona Mining integrated drilling results from a 2023 and 2024 program.
Dow adds that the NAL Project’s resource increase underscores the potential of this asset.
“This achievement builds on the successful restart and ramp up of NAL operations over the last 17 months,” he says.
The company has begun further testing the extent of mineralisation at NAL through 30,000m of drilling, which is expected to be completed by the end of this year. Drilling will also use flow through shares funding that was raised in March 2023.
“As we continue to invest in exploration and development, we remain focused on strategically growing our resource base to deliver value and positioning Sayona as a leading North American lithium producer,” Dow says.
Sayona Mining is a North American lithium producer with assets in Québec, Canada, and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Sayona Mining
