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Sayona Mining Ltd receives final lithium assay results

All diamond drill holes have intercepted high-grade spodumene mineralisation.
Sayona Mining Ltd receives final lithium assay results
More drilling is planned for early 2017.

Sayona Mining Ltd (ASX:SYA) has received the final ten diamond drill results, which demonstrate potential to expand the resource at the Authier lithium project in Canada.

Six new drill holes have successfully tested the deep extensions of mineralisation at the main Authier pegmatite.

Four shallow holes at the Authier pegmatite will also be used to upgrade the resource categories from indicated to measured. 

Sayona believes the new drilling has the potential to expand the size of the existing JORC resource, and the mineralisation remains open in all directions.

More drilling is planned for early 2017.


Drill results

All diamond drill holes have intercepted high-grade spodumene mineralisation with the best  drilling intercepts including:

- 38 metres at 1.10% lithium oxide from 192 metres, including 23 metres at 1.35% lithium oxide;
- 46 metres at 1.26% lithium oxide from 135 metres including 24 metres at 1.62% lithium oxide; and
- 47 metres at 1.05% lithium oxide from 161 metres including 27 metres at 1.31% lithium oxide.

The final 10 holes were part of the phase 1 drill program comprising 3,960 metres of drilling in 18 diamond holes.


Background

Sayona recently completed the CAD$4 million acquisition of the Authier lithium project in Canada, which is a near-term development project and cash-flow generation opportunity for the company.

Sayona has paid CAD$4 million for a project that:
- Has been extensively drilled;
- Is a simple deposit amenable to open cut mining;
- Has a defined JORC resource with simple metallurgy; and
- Has good access to developed infrastructure.

The acquisition cost represents a valuation of $47 per tonne of lithium resource.

Sayona can unlock value by progressing this project further towards development.

Developing Authier is in the line with the company’s strategy to develop its lithium and graphite projects to provide raw materials for lithium-ion batteries.


Analysis

Assays from the phase 1 drill program at Sayona have confirmed the potential this drilling program has to expand the size of the existing JORC Resource.

They also supports the converting of existing resources to the higher confidence measured and indicated categories.

The resource definition drilling is expected to enhance the quality and scale of the resource that will be used in the pre-feasibility study due for completion late this quarter.

Once the pre-feasibility study is completed, the company plans the rapid completion of a bankable feasibility study, securing off-take agreements and project financing.

Any additional lithium resources found have the opportunity to improve project economics.

The Authier deposit is amenable to low cost, open cut mining.

News regarding the completion of the pre-feasibility study is expected in this quarter.

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