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Sayona Mining secures option to expand Authier lithium project

Sayona has acquired an option to extend its Authier lithium project.
Sayona Mining secures option to expand Authier lithium project
The recent PFS estimated Authier to be valued at C$140 million pre-tax

Sayona Mining (ASX:SYA) has signed an option-to-purchase agreement to acquire a tenement along strike from its flagship Authier deposit located in Quebec, Canada.

The eastern tenement is strategically important and straddles the eastern extension of the Authier deposit.

Sayona plans on drilling the optioned tenement during the current Phase 2 drilling program.

The 4,000 metre Phase 2 program was commenced in late January to focus on the expansion of the resource following the successful drilling program in 2016 which significantly increased the resource and grade.

The 2016 drilling resulted in a 68% expansion of Authier’s contained lithium resource to 13.74 million tonnes grading 1.07% lithium oxide for 147,600 tonnes of contained lithium.

The option is exercisable anytime during the next five years, by making payments including, CAD$25,000 on signing, CAD$5,000 on each anniversary between year two and five, and CAD$75,000 on exercise of the option.

Sayona recently reported its maiden Ore Reserve and pre-feasibility study (PFS) results for Authier which forecast a net present value of C$140 million pre-tax.

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The firm owns 45% of the property, while joint venture partner Agnico Eagle has the rest (55%).

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