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Sayona Mining expands lithium footprint in Canada

The company is acquiring an exploration project near its flagship Authier project.
Quebec map
The Tansim project is in a lithium producing region of Quebec

Sayona Mining Ltd (ASX:SYA) is expanding its lithium footprint in Canada through the staged acquisition of the Tansim exploration project.

Tansim is 82 kilometres southwest of the company’s Authier Lithium Project and is in a lithium producing region of Quebec

The project comprises 65 mineral claims of 12,000 hectares, and is prospective for lithium, tantalum, and beryllium.

Pegmatites mapped over 9 kilometres

Pegmatites have been mapped over 9 kilometres with channel sampling intersecting up to

18.95 metres at 0.94% lithium carbonate and selective rock chips of between 2.04% and 2.87%.

READ: Sayona Mining recommences lithium resource expansion drilling

Corey Nolan, chief executive officer, said: “The company is excited to have another exciting lithium project in close proximity to the Authier project.

“Sayona will draw on its significant experience and expertise in lithium geology in the region, developed through more than 20,000 metres of drilling and exploration at Authier.

"Tansim demonstrates stand-alone potential but could be developed as a complementary satellite operation to Authier, where the company is completing a definitive feasibility study.”

Option agreement on property

The property is being acquired through an option agreement with Matamec Explorations Inc.

Sayona can obtain a 50% interest through expenditure of C$105,000 for claim renewal costs, as required by the Quebec Department of Natural Energy and Resources.

This amount is reduced by the exploration amount of up to C$65,000 completed before 31 January 2018.

Two stages to acquire 100%

A 100% interest can be earned through completing two stages over two years.

The first is investing C$200,000 in exploration and payment of C$100,000 in cash to Matamec within the first 12 months.

Stage II involves investing C$350,000 in exploration and paying C$250,000 in cash in the second year.

Sayona will be the operator of a joint venture between both parties to manage the property.

Once 100% is earned, Matamec receives a 2% net smelter return royalty from the payable metals extracted from the property.

Historical exploration has included mapping, sampling and geophysics.

Field activities planned

Sayona’s short-term focus exploration activities include reinterpretation of historic exploration and geophysical data until winter ends in April.

Field activities will comprise mapping and sampling of the pegmatites to define drilling targets.

Targets include Viau-Dallaire, a 300 metre long dyke, and Viau where pegmatites have been mapped up to 200 metres long and 30 metres wide.

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