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Sayona Mining recommences lithium resource expansion drilling

Shares have more than doubled over the past month, last trading at $0.10.
Drill rig at Authier Project
Authier is a near-term development project and cash-flow generation opportunity

Sayona Mining Ltd (ASX:SYA) has recommenced its phase III drilling program at the Authier Lithium Project in Quebec, Canada.

The objective of the diamond drilling is to expand and optimise the resource and reserve position for incorporation into the definitive feasibility study (DFS).

The previous phase II drilling program discovered the Northern Pegmatite which doesn’t outcrop at the surface and is now being targeted.

READ: Sayona Mining’s shares surge as it continues lithium-focused strategy

All of the new drilling data will be incorporated into the resource models for the DFS which is expected to be completed in the second quarter of 2018.

Any further resource and reserve increases have the potential to enhance the positive economics demonstrated in the recently completed optimised pre-feasibility study (PFS).

Developing the project in 2018

Sayona’s primary objective in early 2018 is to complete the studies required to commence the development of Authier.

In 2017, Sayona made substantial progress advancing Authier to the DFS stage.

This included completing two resource and reserve upgrades, optimisation of the process flow sheet, completion of environmental field studies, advancing mining lease permitting, and completion of the latest PFS.

The most recent PFS valued the project at C$221 million (A$227 million) based on a capital expenditure of C$65 million.

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