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- Emerging lithium explorer Sayona Mining (SYA) is planning a C$2 million (around A$2.03 million) drilling program at its flagship Authier Lithium Project and the emerging Tansim Lithium Project in Canada
- The new campaign will include around 8700 metres of drilling, which is a 30 per cent increase on previous drilling activity
- Ultimately, Sayona wants to expand its lithium resources to support its planned Abitibi regional lithium hub
- Drilling is expected to commence during Québec’s late winter
- On the market this morning, Sayona is up 10.5 per cent and trading at 4.2 cents per share
Sayona Mining (SYA) is planning a C$2 million (around A$2.03 million) drilling program at its flagship Authier Lithium Project and the emerging Tansim Lithium Project in Canada.
The new campaign will begin during Québec’s late winter and include around 8700 metres of drilling, which is a 30 per cent increase on previous drilling activity.
Ultimately, Sayona wants to expand its lithium resources to support its planned Abitibi regional lithium hub.
At Authier, the company is planning 31 holes for 4500 metres of diamond drilling, while an additional 26 holes for around 4200 metres are planned at the Tansim project.
Last month, the lithium explorer completed its purchase of Tansim, following the final C$250,000 (around A$254,000) payment to the Québec Precious Metals Corporation for the remaining 50 per cent interest.
Managing Director Brett Lynch says the new drilling campaign shows the
company’s commitment to increase its lithium resources in Québec.
“This is a significant investment in our Tansim project and a substantial potential boost to Authier’s profitability as we work to deliver a world‐scale lithium hub at Abitibi, supported by multiple projects,” he said.
“Lithium demand is soaring in Canada and the United States, as seen by the multi‐billion dollar investments by automakers in electric vehicle (EV) production in Ontario, Tesla’s increasing offtake demand and the Biden administration’s clean energy drive, such as its ‘Buy American’ EV campaign,” he added.
On the market this morning, Sayona is up 10.5 per cent and trading at 4.2 cents per share at 10:16 am AEDT.
