- Sayona Mining (SYA) injects $2 million into its exploration efforts in the Pilbara, WA
- 3500 metres and 3200 metres will be drilled at the company’s Mt Dove and Deep Well projects, respectively
- Drilling will target 16 recently uncovered anomalies
- The company hopes to intersect the same intrusions that host De Grey Mining’s (DEG) nearby Hemi discovery
- SYA shares are up 10.17 per cent, trading at 6.5 cents
Sayona Mining (SYA) is injecting a further $2 million into its WA gold hunt as it ramps up exploration efforts in the Pilbara.
The company’s holdings in the region include the Mt Dove, Deep Well and Tabba Tabba projects, as well as other smaller stakes.
The region has undergone a large upswing in prospecting since fellow ASX-lister De Grey (DEG) made Hemi discovery, sending its shares price soaring early last year.
Much of the new funds will help Sayona target 16 new anomalies, which were first uncovered during an airborne magnetic survey back in April. Further exploration of these targets is aiming to hit the same intrusions that host the Hemi discovery.
Over at Mt Dove, just 10 kilometres southwest of Hemi, 3500 metres of planned drilling will test five of these new targets, while a further 3200 metres of drilling will outline the other 11 anomalies at the nearby Deep Well project.
Geological and survey work has also been scheduled at the Tabba Tabba project and across the company’s smaller holdings in the area.
“Our Pilbara gold projects all lie within a 10- to 50-kilometre radius and encircle the expanding Hemi, which is shaping up to be a large footprint, world-scale deposit,” Sayona MD and CEO Brett Lynch said.
The company’s renewed focus on its WA gold assets follows recent success at its lithium ventures in Canada, as well as a renewed lithium earn-in deal back in Australia with ASX-listed Altura Mining (AJM).
Mr Lynch went on to comment on the benefits of becoming a dual lithium–gold producer.
“This will provide our investors with exposure to the accelerating EV revolution globally together with the counter‐cyclical benefits of gold, with our assets located in world‐class mining districts and stable investment jurisdictions," he said.
"These are exciting times for Sayona and we look forward to advancing these assets as quickly as possible for the benefit of all stakeholders.”
SYA shares are up 10.17 per cent, trading at 6.5 cents at 12:18 am AEST