Sayona Mining Limited
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Sayona Mining Expands Moblan Lithium Project in Northern Québec, Discovers New Mineralised Lithium Pegmatites
Sayona Mining Limited, an Australian company specialising in sourcing and developing the raw materials necessary for lithium-ion batteries, has announced a significant expansion of its Moblan Lithium Project in northern Québec, Canada. The company reported the discovery of multiple new mineralised lithium pegmatites at the project, following an extensive drilling program conducted in partnership with SOQUEM Inc, a subsidiary of Investissement Québec.
Located in the Eeyou-Istchee James Bay region, an established lithium mining province that is home to renowned lithium resources such as Nemaska Lithium's Whabouchi mine, the Moblan Lithium Project covers approximately 433 hectares. It hosts a high-grade spodumene deposit with a Mineral Resource Foreign Estimate of 12. 03 million tonnes at 1. 4% Li2O. The project has undergone comprehensive study, including over 17,000 meters of diamond drilling, and boasts a low strip ratio of 2.
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Sayona initiated a drilling program at the project in January 2022 with the aim of expanding the resource and testing new targets. In April 2022, the company announced the discovery of a significant new southern lithium pegmatite zone, known as the Moblan South Discovery, which extended the project's strike length by more than one kilometre. In May 2022, Sayona announced the discovery of multiple new mineralised lithium pegmatites at various locations, including Moblan South, South-East Extension, Moleon, and extensions to the Main Moblan lithium deposit. By October 2022, Sayona had completed approximately 28,000 meters of drilling at the project.
Brett Lynch, Managing Director of Sayona, expressed satisfaction with the drilling program's results at Moblan, highlighting the significant expansion of the lithium footprint and the potential for further resource growth. Lynch also mentioned the ongoing pre-feasibility study for Moblan, which aims to develop a lithium mine and concentrator in the region, known for its world-class mining opportunities. The study is being conducted by Québec-based InnovExplo and is expected to be completed by May 2023, followed by a definitive feasibility study by September 2023.
In October 2021, Sayona completed the acquisition of a 60% stake in the Moblan Lithium Project from Guo Ao Lithium Ltd for US$86. 5 million, forming a joint venture with SOQUEM Inc, which retains the remaining 40% stake. The project, together with the nearby Lac Albert Project, establishes a significant northern hub for Sayona in Québec. The company aims to achieve a production target of over 25,000 tonnes of Lithium Carbonate Equivalent by 2027, further complementing Sayona's Abitibi lithium hub in the southern region.
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