Sayona Mining (SYA.AX) released an updated resource calculation on its Moblan lithium project in Quebec, wherein it owns a 60% stake while Investissement Quebec owns the remaining 40% in the asset. Using a cutoff grade of 0.55% Li2O, the total resource now comes in at 93 million tonnes at an average grade of 1.21% across all three resource categories. This resource update is based on the data from in excess of 75,000 meters of additional drilling in almost 400 holes. This means the current resource is based on data from 771 holes for a total of just over 130,000 meters of drilling.
Another drill program for up to 70,000 meters is currently underway and should be completed by the end of this year and this is aimed at expanding the existing mineralization while we wouldn’t be surprised to see an increase in the measured and indicated resource categories which currently already host 65.1M of the 93.1M tonnes of mineralization.
Disclosure: The author has no position in Sayona Mining. Please read the disclaimer.
