Sayona Mining has completed the acquisition of the Authier lithium project located in Quebec, Canada, for CAD$4 million.
Authier is a near-term development project which the company believes will create significant share value-uplift potential for shareholders.
The project has been drilled extensively, with mineralisation hosted in a spodumene-bearing pegmatite intrusion with more than 15,000 metres of drilling in 123 holes.
It hosts simple deposit – 825 metre long with an average thickness of 25 metres dipping at 40 degrees – which is amendable to low-cost, open-cut mining techniques.
It has JORC Mineral Resources totalling 9.12 million tonnes at 9.12 million tonnes at 0.96% Li2O containing 87,302 tonnes of Li2O at a 0.5% cut Li2O.
The project has also been well studied. A Preliminary Economic Assessment completed in 2013 demonstrated the technical and commercial viability of developing the deposit, and selling lithium concentrates.
Another key gain that attracted Sayona to the project is its excellent infrastructure. Authier is located just 45 kilometres from mining support services, with links to road and rail networks, including the Quebec export port.
“The Company is pleased to have completed the acquisition of an advanced lithium project with JORC resources,” said Sayona CEO Corey Nolan.
“The Company is now preparing for the rapid completion of a Pre-Feasibility Study, a final campaign of resource definition drilling required to complete a Bankable Feasibility Study and securing off-take for the spodumene concentrate.”