Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Sayona Mining (ASX: SYA) has expanded its Canadian lithium resource base with a growing mineral resource estimate for its Moblan Lithium project, including initial resource for the South dyke discovery, highlighting the potential for its northern lithium hub in Quebec’s Eeyou Istchee James Bay region.
Since acquiring Moblan in October 2021 in partnership with Soquem (40%), approximately 37,700 metres of diamond core drilling has been conducted at the project.
Sayona has now estimated a total measured and indicated mineral resources of 49.8 million tonnes at 1.15% lithium oxide (0.25% Li2O cut‐off grade) and inferred resource of 20.0 million tonnes at 1.15% Li2O, which represents one of North America’s single largest lithium resources. This is up from last year’s measured and indicated resource estimate of 12 million tonnes and inferred estimate of 4.1 million tonnes.
The updated MRE includes higher-grade tonnage opportunities with measured and indicated resources of 41 million tonnes at 1.31% Li2O (0.55% Li2O cut‐off grade in the sensitivity analysis) and inferred resources of 10 minion tonnes at 1.31% Li2O.
Sayona aims to further enhance the size and grade of this resource through additional drilling, with 60,000 metres planned at Moblan.
“Speed and tonnes are crucial and with our North American Lithium operation in production, we are now bringing significant added resources to the market. Moblan now represents one of the single largest lithium resources in North America, justifying our move to fast‐track a major drilling program that has delivered a resource within just a year of acquisition,” Sayona’s managing director Brett Lynch said.
“Together with our established Abitibi lithium hub in the south, Sayona has quickly developed two emerging centres of lithium production amid surging demand from North America’s EV and battery revolution. As we progress these projects from spodumene concentrate production towards downstream processing, the significance of these assets will only increase as the market scrambles for supply.”
