First Quantum seeks damages for copper trapped at Panama mine
The material, worth between $225 million and $340 million at current copper prices, has sat idle for months.
Sayona Mining (ASX: SYA) and Investissement Quebec, as 60% and 40% respective owners, have announced a substantial increase in the mineral resource estimate for their Moblan lithium project in northern Quebec.
The measured, indicated and inferred resources now total 93.1 million tonnes at 1.21% lithium oxide (Li2O) with a cut-off grade of 0.55% Li2O. This represents an 81% increase from the previous estimate of 51.4 million tonnes at 1.31% Li2O with the same cut-off grade.
The measured and indicated categories have risen by 59% to 65.1 million tonnes at 1.25% Li2O, comprising 70% of the total resource and offering high confidence for future ore reserves conversion. The inferred resources are now 28 million tonnes at 1.14% Li2O.
The updated estimate incorporates results from 368 drill holes totaling 75,022 metres from the 2023 drilling program and reflects a major revision of the geological model. Sayona has planned an additional 70,000 metres of drilling in 2024 to further explore and expand these resources.
“Looking ahead, the planned drilling in 2024 will further test the extent of mineralization. As we continue to invest in exploration and development, we remain focused on strategically growing our resource base to deliver value to our stakeholders and positioning Sayona as a leading North American lithium producer,” said Sayona managing director and CEO Lucas Dow.
The Moblan project is located about 130 km northwest of the town of Chibougamau and approximately 85 km from the Cree First Nations community of Mistissini.
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