DMNXF - Sayona Mining Ltd (DMNXF) Completes Tansim Acquisition
Brisbane, Australia (ABN Newswire) - Emerging lithium miner Sayona Mining Limited (ASX:SYA) (FRA:DML) (OTCMKTS:DMNXF) announced today it has completed the acquisition of the Tansim Lithium Project in Quebec, following a final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (CVE:QPM) for the remaining 50% stake in tenements subject to an option agreement.
Highlights
- Sayona completes acquisition of Tansim Lithium Project, Quebec following final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (TSX:QPM.V) for tenements subject to option agreement
- Project forms part of new lithium hub in Abitibi encompassing flagship Authier Lithium Project and North American Lithium (NAL) (subject to successful bid).
Located 82 kilometres south-west of Sayona's flagship Authier Lithium Project, Tansim comprises 191 mineral claims spanning 11,042 ha of prospective lithium acreage.
Drilling conducted last year comprising 11 holes for 1,129m resulted in an Exploration Target (refer note below) for the Viau-Dallaire prospect of between 5 million and 25 million tonnes, at an estimated grade of 1.2 - 1.3% Li2O (refer ASX release 19 November 2019).
Note: The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Sayona's Managing Director, Brett Lynch said the Company's investment showed its confidence in Tansim's potential, as highlighted by previous drilling results.
"Initial exploration at Tansim has shown its promise as a potentially highly valuable and strategically located new lithium deposit, situated near our flagship Authier project," Mr Lynch said.
"We look forward to further developing Tansim, which forms part of our planned lithium hub in Abitibi, amid rising global demand for this key battery metal."
Sayona continues to advance its lithium projects in Quebec to supply the fast-growing North American and global market, powered by the electronic vehicle (EV) and battery storage revolution.
Highlights
- Sayona completes acquisition of Tansim Lithium Project, Quebec following final payment of C$250,000 (approx. A$256,000) to Quebec Precious Metals Corporation (TSX:QPM.V) for tenements subject to option agreement
- Project forms part of new lithium hub in Abitibi encompassing flagship Authier Lithium Project and North American Lithium (NAL) (subject to successful bid).
Located 82 kilometres south-west of Sayona's flagship Authier Lithium Project, Tansim comprises 191 mineral claims spanning 11,042 ha of prospective lithium acreage.
Drilling conducted last year comprising 11 holes for 1,129m resulted in an Exploration Target (refer note below) for the Viau-Dallaire prospect of between 5 million and 25 million tonnes, at an estimated grade of 1.2 - 1.3% Li2O (refer ASX release 19 November 2019).
Note: The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Sayona's Managing Director, Brett Lynch said the Company's investment showed its confidence in Tansim's potential, as highlighted by previous drilling results.
"Initial exploration at Tansim has shown its promise as a potentially highly valuable and strategically located new lithium deposit, situated near our flagship Authier project," Mr Lynch said.
"We look forward to further developing Tansim, which forms part of our planned lithium hub in Abitibi, amid rising global demand for this key battery metal."
Sayona continues to advance its lithium projects in Quebec to supply the fast-growing North American and global market, powered by the electronic vehicle (EV) and battery storage revolution.
About Sayona Mining Ltd:
Sayona Mining Limited (ASX:SYA) (OTCMKTS:DMNXF) is an Australian, ASX-listed (SYA) company focused on sourcing and developing the raw materials required to construct lithium-ion batteries for use in the rapidly growing new and green technology sectors. The Company has lithium projects in Quebec, Canada and in Western Australia.
Please visit us as at www.sayonamining.com.au
Source:
Sayona Mining Ltd
Contact:
Brett Lynch
Managing Director
Phone: +61 (7) 3369 7058
Email: info@sayonamining.com.au