Sayona Mining (ASX: SYA; OTC: SYAXF) is making plans to potentially increase the resources at its North American Lithium (NAL) project in La Corne, Que., with the acquisition from Jourdan Resources (TSXV:JOR) of the Vallée lithium project.
Sayona says this is a strategic acquisition which will position the company to quickly expand resources and plan for increased production capacity. The newly acquired claims host pegmatite targets located close to and along strike for the NAL orebody.
Sayona will acquire 48 claims spanning about 1,997 ha, located adjacent to the NAL operation. Twenty of the leases are located within 500 metres of the mine boundary. The original NAL property covers 19 claims over 582 hectares.
Twenty claims or 755.3 ha will be acquired outright, which will allow an immediate extension to the NAL operating area for future expansion. Sayona also has the right to earn up to a 51% stake in the remaining 28 claims by spending $4.0 million within a year and a further $6.0 million over two years at the property, raising its interest to 50%. The final 1% equity is available is Sayona prepares a feasibility study and arranges funding for mine development at Vallée.
Sayona will also acquire at 9.99% shareholding in Jourdan through a private placement of $1.5 million. The two companies plan to form a joint venture to develop Vallée.
More information is posted at www.Sayona.ca.